Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces that the placement of its second rouble bond is scheduled for October 23, 2008.

MTS plans to place its second 10 billion rouble bond with maturity in 2013 on October 23, 2008. The coupons are to be paid semiannually. The debut rouble bond with maturity in 2018 and a two-year put option was successfully placed on June 24, 2008. Lead Arrangers of the bond are Gazprombank, Raiffeisenbank, Sberbank and Troika Dialog.

Funds raised through the placement will be used for general corporate needs.