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.