MTS’s Acquisition of COMSTAR‑UTS

On August 5, 2009, Mobile TeleSystems OJSC (“MTS”) announced that the boards of directors of MTS and Sistema JSFC (“Sistema”) have approved the acquisition by an MTS subsidiary of a 50.91% stake in COMSTAR - United TeleSystems (“COMSTAR-UTS”) from Sistema for approximately $1.27 billion. In Russia and the Commonwealth of Independent States, MTS is the largest mobile phone operator, Sistema is the largest public diversified financial corporation and COMSTAR-UTS is a leading supplier of integrated telecommunication solutions. Subject to the satisfaction of certain conditions, the execution of the share purchase agreement and closing of the transaction are scheduled for the end of October 2009. Partner Peter S. Wilson provided independent legal advice to the Special Committee to the Board of MTS in connection with this transaction.