Корпоративное действие JOINT STOCK COMPANY COMSTAR-UN(REGS) — voluntary tender offer

Event details
New information dated 26/07/10: update.

Company announcement:
Voluntary tender offer by mobile telesystems ojsc (mts) to acquire up to 37,614,678 common shares of comstar, each with a nominal value of one ruble per share, representing up to 9pct of the authorized outstanding share capital of the issuer.

Withdrawal:
Offer acceptances can be withdrawn prior to the offer deadline any withdrawal after the offer deadline will be ineffective.

Payment date:
The gdr payment date is expected within 10 days of the local pay date (expected around 21/10/2010).

Proration:
To be advised.

Fees: deducted at source
Usd 0.05 per gdr tendered by a participating holder and subsequently cancelled, and usd 0.02 per gdr for the distribution of the proceeds resulting from the purchase of the shares represented by accepted gdrs by mts from a participating holder in the offer.

Restrictions:
The offer is being made to all shareholders, including with respect to the shares underlying the gdrs, of the issuer and is made solely pursuant to russian law and in compliance with the applicable provisions of section 14(e)  of the securities exchange act of 1934 and regulation 14e thereunder the offer is not being made or intended pursuant to the provisions of any other law.

The offer will be made in the united states by mts and no one else.

The offer is subject to disclosure and procedure requirements of russia which are different from those of the united states.

The release, publication or distribution of this notice and any other applicable offer-related documentation in jurisdictions other than Russia, the uk or the us may be affected by the laws or regulations of relevant jurisdictions.

Holders should inform themselves of and observe any applicable requirements.

Possibility of revocation of the use of electronic certification
Participants should be aware that this electronic certification procedure is subject to revocation by the issuer of the underlying securities with immediate effect. accordingly, participants are advised to check the dace notice for the event on the same day that they input their instruction to ensure that the electronic certification procedure remains valid.

This notification is provisionnal and do not constitute an offer for the moment.

Mobile telesystems is expected to launch a voluntary tender offer (vto) for up to 37,614,678 comstar ordinary shares (including shares underlying comstar gdrs) representing 9.0 pct of the issued share capital of comstar, at RUR 220.0 per share.

This is subject to review by the federal service for financial markets... (FSFM).

The purchase price announced by the offerer per comstar gdr is of usd 7.161 represents 13.1 pct premium to the three month volume weighted average trading price of comstar grd on the l.s.e.  up to the close of trading 22/06/2010.

No official documentation has been released by the agent.

Terms and conditions to be confirmed — all information in this notice is provisional.

Website: http://www.comstar.ru/en/for(underscore)investors.

This corporate action notification does not constitute an offer to sell or the solicitation of an offer to buy any securities by anyone in any jurisdiction it is not, and should not be construed or treated as, investment or financial advice. in providing this information, euroclear bank is not acting as agent of the issuer by sending an instruction, you confirm to Euroclear Bank that you (and any beneficial owner(s) for whom you act) comply with the terms and conditions of the offer.