Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that “COMSTAR – United TeleSystems” JSC (“Comstar” - LSE: CMST), a majority-owned subsidiary of MTS, issued a release informing that the Board of Directors of Moscow City Telephone Network JSC (“MGTS”), a majority-owned subsidiary of Comstar, at a meeting, held on February 7, 2011, set a date for an Extraordinary General Meeting of Shareholders (“EGM”) for April 22, 2011.

The proposed agenda of the EGM includes the following items:

- Early termination of the current Board of Directors’ powers;

- Election of a new Board of Directors;

- Early termination of the current Revision Committee’s powers;

- Election of a new Revision Committee.

Shareholders registered at the record date of February 8, 2011, will be eligible to participate and vote at the EGM.