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 27, 2011.

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 2010 results.
• To pay annual dividends of RUB 14.54¹ per ordinary MTS share (approximately $1.04 per ADR²) for the 2010 fiscal year, amounting to a total of RUB 30.05 billion (approximately $1.08 billion or 78% of US GAAP net income). The record date for the Company’s share- and ADR-holders entitled to participate in the AGM and to receive dividends for the year 2010 was May 10, 2011. The dividend will be paid out in the period of two months following the approval of the AGM in accordance with changes in Russian law governing the dividend payment process.
• To elect the following persons to the MTS Board of Directors (“BoD”):
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. Charles Dunstone, independent director;
5. Mr. Felix Evtushenkov, First Vice President, Head of Core Assets Business Unit at Sistema;
6. Mr. Stanley Miller, independent director;
7. Mr. Paul Ostling, independent director;
8. Mr. Mikhail Shamolin, President and Chief Executive Officer of Sistema;
9. Mr. Ron Sommer, Board Director at Sistema.
• To approve CJSC Deloitte and 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 participation of MTS in a non-profit union of operators on the development of the Long Term Evolution (“LTE”) technology in Russia.

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 Mr. Stanley Miller and Mr. Paul Ostling were re-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.