Mobile TeleSystems Announces Financial Results for the Third Quarter Ended September 30, 2009

MOSCOW, November 13 - Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), today announces
its consolidated US GAAP financial results for the three months ended
September 30, 2009.

    Key Financial Highlights of Q3 2009

    - Consolidated revenues up 12.1% q-o-q to $2,267.6 million
      driven by additional subscribers, rising voice and data consumption,
      seasonal usage factors and currency appreciation

    - Consolidated OIBDA[1] up 11.4% q-o-q to $1,062.6 million
      with 46.9% OIBDA margin driven by revenue growth and optimized period
      spending
    - Consolidated net income of $494.4 million due to revenue
      growth and non-cash foreign exchange gain on US dollar denominated debt

    Key Corporate and Industry Highlights

    - Closing of the syndicated loan originally signed in May 2009
      with oversubscription by nearly $100 million in July 2009
    - Placement of a ruble-denominated bond worth RUB 15 billion
      in July 2009
    - Securing of additional financing from Sberbank through two
      loans in the amount of RUB 47 billion and RUB 12 billion in October
      2009
    - Acquisition of 100% stake in Teleforum, a mobile retail
      chain, for up to $11 million[2] in October 2009
    - Acquisition of 50.91% stake in Comstar-UTS for 39.15 billion
      rubles ($1.32 billion)[3] or RUB 184.02 ($6.21) per Global Depositary
      Receipt (GDR) by a subsidiary of MTS in October 2009
    - Confirmation of credit rating at Ba2 level by Moody's with
      outlook stable
    - Confirmation of credit rating at BB+ level by Fitch with
      outlook changed from negative to stable
    - Confirmation of credit rating at BB level by S&P with
      outlook changed from positive to stable
    - Issuance of guidance for FY 2009 at the MTS Analyst and
      Investor Day with Group revenues expected to reach $8.25 bln and Group
      OIBDA margin in the high 40%s range for core mobile business; the
      previous Group CAPEX guidance was changed from $1.5 bln to $1.8 bln

    Additional Developments

    - MTS continues to see sustained macroeconomic volatility in
      its markets of operations that may impact the financial and operational
      performance throughout the Group
    - For additional information and insights, download materials
      used during the MTS' Analyst and Investor Day at
      www.mtsgsm.com/resources/analyst_investor_days

Commentary

Mr. Mikhail Shamolin, President and CEO of MTS, highlighted: "We are
focusing on a number of key initiatives to realize our 3i Strategy: the
acquisition of 51% stake in Comstar-UTS and development of fixed-line
broadband and pay-TV services in our markets; the continued roll-out of 3G
and promotion of data and content services to our customers; the on-going
development of our retail sales channels; the launch of our online content
portal, Omlet.ru; activity on the local and international capital markets;
plus our ongoing focus on cost effectiveness. But this hasn't detracted from
our focus on our core business, which saw healthy growth due to subscriber
additions, strong usage in both voice and data services, incremental pricing
power and a growing contribution from our retail sales channels. Though we
see a sustained effect from the macroeconomic volatility, our focus remains
on developing markets in Russia and the CIS for telecommunications services.
This is the very essence of our 3i Strategy and in our view the best way to
maximize value for all of our shareholders."

For further operational information and full consolidated unaudited
financial statements, please visit www.mtsgsm.com/news/reports/

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

Mobile TeleSystems OJSC ("MTS") is the largest mobile phone operator in
Russia and the CIS. Together with its subsidiaries, the Company services over
96.86 million subscribers. The regions of Russia, as well as Armenia,
Belarus, Turkmenistan, Ukraine, and Uzbekistan, in which MTS and its
associates and subsidiaries are licensed to provide GSM services, have 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 MTS can be found on MTS' website at
www.mtsgsm.com.

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 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, 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, 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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[1] See Attachment A for definitions and reconciliation of
OIBDA and OIBDA margin to their most directly comparable US GAAP financial
measures.

[2] Based on certain performance criteria.

[3] As transactions between Russian entities must be carried out in
rubles, MTS hedged the final amount due on completion of the transaction with
50% of the sale price pegged at 31.9349 rubles:dollar rate, while the balance
has been calculated at 29.6090, the official rate of the Central Bank of
Russia on the date of signing.

    For further information, please contact in Moscow:
    Joshua B. Tulgan
    Director, Investor Relations
    Mob: +7-985-220-4208
    Department of Investor Relations
    Mobile TeleSystems OJSC
    Tel: +7-495-223-2025
    E-mail: ir@mts.ru

For further information, please contact in Moscow: Joshua B. Tulgan, Director, Investor Relations, Mob: +7-985-220-4208, Department of Investor Relations, Mobile TeleSystems OJSC, Tel: +7-495-223-2025, E-mail: ir at mts.ru