Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces that it was named the winner of the Best Investor Relations by a Russian Company Award at the 10th annual IR Magazine Continental Europe Awards 2008 held on October 15, 2008, in Amsterdam, Netherlands.

“This award recognizes our adherence to the highest standards of transparency and the quality of our  communications with investors and analysts,” noted Mr. Mikhail Shamolin, President and CEO of MTS. “I congratulate my colleagues in the Investor Relations department with receiving yet another prestigious award and thank the investment community for their continued support.”

The IR Magazine Awards are an ongoing annual series of surveys and awards conducted around the world by Cross Border Ltd. Winners are selected through independent surveys of investment professionals and retail investors. These investor perception studies together make up the world's largest survey of this kind, canvassing over 5,000 portfolio managers and retail investors in more than 14 countries and regions. Survey respondents nominate companies in specific categories and offer their opinions on IR-related topics and trends.