Third Quarter 2011 Financial Results Announcement and Conference Call

11 November 2011

The management of Mobile TeleSystems (“MTS” – NYSE:MBT) will be holding a conference call to discuss the Company’s Third Quarter 2011 Financial and Operating Results on Monday, November 21, 2011. Due to travel delays involving the Company’s senior management, the call has been delayed and will begin at 19:00 MSK/15:00 GMT/10:00 EST.

Please note that the conference call will begin at:

19:00 MSK (Moscow)
15:00 GMT (London)
10:00 EST (New York)

To take part in the conference call, please dial one of the following telephone numbers, quoting the Company’s name, MTS, or the conference ID, 4488322:

From the US:    + 1 480 629 9656
From the UK:   + 44 207 190 1292
International:     + 44 207 190 1292

The conference call will also be available at: http://www.mtsgsm.com/news/reports/ via audio webcast.

The earnings release and the management’s slide presentation will be posted approximately two and a half hours prior to the conference call at: http://www.mtsgsm.com/news/reports/.

A replay of the conference call will be available on the following telephone numbers from November 21, 2011(from approximately 23:00 hrs Moscow time/19:00 hrs London time/14:00 hrs US Eastern time) to November 28, 2011:

From the US:        + 1 303 590 3030              PIN 4488322 #
From the UK:       + 44 207 154 2833            PIN 4488322 #
International:         + 44 207 154 2833            PIN 4488322 #.

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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 100 million mobile subscribers. The Group has been awarded GSM licenses 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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