Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or the “Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces the decisions reached at the Company’s Annual General Meeting of Shareholders (the “AGM”) held on June 24, 2014.

At the meeting, the following resolutions were adopted:

• To approve final annual dividends of RUB 18.6 per ordinary MTS share (RUB 37.2 per ADR), or in total RUB 38,435,292,253, based on the full-year 2013 financial results. The record date for the Company's shareholders and ADR-holders entitled to receive dividends for the full year 2013 has been set for July 07, 2014. The dividend payment will be completed before August 11, 2014. Upon completion of this payment, MTS will have paid out RUB 49.2 billion (RUB 49,221,496,648) rubles based on fiscal year 2013 financial results;
• To approve the Company’s Annual Report and Annual Financial Statements, including the Company’s Profit & Loss Statement, as well as the distribution of profits and losses of MTS OJSC based on FY2013 results (including payment of dividends);
• To elect the following persons to the MTS Board of Directors:
• Mr. Anton Abugov, First Vice President and Member of the Management Board at Sistema JSFC;
• Mr. Michel Combes, as independent director;
• Mr. Sergei Drozdov, Senior Vice President, Head of the Corporate Governance Division and Member of the Management Board at Sistema JSFC;
• Mr. Andrei Dubovskov, President and Chief Executive Officer of MTS;
• Mr. Alexander Gorbunov, Executive Vice President at Sistema JSFC;
• Mr. Thomas Holtrop, as independent director;
• Mr. Stanley Miller, as independent director;
• Mr. Vsevolod Rozanov, Senior Vice President, Head of Finance and Investments Division and Member of the Management Board at Sistema JSFC;
• Mr. Ron Sommer, Chairman of the Board of Sistema Shyam TeleServices Ltd;
• To approve CJSC Deloitte and Touche CIS as MTS’ auditor;
• To elect members of the Company’s Auditing Commission;
• To approve the reorganization of MTS OJSC through the takeover of Elf CJSC, EFCOM CJSC, Pilot CJSC, TVKiK CJSC, ZhelGorTeleCom CJSC, Intercom CJSC, TRK TVT OJSC, Kaskad-TV CJSC, Kuznetsktelemost CJSC, Sistema Telecom CJSC, and TZ CJSC;
• To approve the amended and restated version of the Company’s Charter.

At a subsequent meeting of the new Board of Directors, Mr. Ron Sommer was reappointed as the Chairman and Mr. Anton Abugov was elected as the Deputy Chairman of the Board. Independent directors Messrs. Michel Combes, Thomas Holtrop and Stanley Miller were elected to the Company’s Audit Committee with Mr. Thomas Holtrop as the Chairman of the Audit Committee. Messrs. Michel Combes, Thomas Holtrop and Stanley Miller were elected to the Company’s Remuneration and Appointments Committee with Mr. Stanley Miller as the Chairman of the Remuneration and Appointments Committee.

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For further information, please contact in Moscow:

Joshua B. Tulgan
Director, Department of Corporate Finance and Investor Relations
Mobile TeleSystems OJSC
Tel: +7 495 223 2025
E-mail: ir@mts.ru