Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or the “Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces proposed candidates for the MTS Board of Directors to be considered for election at the Company’s Annual General Meeting of Shareholders (the “AGM”) on June 27, 2012.

As announced on April 12, 2012, the agenda for the AGM will include the election of members of the Board of Directors. Candidates will include:

• Mr. Anton Abugov, First Vice President, Head of Strategy and Development functional division at Sistema;
• Mr. Alexey Buyanov, Senior Vice President, Head of Financial functional division at Sistema;
• Mr. Andrei Dubovskov, President and Chief Executive Officer of MTS;
• Mr. Gregor Harter, independent director;
• Mr. Stanley Miller, independent director;
• Mr. Paul Ostling, independent director;
• Mr. Vsevolod Rozanov, President and Chief Executive Officer of Sistema Shyam TeleServices Ltd;
• Mr. Mikhail Shamolin, President and Chief Executive Officer of Sistema;
• Mr. Ron Sommer, Board Director at Sistema.