MTS Ranked the Most Valuable Brand in Russia

13 December 2010

Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that the MTS brand has been ranked as the most valuable Russian brand by InterBrand, a world’s leading brand consultancy. With a brand value of $7.753 billion, MTS leads the “Best Russian Brands-2010” ranking.

Since 2008, when the previous InterBrand ranking was published, MTS has increased the value of its brand by 12% to reach $7.753 billion. According to the methodology used by InterBrand for calculating brand value, only performance of MTS Russia operations was taken into account.

InterBrand’s method analyzes all of the many ways in which a brand benefits its organizations – from attracting talent to delivering on customer expectations. Three key aspects contribute to the assessment: the financial performance of the branded products or services, the role of the brand in the purchase decision and the strength of the brand.

Mikhail Gerchuk, MTS Vice President and Chief Commercial Officer, said, "We are pleased that MTS' success in brand building and our leadership among Russian brands have been recognized in one of the most respected international rankings published by InterBrand. We have been extending the MTS brand by expanding into adjacent markets, such as fixed broadband, pay TV and content services. As more people are becoming MTS customers through a variety of services we offer across multiple markets, we expect our brand to continue growing in value and gaining global recognition."

In 2010 the MTS brand was ranked the most valuable Russian brand in 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. The BRANDZ™ ranking is based on primary research and therefore reflects the perceptions of consumers. The study covers 50 000 brands worldwide. MTS was the first Russian brand to enter this global ranking in 2008. Since then MTS has increased its brand value in this ranking by more than 20% and was valued at $9.723 billion in 2010.

For further information, please contact in Moscow:

Joshua B. Tulgan
Director, Investor Relations
Mob: +7 985 220 4208

Department of Investor Relations
Mobile TeleSystems OJSC
Tel: +7 495 223 2025
E-mail: ir@mts.ru

Learn more about MTS. Visit the official blog of the Investor Relations Department at www.mtsgsm.com/blog/

Mobile TeleSystems OJSC ("MTS") is the leading telecommunications group in Russia, Eastern Europe and Central Asia, offering mobile and fixed voice, broadband, pay TV as well as content and entertainment services in one of the world's fastest growing regions. Including its subsidiaries, the Group services over 105.0 million mobile subscribers in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia and Belarus, a region that boasts 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). Additional information about the MTS Group can be found at www.mtsgsm.com.

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 undertake or 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, the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of Russian, U.S. and other foreign government programs to restore liquidity and stimulate national and global economies, our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses, including Comstar-UTS, 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, governmental regulation of the telecommunications industries and other 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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