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 Comstar’s Board of Directors has approved the share buyback related to the merger of Comstar into MTS following receipt of approval at the company’s Extraordinary General Meeting of shareholders held on December 23, 2010.

For additional information, please visit Comstar’s corporate website at: https://comstar.ru/en/news_center/pressreleases/.