Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or “the Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces today that MTS International Funding Limited¹ has received requisite consents with respect to its consent solicitation for its senior unsecured USD-denominated Eurobonds in the amount of $750 million with an annual interest rate of 8.625% and maturity in June 2020 (the “Notes”). At the meeting held at the offices of Latham & Watkins (London) LLP, 99 Bishopsgate, London EC2M 3XF, United Kingdom at 3.00 p.m. (London time) today, holders of the Notes (the “Noteholders”) duly passed the Extraordinary Resolution set out in the Notice of Meeting previously notified to Noteholders in accordance with the terms of the Trust Deed for such Notes.

All of the conditions to the consent solicitation have been satisfied. The Early Instruction Fee or the Late Instruction Fee (as applicable) will be paid to all Noteholders who provided a valid consent in favor of the Extraordinary Resolution, as set out in the Consent Solicitation Statement dated 24 January 2011. Payment will be made no later than 5.00 p.m. (London time) on February 18, 2011.