Press release

Submission Results for the MTS Share Buyback

February 11, 2011

Moscow, Russian Federation — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that the Company’s Board of Directors has today affirmed the share buyback report related to the reorganization of MTS through a merger with OJSC “Comstar-UTS” (“Comstar”), CJSC “Dagtelecom” and OJSC “Eurotel” following receipt of approval at the MTS Extraordinary General Meeting of shareholders (the “EGM”) held on December 23, 2010. Those shareholders that voted against or did not vote were eligible in accordance with Russian law to file for a buyback of their shares within a 45-day period from the date of the EGM.

Submissions for a total of 8,000 MTS ordinary shares representing 0.0004% of the Company’s issued share capital were received. All 8,000 shares will be repurchased as the value of the submissions is below MTS’ 10% net asset value(1), the limit set by Russian law in case of a buyback of shares. As was announced on June 25, 2010, the Company’s Board of Directors set the buyback price at RUB 245.19 per one MTS ordinary share.

The deadline for submission of applications to participate in the buyback for eligible MTS shareholders ended on February 7, 2011. Payment for the shares will be made no later than March 9, 2011.

Additional information regarding the merger of MTS and Comstar is available at http://www.mtsgsm.com/merger/ and http://comstar.ru/en/for_investors/mts/.

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For further information, please contact:

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 108.1 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

(1) Net asset value calculation is based on the Company’s Q3 2010 financial statements under the Russian Accounting Standards.

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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MOBILE TELESYSTEMS OJSC

By:

/s/ Mikhail Shamolin

Name:

Mikhail Shamolin

Title:

CEO

Date:   February 11, 2011