MTS Appoints New CEO

Mr. Andrei Dubovskov has been appointed by the MTS Board of Directors as President and CEO of Mobile TeleSystems

March 4, 2011

2 Min Read

MOSCOW -- Mobile TeleSystems OJSC, the leading telecommunications provider in Russia and the CIS, today announced that in accordance with the Company's Charter1 Mr. Andrei Dubovskov has been appointed by the MTS Board of Directors as President and Chief Executive Officer of Mobile TeleSystems OJSC. Mr. Dubovskov replaces Mr. Mikhail Shamolin, who has served as President and CEO of MTS since May 2008. Mr. Shamolin's candidacy is expected to be nominated to the position of President and CEO of Sistema for approval at tomorrow's Board of Directors meeting of Sistema, the largest diversified public financial corporation in Russia and the CIS and the majority shareholder of MTS.

Under Mr. Shamolin's leadership, MTS has transformed itself from a mobile-only access provider to a fully integrated telecommunications company. In the past three years, MTS has enhanced its leadership position through the development of its fixed-line business, the expansion of its proprietary retail channels, the launch of Russia's first content portal and rapid development of its network infrastructure. Despite the profound macroeconomic volatility, Mr. Shamolin's tenure witnessed sustained growth in the core business and yielded substantial value and returns to shareholders while maintaining the Company's leadership positions.

Mr. Dubovskov joined MTS in 2004 as head of the Company's operations in Nizhny Novgorod. In 2006, he went on to become head of Macro-region Ural. In the beginning of 2008, Mr. Dubovskov became Head of Business Unit MTS Ukraine, the Company's second largest business unit in terms of revenues, where he was successful in drastically improving its operating efficiencies and strengthening its market position.

Mr. Ron Sommer, Chairman of the Board of Directors of MTS, commented: "We are grateful to Mikhail for the tremendous amount of work he put in and the results that were achieved under his leadership. He was instrumental in making MTS into an integrated player through the implementation of the 3i Strategy. The Board has full confidence that Andrei will continue Mikhail's undertakings in executing on the strategic priorities of the Company as it looks to extract further growth from the Russia and CIS markets of operation. Andrei's wealth of experience in the telecommunications industry and at MTS itself provides him with the necessary skill set to take MTS to even greater heights. On behalf of the Board, I welcome Andrei to his new position."

Mr. Dubovskov commented: "The Board of Directors has afforded me an extraordinary opportunity, and I am grateful for the opportunity to represent MTS before its shareholders, employees and customers. I am committed to MTS' further development as the region's pre-eminent telecommunications provider and further position MTS for future growth."

Mobile TeleSystems OJSC (MTS) (NYSE: MBT)

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