Mobile TeleSystems Announces Financial Results for the Fourth Quarter and Full Year Ended December 31, 2010

Mobile TeleSystems OJSC MBT, the leading telecommunications provider in Russia and the CIS, today announces its unaudited US GAAP financial results for the three months and full year ended December 31, 2010. Key Financial Highlights of Q4 2010 and FY 2010[1] - Consolidated revenues up 2.9% q-o-q to $2,995 million and up 14.5% y-o-y to $11,293 million - Consolidated OIBDA[2] down 12.0% q-o-q to $1,159 million with 38.7% OIBDA margin and up 8.6% y-o-y to $4,873 million with 43.1% OIBDA margin - Consolidated net income[3] of $156 million in Q4 2010 and a net income of $1,381 million for FY 2010 - Free cash-flow[4] positive with $1,529 million for FY 2010