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 May 18, 2014.

The Board decided to recommend to the Annual General Meeting (AGM), which will be held on June 24, 2014, 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. The Board decided that owners of MTS ordinary shares voting against this issue or those who abstain from voting will be eligible for share repurchase at the price of RUB 208 per ordinary share. The price was set based on the appraisal conducted by Tilly Baker Rusaudit.

According to the decision of the Board published on April 13, 2014, the record date for the Company’s shareholders entitled to participate in the AGM and buyback was set for May 6, 2014.

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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