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 meeting of its Board of Directors (“BoD” or “the Board”) held on April 11, 2014.

At a meeting held today, the Board recommended that an annual general meeting of shareholders (“the AGM”) approve annual dividends of RUB 18.6 per ordinary MTS share (RUB 37.2 per ADR) for the 2013 fiscal year, amounting to a total of RUB 38.435 billion¹.

The Board set the date for the Company’s AGM for June 24, 2014. The record date for the Company’s shareholders and ADR-holders entitled to participate in the AGM has been set for May 6, 2014. The Board recommended that the AGM sets the record date for shareholders and ADR-holders entitled to receive dividends for the 2013 fiscal year for July 07, 2014.

In addition, issues entered into the AGM agenda by the BoD include among others:

Procedure for conducting the Annual General Shareholders Meeting

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 2013FY 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

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, T3 CJSC

Approval of MTS OJSC Charter as amended and restated

The following candidates have been nominated for the election to the Company’s Board:

Mr. Anton Abugov, First Vice President, Member of the Management Board at Sistema JSFC;

Mr. Michel Combes, independent director;

Mr. Sergei Drozdov, Senior Vice President, Head of the Corporate Governance division, member of 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, independent director;

Mr. Stanley Miller, independent director;

Mr. Vsevolod Rozanov, Senior Vice President, Chief Financial Officer, Member of the Management Board at Sistema JSFC;

Mr. Ron Sommer, Chairman of the Board of Sistema Shyam TeleServices Ltd