Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or the “Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that on November 12, 2012, MTS’s wholly-owned subsidiary Comstar-Regions CJSC acquired a 5.51% stake in Telecompany Spectr OJSC (“Telecompany Spectr”), a provider of fixed broadband and pay-TV services in the Leningrad Oblast.

The acquisition brings the ownership stake of Comstar-Regions CJSC in Telecompany Spectr to 100%. The purchase price amounted to 8 million rubles. The stake was purchased at a privatization auction organized by the Committee on management of the municipal assets of the Sosnovoborsk city district of the Leningrad Oblast.