Press release

MTS Secures Additional Financing

September 28, 2009

Moscow, Russian Federation - Mobile TeleSystems OJSC (“MTS” - NYSE: MBT), the largest mobile phone operator in Russia and the CIS, has successfully secured financing from Sberbank through two loans in the amount of RUB 47 billion and RUB 12 billion.

The loan of RUB 47 billion boasts a maturity in September 2013 with an annual interest rate of 16%. The funds will used for MTS’ overall investment programs, including funding of the SPV for the pending acquisition of a 50.91% stake in COMSTAR-UTS, a leading supplier of integrated telecommunication solutions in Russia and the CIS. The closing of the COMSTAR-UTS transaction is anticipated for October 2009.

Separately, the company drew an additional loan from Sberbank in August 2009 for RUB 12 billion with a two-year maturity and an annual interest rate of 15%. The funds will be used to support our capital expenditures program and other corporate needs.

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For further information, please contact:

Investor Relations

Mobile TeleSystems OJSC

Tel: +7 495 223 2025

E-mail: ir@mts.ru

Register before October 7, 2009, for the MTS Analyst and Investor Day to be held on October 19, 2009, in Moscow, Russia (details available at http://www.mtsgsm.com/resources/analyst_investor_days)

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 largest mobile phone operator in Russia and the CIS. Together with its subsidiaries, the Company services over 96.17 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.

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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 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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MOBILE TELESYSTEMS OJSC

By:

/s/ Mikhail Shamolin

Name:

Mikhail Shamolin

Title:

CEO

Date:   September 28, 2009