Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or “the Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces it has been named as one of the BRANDZ™ Top 100 Most Powerful Brands, a ranking published by the Financial Times and Millward Brown Optimor, a leading global market research and consulting firm. In 2011, MTS’s brand is yet again ranked as the most valuable Russian brand. It stands at the 80th position with a brand value of $10.9 billion.

The value of the MTS brand in this global ranking grows for the fourth year in a row. In 2008, when MTS was the first Russian company to enter the BRANDZ™, its brand was valued at $8.1 billion. In 2009, the value of the brand increased to $9.2 billion, and in 2010 it rose to $9.7billion.

Mikhail Gerchuk, MTS Vice President and Chief Commercial Officer, commented, “We are pleased that our success in building the brand is again recognized in one of the most respected global rankings. The increase in the brand value comes on the back of our strategy aimed at offering our subscribers innovative services and best customer service. Our customers are increasingly making decisions to buy MTS products based on the strength of our brand. We are confident that this strategy will ensure further growth of the MTS’ brand value.”

According to the Millward Brown Optimor research, the weight of the MTS brand in making decisions to purchase MTS products and services rose from 32.0% in 2010 to 37.9% in 2011. By this indicator reflecting the power of the brand MTS belongs to top-20 global brands.

In December 2010 the MTS brand with a brand value of $7.753 billion brand was ranked as the most valuable Russian brand by InterBrand, a world’s leading brand consultancy.

More information about the BRANDZ™ ranking is available at https://www.brandz.com

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For further information, please contact in Moscow:

Joshua B. Tulgan
Director, Investor Relations
Acting Director, Corporate Finance

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/