MTS Wins 2010 Meffys Mobile Entertainment Award for Omlet.ru Content Portal

MOSCOW, June 25, 2010 - Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), the leading
telecommunications provider in Russia and the CIS, announces that it has won
the 2010 Meffys Mobile Entertainment Award in the "Cross-Platform
Technology" category for Omlet.ru content portal.

Omlet.ru content portal was launched by MTS in the fall of
2009, offering a large selection of licensed movies, music and games for
mobile and computer users. The portal was recognized by Meffys for its "dual
delivery" system, whereby purchased content can be downloaded to both a
mobile device and a computer. Omlet.ru offers a high degree of
interoperability between mobile devices and PCs / laptops as well as the
necessary flexibility in terms of access networks (e.g. EDGE or UMTS/3G) and
phone models.

"Congratulations to MTS for creating a digital content store
that offers an all-round entertainment service with a simple SMS payment
method, optimized for both mobile and PC," said Rimma Perelmuter, MEF's
Executive Director.

Pavel Roytberg, Director of Products and Services at MTS,
commented: "We are honored to be recognized for the second year in a row by
the prestigious Meffys award. This demonstrates our leadership in the field
of valued-added services (VAS) in the Russian market. Mobile content and data
services are central to MTS' future growth, and we are focused on developing
leading-edge solutions for our customers and enhancing their mobile
experience."

Other companies nominated in the "Cross-Platform Technology"
category of the 2010 Meffys were Gracenote, Hungama Mobile, IMImobile and
Infrared5. The Cross-Platform award recognizes companies that are creating
and enabling a cross-platform experience whilst demonstrating optimized
mobile offerings for the consumer. Award winners were announced in London at
a gala dinner on June 21, 2010.

Previously, MTS won the 2009 Meffys Mobile Entertainment Award
in the "Search & Discovery" category for the MTS Super Search product.

About Meffys and the Mobile Entertainment Forum

Meffys Mobile Entertainment Awards is an annual recognition
for the greatest achievements in mobile entertainment. The awards are
organized by the Mobile Entertainment Forum. The Forum was formed in 2000 to
represent companies throughout the entire mobile entertainment value chain.
It is the global trade association for the mobile media industry and takes a
proactive role in thought leadership, best practice initiatives, regulatory
policy and the sharing of knowledge to deliver competitive advantage to its
diverse membership. Currently, there are over 80 members of the MEF,
including such companies as Vodafone, Verizon, O2, T-Mobile, Jamba!,
Qualcomm, EMI Music and Universal Mobile. MTS joined the MEF in 2010.

Additional information about Meffys is available on its
official website: www.meffys.com/

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 103.5 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
    Acting Director, Corporate Finance
    Department of Investor Relations
    Mobile TeleSystems OJSC
    Tel: +7-495-223-2025
    E-mail: ir@mts.ru

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 at mts.ru