Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces the decisions made at the Annual General Meeting (AGM) of the Company’s shareholders on June 24, 2010.

The following resolutions were adopted at the Meeting:

- 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 2009 results.

- To pay annual dividends of RUB 15.40¹ per ordinary MTS share² (approximately $1.00 per ADR³) for the 2009 fiscal year, amounting to a total of RUB 30.70 billion (approximately $999.3 million or 99% of US GAAP net income or 75% of US GAAP net income adjusted for the non-cash impairment charges). As announced earlier, the record date for the Company’s share- and ADR-holders entitled to participate in the AGM and to receive dividends was May 7, 2010. The dividend will be paid out in full prior to the year’s end in accordance with the MTS Charter.

- To elect the following persons to the MTS Board of Directors (BoD):

 - Mr. Anton Abugov, First Vice President, Head of Strategy and Development functional division, Sistema;

 - Mr. Alexey Buyanov, Senior Vice President, Head of the Financial functional division, Sistema;

 - Mr. Sergei Drozdov, Senior Vice President, Head of the Property functional division, Sistema;

 - Mr. Charles Dunstone, independent director;

 - Mr. Stanley Miller, independent director;

 - Mr. Paul Ostling, independent director;

 - Mr. Mikhail Shamolin, President and CEO of MTS;

 - Mr. Ron Sommer, First Vice President, Head of the Telecommunications assets operating unit, Sistema;

 - Ms. Tatiana Yevtoushenkova, Advisor to the President of Sberbank.

- 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 Company’s Charter.

- To approve the regulations governing MTS’ general shareholder meetings.

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. Charles Dunstone, Mr. Stanley Miller and Mr. Paul Ostling were elected to the Company’s Audit Committee with Mr. Ostling elected as the Chairman of the Audit Committee.

¹ The dividend yield per share is 5.1%.
² It should be noted that the Company’s American Depositary Receipt (ADR) ratio was changed from the previous 1 ADR per 5 common shares to 1 ADR per 2 common shares effective May 3, 2010. The per ADR dividend amount cited is reflective of that change.
³ According to the Russian Central Bank exchange rate of 30.7193 RUB/USD as of May 11, 2010. The dividend amount is set in Russian rubles by the Board of Directors; U.S. dollar amounts provided for reference using the foreign exchange rates as of May 11, 2010.