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

MOSCOW, June 25, 2010 /PRNewswire-FirstCall/ -- 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: http://www.meffys.com/

Learn more about MTS. Visit the official blog of the Investor Relations Department at http://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 http://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: [email protected]

SOURCE Mobile TeleSystems OJSC