MTS Ranked Among the World's 100 Most Powerful Brands With a Brand Value of $9.7 Billion

MOSCOW, April 28, 2010 - Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), the leading
telecommunications provider in Russia and the CIS, announces that it has been
named as one of the BRANDZ(TM) Top 100 Most Powerful Brands, a ranking
published by the Financial Times and Millward Brown, a leading global market
research and consulting firm. MTS once again joins the ranks of the most
powerful brands in the world with a value of $9.7 billion at the 72nd
position. As in 2008 and 2009, MTS is the most valuable Russian brand in the
ranking.

The value of the MTS brand continued to increase for the third
year in a row and has grown from $8.1 billion in 2008 to $9.2 billion in 2009
to over $9.7 billion in 2010.

MTS launched its current brand in May 2006, building on its
market leadership and reputation as the highest quality operator in the
region. With over 102 million subscribers out of a total population of over
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.

"Since the launch of the new MTS brand in 2006, we have
focused on developing it to become the strongest brand in our markets to
reflect our position as the leading telecommunications group in Russia,
Eastern Europe and Central Asia," commented Mikhail Gerchuk, Vice President
and Chief Commercial Officer of MTS. "We have since enhanced the MTS brand by
bringing it to additional countries of operation and now we are focused on
extending it to complementary products and services, like fixed broadband,
pay TV as well as content and entertainment 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 be recognized
as among the most successful globally."

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.

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 102.3 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.

    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

Contact details for media enquiries: Joshua Tulgan / jtulgan at mts.ru / +7-(495)-223-20-25