Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces the decisions made at the Extraordinary General Meeting (“EGM”) of the Company’s shareholders on December 23, 2010.

The following resolutions were adopted at the EGM:

- Reorganization of MTS OJSC through the merger of COMSTAR-United TeleSystems Open Joint Stock Company, United TeleSystems Closed Joint Stock Company, Capital Closed Joint Stock Company, Communications Operator Closed Joint Stock Company, Mobile TeleSystems Closed Joint Stock Company, and COMSTAR-Direct Closed Joint Stock Company into MTS OJSC, and approval of the Accession Agreement;

- Reorganization of MTS OJSC through the merger of Dagtelecom Closed Joint Stock Company into MTS OJSC, and approval of the Accession Agreement;

- Reorganization of MTS OJSC through the merger of Eurotel Open Joint Stock Company into MTS OJSC, and approval of the Accession Agreement;

- Increase of the charter capital of MTS OJSC through the placement of 103,649,654 in additional MTS ordinary shares;

- Amendments and additions to the Charter of MTS OJSC.

The record date for the Company’s share- and ADR-holders entitled to participate in the EGM was November 3, 2010.

Materials that were prepared for the Company’s EGM are available at https://www.mtsgsm.com/information/corporate_governance/shareholders/merger_info/.