MTS Appoints New Chief Executive Officer

Mobile TeleSystems OJSC MBT, today announced that in accordance with the Company's Charter 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.