MTS Ranked in the World’s 100 Most Powerful Brands with a Brand Value of $9.2 billion

28 April 2009

Moscow, Russian Federation — Mobile TeleSystems OJSC («MTS» — NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announced that it has been named as one of the BRANDZ™ Top 100 Most Powerful Brands, a ranking published by the Financial Times and Millward Brown, a leading global market research and consulting firm. For the second year in a row, MTS joins the ranks of the most powerful brands in the world with a value of $9.2 billion at the 71st position. As in 2008, MTS is the most valuable Russian brand in the ranking and one of the 10 most valuable telecoms brands in the world.

MTS brand has risen 18 spots to become the 71st most powerful brand globally with a value of $9.2 billion, up from $8.1 billion in 2008. The unequivocal growth in brand value over the year is primarily due to the Company’s continued execution on its corporate strategy, strong growth and its leadership positions in the Russian and CIS markets.

MTS launched its current brand in May 2006, building on its market leadership and reputation as the highest quality operator in the region. MTS has built the largest network in the CIS and offers the widest coverage area in the region, providing its customers with consistent high-quality experience. With over 96 million subscribers, out of total population of 230 million in the markets in which it operates, MTS has the largest mobile customer base in the CIS. Subscribers trust the MTS brand as it represents high quality and offers the most innovative products.

‚Global recognition of our brand strength is a testament to both the success of MTS and the growing interest in our markets of operation. Our rise in the rankings is a strong indication that we are fulfilling our strategy and generating greater affinity for the MTS brand among our customers,‘ commented Mr. Mikhail Gerchuk, Vice President and Chief Commercial Officer of MTS. ‚Given the sustained growth in our business and recent introduction of the MTS brand to India we are confident that the MTS brand will continue to strengthen in the coming years.‘

About Millward Brown’s Ranking

The BRANDZ Ranking is the only brand ranking based on primary research — it therefore reflects the perceptions of people who really count — brand users and consumers. Derived from BRANDZ database, the world’s largest repository of brand equity data, the BRANDZ study has interviewed more than one million consumers globally and covers 50,000 brands worldwide. The BRANDZ Ranking is the first study to cover both business and consumer brands and to include predictive metrics of future brand performance. Market performance metrics and financial data were obtained from Datamonitor and Bloomberg respectively.

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 92.19 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.

Contact investor relations:

+ 7 495 223 20 25 ir@mts.ru

MTS Investor Relations
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