Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the largest mobile phone operator in Russia and the CIS, affirms guidance statements issued today at the MTS Analyst and Investor Day by the management of the Company.

MTS confirms that Group revenue is expected to reach $8.25 bln for the FY 2009, assuming stability of exchange rates of national currencies and stable macroeconomic conditions in the operating markets. OIBDA margin for FY 2009 expected to be in the high 40%s range. MTS also raised CAPEX guidance for 2009E from 1.5 to $1.8 bln primarily due to Russian ruble appreciation, as well as additional spending in Central Asian markets to accommodate increasing traffic.

MTS continues to anticipate single-digit year-over-year ruble revenue growth in its Russian business unit in 2009 and a single-digit year-over-year revenue reduction in hryvna revenue in Ukraine in 2009, provided the macroeconomic environment remains stable relative to the current period.