Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, plans to start placement of the series 07 and series 08 ruble-denominated bonds totaling RUB 25 billion on November 16, 2010.

The series 07 ruble-denominated bond will be in the amount of RUB 10 billion with maturity in 2017. The series 08 ruble-denominated bond will be in the amount of RUB 15 billion with maturity in 2020 and carry a five-year put option. The coupons on both bonds are to be paid semiannually.

Lead Arrangers of the bonds are the Bank of Moscow, Gazprombank, Sberbank and VTB Capital. The bonds will be listed in the “A1” quotation list at the Moscow Interbank Currency Exchange (MICEX).

Funds raised through the placement will be used for debt portfolio optimization and other corporate needs.