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 Board of Directors (“BoD” or “the Board”) meeting held on April 12, 2012.

At the meeting, MTS’ Board of Directors set the date for the Company’s annual general meeting of shareholders (“the AGM”) for Wednesday, June 27, 2012. The Board also recommended that the AGM approve annual dividends of RUB 14.71 per ordinary MTS share (approximately $1.01 per ADR¹) for the 2011 fiscal year, amounting to a total of RUB 30.4 billion (approximately $1.04 billion or 72% 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 2011 has been set for Thursday, May 10, 2012. The dividend will be paid out in the period of two months following the approval of the AGM in accordance with the Russian law.

Issues entered into the AGM agenda by the BoD include among others:

• Approval of MTS OJSC Annual Report; MTS OJSC Annual Financial Statements, including MTS OJSC Profit & Loss Statement; distribution of profits and losses of MTS OJSC based on FY 2011 results (including payment of dividends);
• Election of members of MTS OJSC Board of Directors;
• Election of members of MTS OJSC Auditing Commission;
• Approval of MTS OJSC auditor;
• Approval of MTS OJSC Charter as amended and restated;
• Approval of MTS OJSC Bylaw of the Board of Directors as amended and restated