Moscow, Russian Federation – Mobile TeleSystems OJSC (the “Company” or “MTS” – NYSE: MBT) notes the press reports of June 23, 2010. MTS acknowledges that its Board of Directors (BoD) is engaged in discussions about a potential consolidation by MTS of the outstanding minority shareholdings in Comstar-UTS using a potential combination of equity and cash. Certain terms outlined in the press reports are not reflective of the terms being discussed. A decision could be taken at the next meeting of the Board of Directors, which is scheduled for Friday, June 25, 2010.

MTS is the majority shareholder in Comstar with a 61.97% ownership stake.