OREANDA-NEWS. Mobile TeleSystems OJSC (“MTS” or the “Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces decisions reached at the Company’s Extraordinary General Meeting of Shareholders (the “EGM”) held on February 14, 2013.

At the meeting, the following resolutions were adopted:

To terminate the powers of the current MTS Board of Directors and elect the following persons to the MTS Board of Directors:

Mr. Anton Abugov, First Vice President, Head of Strategy and Development functional division, Member of the Management Board at Sistema JSFC;

Mr. Alexey Buyanov, Senior Vice President, Head of Financial functional division, Member of the Management Board at Sistema JSFC;

Mr. Michel Combes, independent director;

Mr. Andrei Dubovskov, President and Chief Executive Officer of MTS;

Mr. Alexander Gorbunov, Executive Vice-President (Investment Portfolio) at Sistema JSFC; Member of the Board at Sistema Shyam TeleServices Ltd;

Mr. Thomas Holtrop, independent director;

Mr. Stanley Miller, independent director;

Mr. Vsevolod Rozanov, President and Chief Executive Officer of Sistema Shyam TeleServices Ltd;

Mr. Ron Sommer, Chairman of the Board of Sistema Shyam TeleServices Ltd, Board Director of Munich Reinsurance and Tata Consultancy Services, and a member of the International Advisory Board of Blackstone Group.

To terminate the powers of the MTS OJSC Auditing Commission members and elect members of the Company’s Auditing Commission.

To approve MTS’s participation in the National Payments Council Association.

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. Mr. Anton Abugov was elected as the Deputy Chairman of the Board. Independent directors Messrs. Michel Combes, Thomas Holtrop and Stanley Miller were elected to the Company’s Audit Committee with Mr. Thomas Holtrop as the Chairman of the Audit Committee. Mr. Stanley Miller was appointed as the Chairman of the Remuneration and Appointments Committee.

Biographies of the new members of the MTS Board of Directors:

Mr. Michel Combes.

Born in 1962 in France. Mr. Michel Combes graduated from Ecole Polytechnique and Ecole Nationale Superieure des Telecommunications in Paris. He holds a PhD degree in corporate strategy from the Universite Paris Dauphine and a PhD degree in in forecasting from National Conservatory of Arts and Crafts in Paris.

In 2008 – 2012 Mr. Combes served as Chief Executive Officer, Europe Region, of Vodafone. Prior to this in 2006 – 2008 he worked as Chairman and Chief Executive Officer of TDF Group (Telediffusion de France). In 2003 – 2006 he worked at France Telecom as Senior Vice President and Group Chief Financial Officer. In 1985 – 2002 he assumed management positions in a number of the leading companies in France and worked in the public sector.

Mr. Michel Combes currently serves as Chairman of the Supervisory Board at Assystem and as a non-executive director, member of the board of directors at ISS. In the past he served as a board member at Vodafone, Weather (Orascom Wind), Atari, TDF, Eurotunnel, Atos and Procapital.

Mr. Thomas Holtrop.

Born in 1954 in Germany. Mr. Holtrop holds a degree in psychology studies from the University of Freiburg and a degree in business administration, major: economics and production from Deutsche Angestellten Akademie (German Academy of Civil Servants) in Dusseldorf.

In 2009 – 2010 Mr. Holtrop was a Member of the Board, Chairman of the Audit Committee, member of the Strategy Committee, Remuneration and Nomination Committee of the Board of Directors at Comstar-United TeleSystems JSC.

In 2005 – 2011 he served as a Member of the Supervisory Board of Gruner & Jahr. In 2005 – 2006 Mr. Holtrop worked as Chief Executive Officer of Thomas Cook AG. In 2001 – 2004 he worked as President of T-Online International AG. In 2002 – 2004 he was a member of the board of Deutsche Telekom AG, responsible for development of broadband services. In 1989 – 1999 Mr. Holtop worked in the financial services industry, serving as Vice-President of American Express International Inc and member of the board at Bank 24 AG and Deutsche Bank 24 AG.

Mr. Alexander Gorbunov.

Born in 1967. Mr. Alexander Gorbunov graduated in 1992 from the Moscow Physics and Engineering Institute (MPEI). In 1999 he obtained an MBA from Harvard Business School.

Mr. Gorbunov currently serves as Executive Vice-President (Investment Portfolio) at Sistema JSFC. He is also a member of the board at Kosmos-TV CJSC, Stream OJSC, Stream LLC, Sistema Shyam Teleservices Ltd. In 2011 – 2012 he worked as Executive Vice-President for Development of the Telecom Assets of the Business Unit "Core Assets" at Sistema JSFC. In 2006 – 2010 he served as Vice-President for Strategy and Development of Comstar-United TeleSystems JSC. In 2005 - 2006 he served as Head of Corporate Development Department, Acting First Vice President - Head of Strategy and Development of Sistema JSFC.