15 April 2015

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 14, 2015.

At a meeting held on April 14, 2015, the Board set the date for the Company's AGM for June 25, 2015. The record date for the Company's shareholders and ADR-holders entitled to participate in the AGM has been set for May 7, 2015.

The Board recommended that an annual general meeting of shareholders («the AGM») approves annual dividends of RUB 19.56 per ordinary MTS share (RUB 39.12 per ADR), or a total of RUB 40.419 billion (RUB 40,418,854,944.12), based on the full-year 2014 financial results. Upon acceptance by the AGM and completion of this payment, MTS will have paid out up to RUB 53.230 billion (RUB 53,230,553,370.52) based on fiscal year 2014 financial results.