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Mobile TeleSystems

March 11, 2011

Ad hoc notice

Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or “the Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that the Judicial Committee of the UK Privy Council, the highest Court of Appeal for the Isle of Man, ruled yesterday in favor of three MTS Isle of Man affiliates (“the KFG Companies”). The Privy Council’s ruling confirms the jurisdiction of the Isle of Man courts to try the counterclaims asserted by the KFG Companies against various defendants, including Sky Mobile, OOO Altimo and Altimo Holdings, for the wrongful misappropriation and seizure of Kyrgyz telecom operator Bitel and its assets.

Earlier, in November 2007, the Isle of Man court had ruled that it had no jurisdiction to try the KFG Companies’ claims. The KFG Companies appealed that ruling to the Isle of Man Staff of Government Division, and in November 2008, the appellate court ruled in their favor. The defendants against whom the KFG Companies have brought their claims in turn appealed to the Judicial Committee of the Privy Council of the United Kingdom. The appeal hearing before the UK Privy Council took place in late November – early December, 2010.

The Privy Council’s ruling clears the way for the KFG Companies now to pursue all their claims in the Isle of Man against the defendants involved in the misappropriation of Bitel and its assets.

As was previously disclosed by the Company, MTS Finance acquired a 51% stake in Tarino Limited from Nomihold at the end of 2005, on the footing that Tarino Limited was the indirect owner, through its 100% owned subsidiaries, of Bitel. In March 2007, MTS wrote off the costs relating to the acquisition of Bitel in the amount of $150 million and a liability of $170 million was recorded with an associated charge to non-operating expenses to account for potential liability with respect to the option for the remaining 49% of Tarino, as noted in the MTS annual financial statements for year ended 31 December, 2006.

 

 

 

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