MTS’s Annual Review Available Online

Mobile TeleSystems OJSC (MTS), the largest mobile phone operator in Russia and the CIS, published its 2007 Annual Review online today. Together with its subsidiaries, MTS has nearly 87 million subscribers. It provides service in Russia, Armenia, Belarus, Turkmenistan, Ukraine and Uzbekistan, giving MTS a population base of more than 230 million.

The Annual Review describes the operational, financial and strategic achievements of MTS during 2007 and provides an overview of the Company, its management and Board of Directors. Since June 2000, MTS’s Level 3 ADRs have been listed on the New York Stock Exchange under the symbol MBT.

Mikhail Shamolin, President & Chief Executive Officer of MTS, noted: “As we have been at the forefront of delivering new and exciting products to the largest customer base across Russia and the CIS, we are also leading the way in financial communications by moving to a completely online Annual Review. By providing greater interactivity and easier access to key
financial and operational data, we are certain to set the pace as Russia’s most transparent company and give all of our stakeholders a greater sense of MTS and our brand values.”

The review can be found at: annualreview2007