MTS Appoints new Chief Commercial Officer and the Global Brand Chief

16 December 2008

Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces the appointment of Mr. Mikhail Gerchuk as the new Vice President and Chief Commercial Officer (CCO) of the Company. Ms. Cynthia Gordon, the former CCO, will serve as the Global Brand Chief.

As the CCO of MTS, Mr. Gerchuk will be responsible for the development and implementation of the Company’s marketing, sales and customer service strategies, as well as realization of overall revenue targets. He will report directly to the CEO.

Mr. Gerchuk joined MTS’ marketing team in 2007 as the Group Marketing Director. Since then, he has been responsible for overseeing the development, launch and promotion of marketing campaigns for all countries of operation. Coupled with his achievements in growing the subscriber base and raising revenues across the region, Mr. Gerchuk has brought to MTS a wealth of marketing experience at some of the most renowned international brands that include over five years at the Vodafone Group. Mr. Gerchuk received his MBA from INSEAD.

Ms. Gordon will serve as Global Brand Chief. Ms. Gordon will be responsible for the global management and positioning of the MTS brand and international outreach, including the development of the Company’s partnership with Vodafone and building relationships with other leading international companies.

Ms. Gordon has supervised MTS’ marketing strategy over the last two years, reaffirming the Company’s leading positions in Russia and the CIS and creating the strongest brand in the region. As a testament to Ms. Gordon’s leadership, MTS became the first and only Russian company to be named as one of the Top 100 Most Powerful Brands, an annual ranking published by the Financial Times and Millward Brown.

“As one of the brightest and most talented managers in Russia, Mikhail is the right person to lead our marketing and sales teams. He combines deep knowledge of MTS, expertise in the Russian market and experience with one of the leading international telecommunications brands,” said Mr. Mikhail Shamolin, President and CEO of MTS. “We are grateful to Cynthia that she decided to remain with MTS in her new capacity as the Global Brand Chief. She has demonstrated her passion for the brand and the Company over the years as the CCO, and we are looking forward to her continued contribution.”

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Biography

Mr. Mikhail Gerchuk joined MTS in August 2007 as the Group Marketing Director. In this capacity, he was responsible for the development and implementation of MTS marketing strategy and achievement of revenue growth targets in all countries of MTS operation.

Prior to joining MTS, Mr. Gerchuk was Chief Commercial Officer at Vodafone Malta from 2006 to 2007, where he accomplished revenue growth and increased market share of the operator. He held senior marketing positions at Vodafone Group, UK between 2002 and 2006, including Head of Voice Propositions between 2004 and 2006 and Senior Global Marketing Manager between 2002 and 2004. Mr. Gerchuk also worked as an Associate at Booz Allen Hamilton in London from 1999 to 2002 and before that as Category Marketing Manager at Pepsi-Cola and Brand Manager at Mars Inc.

Mr. Gerchuk holds an MBA from INSEAD and an MA in Economic Geography and English from the Moscow State University.

Ms. Cynthia Gordon joined MTS in January 2007 as Vice President and Chief Marketing Officer. In this capacity, she was responsible for the strategic focus of all marketing efforts and brand development of MTS.

Prior to joining MTS, Ms. Gordon was Vice President of Business Marketing at Orange from 2003 to 2007. She also worked at Orange United Kingdom as marketing director from 2001 to 2003, at Demon/Scottish Telecom as marketing director from 2000 to 2001, at ACC International (AT&T) as marketing director from 1998 to 1999, at British Telecom as head of ChargeCard and a range of senior marketing positions from 1993 to 1998, at One to One (T-Mobile) from 1991 to 1993, at Lloyds TSB and Abbey National from 1989 to 1993.

She is a Freeman of the City of London and a Member of the Worshipful Company of Marketors.

Ms. Gordon graduated with a B.A. in Business Studies from Brighton University.

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For further information, please contact:

Mobile TeleSystems, Moscow
Investor Relations
Tel: +7 495 223 2025
E-mail: ir@mts.ru
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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 88.47 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).

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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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Contact investor relations:

+ 7 495 223 20 25 ir@mts.ru

MTS Investor Relations
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