Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces its plans to move the Company’s ordinary shares traded on the Moscow Interbank Currency Exchange (MICEX) under ticker symbol “MTSI” from the current quotation list “B” to quotation list “A1”. The new listing will stimulate additional demand and increase liquidity by expanding the investor pool as Russian non-government pension funds, management companies accredited by the Russian State Pension Fund, insurance companies and other investors will now be able to trade in MTS' ordinary shares.

Following the decision of the Company’s Board of Directors (BoD) at a meeting held on June 21, 2010 to approve the move to the “A1” quotation list, MTS will file the necessary documentation with MICEX. Given the Company’s full compliance with the financial and corporate governance requirements necessary for the “A1” listing, it is expected that the decision from MICEX will be favorable. The move is expected to be completed in the next few weeks.