MTS Ranked in World’s 100 Most Powerful Brands

Moscow, Russian Federation, April 21, 2008 – 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. MTS is the first and only Russian company to join the ranks of the most powerful brands in the world, which stands as a recognition of its leadership across the CIS and increasing global relevance.

MTS’ debut among the Top 100 Most Powerful Brands is due to the company’s continued strong growth and market leadership position in the Russian and the CIS markets. MTS is a multinational corporation of a new type, based in a high-growth emerging market and simultaneously entering other developing markets with a globally-recognized brand. MTS operates in Russia and five other CIS markets, which are among the world’s fastest growing economies with record rates of GDP growth. 
MTS launched its current brand in 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 largest coverage area in the region, providing its customers with consistent high-quality experience. With over 85 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 MTS brand as it represents the highest quality and most innovative products in every market.

“We operate in markets that span 11 time zones and cater to a wide range of languages, cultures and income levels. We are thankful to our customers and their loyalty to MTS, which has allowed us to create an iconic brand that transcends national boundaries and meets our customers’ disparate expectations,” commented Cynthia Gordon, Vice President and Chief Marketing Officer of MTS. “Inclusion in the Top 100 Most Powerful Brands is a testament to our leadership in the CIS, and proves that companies from high growth developing markets can become truly international brands.”

MTS enters the Top 100 Most Powerful Brands ranking at 89th place with a Brand Value of $8.077 billion. To arrive at this figure, Millward Brown Optimor establishes company’s intangible earnings and allocates them to individual brands and countries of operation. 

MTS has the highest Brand Momentum score of 10, which means that it is in the top 10% of all brands in the ranking by the short term growth rate. The Brand Momentum indicator is obtained by projecting brand value forward based on market valuations, the brand’s risk profile and its growth potential. To facilitate further growth and recognition of the brand, MTS recently adopted new Brand Standards to communicate the brand consistently in all messaging and launched a new slogan “Operator Svyazi” to reinforce its perception as a strong, trustworthy and quality-focused company.

With steady growth in revenues and subscriber base over the last years, MTS has built the foundation for becoming one of the most significant mobile operator brands in the world, as recognized by the Financial Times and Millward Brown.

About MTS
Mobile TeleSystems OJSC (“MTS”) is the largest mobile phone operator in Russia and the CIS. MTS and its associates and subsidiaries are licensed to provide GSM services in the regions of Russia, as well as Ukraine, Uzbekistan, Turkmenistan, Armenia and Belarus, which have a total population of more than 230 million. In 2007, MTS’ revenues grew 29% to $8.2 billion, and the Company reported a subscriber base of 84.94 million by the end of March 2008. Since June 2000, MTS’ Level 3 ADRs have been listed on the New York Stock Exchange (ticker symbol MBT). According to Informa Telecoms & Media's World Cellular Information Service, MTS ranks as the 8th largest operator in the world by proportionate subscriptions in Q4 2007 (proportionate subscriptions relate to equity stakes in company’s operations). Additional information about MTS can be found on MTS’ website at www.mtsgsm.com

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 50000 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.