Moscow, Russian Federation – January 31, 2007 – Mobile Telesystems OJSC (“MTS” - NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces the full year 2007 guidance for the group at a meeting held earlier today.

Today management of MTS, led by President and Chief Executive Officer, Leonid Melamed, announced full-year 2007 guidance for the Group.

Consolidated revenues are expected to grow in the range of 15-17%, while the Company is targeting an OIBDA margin of approximately 50% and capital expenditures of $1.8 billion. Management also affirmed the guidance for full year 2006 – revenue growth of not less than 20%, an OIBDA margin of 50% and CAPEX of $1.8 billion.

Mr. Melamed commented, “The guidance for the year 2007 reflects what we feel is possible as we execute on our 3+1 strategy. As always, the Company is committed to leadership in our markets of operation and maximizing the value we deliver to our shareholders.”

Presentational materials and a recording from the event will be posted on our website as they become available at https://www1.company.mtsgsm.com/presentations.