Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that it has secured a credit facility in the amount of up to approximately EUR 300 million backed by Finland’s export credit agency Finnvera plc to be used for the development of the Company’s mobile networks in Russia and Ukraine through purchases of equipment and services from Nokia Siemens Networks.

The facility will have an 8-year maturity and carry a six-month EURIBOR+1.65% interest rate.

The banks facilitating the transaction are BNP Paribas, Credit Agricole Corporate and Investment Bank, and Societe Generale.