Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications operator in Russia and the CIS, announces the decisions reached at a meeting of the Board of Directors of MTS held on October 24, 2012.

The Board of Directors decided to call an Extraordinary General Meeting of shareholders (EGM-1) on January 14, 2013. The record date for the Company’s share- and ADR-holders entitled to participate in the EGM has been set for November 26, 2012.

The matters to be considered and resolved by the EGM include:

1. The reorganization of MTS OJSC through the takeover of KR-1 CJSC, a company, which will be spun-off from Comstar-Regions CJSC, and approval of accession agreement;
2. The reorganization of MTS OJSC through the takeover of Sweet-Com CJSC, Universal TV CJSC, Management Company Altair-Tula CJSC, Telecompany Altair CJSC, Tambovsk Multikabelnye Seti CJSC, Infocenter CJSC, Company SibGroupInvest CJSC, Skif-Line CJSC, Skif-Oryol CJSC, Skif-Tambov CJSC, TK-Spectrum OJSC and approval of the accession agreements;
3. Amendments and additions to the Charter of MTS OJSC.

The Board of Directors has also called for an Extraordinary General Meeting of shareholders (EGM-2) to be held on February 14, 2013. The record date for the Company’s share- and ADR-holders entitled to participate in the EGM has been established as November 19, 2012.

The matters to be considered and resolved by the EGM include:

1. The early termination of powers of the members of the MTS OJSC Board of Directors;
2. The election of the members of the MTS Board of Directors;
3. The early termination of the powers of the members of MTS OJSC Audit Committee and election of the Members of the MTS OJSC Audit Committee;
4. Amendments to the regulation ’On Remuneration and Compensation to the Members of the MTS OJSC Board of Directors’;
5. Participation of MTS OJSC in the National Payments Council Association.

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

Learn more about MTS. Visit the official blog of the Investor Relations Department at www.mtsgsm.com/blog/