Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or “the Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that Mobile TeleSystems Finance S.A.¹, a wholly-owned subsidiary of the Company, (the “Issuer”), has received the Requisite Consents from Holders pursuant to its consent solicitation (the “Consent Solicitation”) in respect of its senior unsecured USD-denominated Eurobonds in the amount of $400 million with an annual interest rate of 8.00% and maturity in January 2012 (the “Notes”).

The terms and conditions of the Consent Solicitation are set out in the Consent Solicitation Statement issued by the Issuer dated February 22, 2011 (the “Consent Solicitation Statement”) and capitalised terms used in this press release but not defined herein have the meanings ascribed to them in the Consent Solicitation Statement.

All of the conditions to the Consent Solicitation have been satisfied and the Consent Solicitation has now expired.

The Consent Payment will be paid, by or on behalf of MTS, to all Holders who delivered a valid and unrevoked Consent on or prior to the Expiration Date, as set out in the Consent Solicitation Statement. Payment will be made no later than 5.00 p.m., New York City time, on March 2, 2011.

¹A société anonyme duly organized and existing under the laws of Luxembourg.