Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that the Company has completed the share buyback related to the reorganization of MTS through a merger with OJSC “Comstar-UTS” (“Comstar”), CJSC “Dagtelecom” and OJSC “Eurotel”.

A total of 8,000 MTS ordinary shares representing 0.0004% of the Company’s issued share capital were repurchased for RUB 1.96 million. As was announced on June 25, 2010, the Company’s Board of Directors set the buyback price at RUB 245.19 per one MTS ordinary share.

Additional information regarding the merger of MTS and Comstar is available at https://www.mtsgsm.com/merger/ and https://comstar.ru/en/for_investors/mts/.