MTS Wins Eurolawyer 2011 Award

03 June 2011

Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or "the Company" – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that MTS has been awarded at the 4th CIS-EU Legal Forum: Eurolawyer 2011 in the category CIS Legal Department of the Year: Best Work in Obtaining Financing on Capital Markets.

The Eurolawyer Awards 2011, held in London on June 02, 2011, is an annual award ceremony for leading CIS and European legal departments that have distinguished themselves in various areas of international legal practice. The jury is composed of general counsels of major Russian and international corporations and partners from the top international law firms.

This award recognizes contribution of the MTS legal team to securing financing on capital markets through credit agreements and issuance of bonds in 2010.These included a credit agreement with the Bank of Moscow in the amount of RUB 22 billion (USD 730 million), a credit agreement with Sberbank to open two non-revolving lines of credit for a total amount of RUB 100 billion (USD 3.3 bln.), issuance of Eurobonds in the amount of $750 million that were listed on the Irish Stock Exchange and placement of ruble-denominated bonds totalling RUB 25 billion (USD 830 million).

Ruslan Ibragimov, MTS Vice President for Corporate and Legal Matters, commented, “We are delighted to receive this award that recognizes excellence of the MTS legal team in managing complex high-profile capital markets projects. The transactions were unique both in terms of volume and their innovative nature. Working seamlessly with the MTS corporate finance team we secured financing on the most favourable terms.”

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For further information, please contact in Moscow:

Joshua B. Tulgan
Director, Investor Relations
Acting Director, Corporate Finance

Department of Investor Relations
Mobile TeleSystems OJSC
Tel: +7 495 223 2025
E-mail: ir@mts.ru

Learn more about MTS. Visit the official blog of the Investor Relations Department at www.mtsgsm.com/blog/

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Mobile TeleSystems OJSC ("MTS") is the leading telecommunications group in Russia, Eastern Europe and Central Asia, offering mobile and fixed voice, broadband, pay TV as well as content and entertainment services in one of the world's fastest growing regions. Including its subsidiaries, the Group services over 108.5 million mobile subscribers in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia and Belarus, a region that boasts a total population of more than 230 million. Since June 2000, MTS' Level 3 ADRs have been listed on the New York Stock Exchange (ticker symbol MBT). Additional information about the MTS Group can be found at www.mtsgsm.com.

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Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might,” and the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not undertake or intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. We refer you to the documents MTS files from time to time with the U.S. Securities and Exchange Commission, specifically the Company’s most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of Russian, U.S. and other foreign government programs to restore liquidity and stimulate national and global economies, our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses, including Comstar-UTS, potential fluctuations in quarterly results, our competitive environment, dependence on new service development and tariff structures, rapid technological and market change, acquisition strategy, risks associated with telecommunications infrastructure, governmental regulation of the telecommunications industries and other risks associated with operating in Russia and the CIS, volatility of stock price, financial risk management and future growth subject to risks.

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Contact investor relations:

+ 7 495 223 20 25 ir@mts.ru

MTS Investor Relations
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