Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or the “Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces decisions reached at the Company’s Annual General Meeting of Shareholders (the “AGM”) held on June 27, 2012.

At the meeting, the following resolutions were adopted:

• To approve the Russian-language version of the Company’s Annual Report and the Company’s Russian Accounting Standards annual financial statements.
• To approve the distribution of profits and losses of the Company based on the full year 2011 results.
• To pay annual dividends of RUB 14.71 per ordinary MTS share) for the 2011 fiscal year, amounting to a total of RUB 30.4 billion. The record date for the Company’s share- and ADR-holders entitled to participate in the AGM and to receive dividends for the year 2011 has been set for Thursday, May 10, 2012. The dividend will be paid out no later than August 26, 2012, in accordance with the Russian law.
• To elect the following persons to the MTS Board of Directors:
1. Mr. Anton Abugov, First Vice President, Head of Strategy and Development functional division at Sistema;
2. Mr. Alexey Buyanov, Senior Vice President, Head of Financial functional division at Sistema;
3. Mr. Andrei Dubovskov, President and Chief Executive Officer of MTS;
4. Mr. Gregor Harter, independent director;
5. Mr. Stanley Miller, independent director;
6. Mr. Paul Ostling, independent director;
7. Mr. Vsevolod Rozanov, President and Chief Executive Officer of Sistema Shyam TeleServices Ltd;
8. Mr. Mikhail Shamolin, President and Chief Executive Officer of Sistema;
9. Mr. Ron Sommer, Board Director at Sistema.

• To approve CJSC Deloitte & Touche CIS as MTS’ auditor.
• To elect members of the Company’s Auditing Commission.
• To approve the amended and restated version of the Company’s Charter.
• To approve the amended and restated version of Company’s Bylaw of the Board of Directors.

At a subsequent meeting of the new Board of Directors, Mr. Ron Sommer was reappointed as the Chairman and Mr. Alexey Buyanov as the Deputy Chairman of the Board. Independent directors Messrs. Stanley Miller, Paul Ostling and Gregor Harter were elected to the Company’s Audit Committee with Mr. Ostling as the Chairman of the Audit Committee. Mr. Ostling was also reappointed as the Chairman of the Remuneration and Appointments Committee.

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For further information, please contact in Moscow:

Joshua B. Tulgan
Director, Investor Relations
Acting Director, Corporate Finace

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/