Financial results for the third quarter ended September 30, 2007

20 November 2007

Moscow, Russian Federation — Mobile TeleSystems OJSC («MTS» — NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces its third quarter¹ 2007 financial and operating results.

¹ Based on unaudited consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America («US GAAP»).