MTS Independent Director Honored with “Director of the Year” Award

24 November 2011

Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or the “Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that MTS’ non-executive director Paul James Ostling has been honored with a “Director of the Year” award sponsored by the Association of Independent Directors. Mr. Ostling won in the nomination “Independent Director”.

The judging committee, composed of representatives from Russian governmental agencies, international organizations and leading Russian companies, awarded Paul Ostling for his achievements in promoting standards of corporate governance and transparency as a member of the MTS board and a head of the MTS audit committee and the committee for remuneration and appointments. The judging committee highlighted Mr. Ostling’s contribution in building a system of senior management compensation aligned with the performance of the company.

In his speech Mr. Ostling thanked the Association for their appreciation of his contribution and commented, “When compared to peer companies on international exchanges, Russian stocks are traded at a 20-30% discount. This can be attributed to the perception that Russian assets are high-risk. However, implementation of world-class best practices in corporate governance, advancement of the role of independent directors, and greater transparency of Russian companies can and will change this attitude. Better corporate governance in Russia will not only enable Russia to attract foreign investment, but will also help to boost the Russian economy and improve the welfare of the nation.”


Paul J. Ostling has served on the Board of Directors of MTS since June 2007. Prior to joining MTS, Mr. Ostling served as the Global Chief Operating Officer at Ernst & Young from 2003 to 2007. From 1977 to 2007, he held a number of positions at Ernst & Young.

Mr. Ostling also serves on the boards of Uralkali, East Line – Domodedovo (DME Limited), Innolume GmbH. In addition he is Deputy Chairman of the Business Council for International Understanding, He also serves as a CEO of Phoenix Neftegaz Services.

Mr. Ostling holds Law Degree from Fordham University School of Law and B.S. in Mathematics and Philosophy from Fordham University.

About the Award:

National award “Director of the Year” was established in 2006 by the Association of Independent Directors in partnership with PwC. In 2010 Maxim Kalinin, MTS director for corporate governance, won the award in the nomination “Director for Corporate Governance – Corporate Secretary”.

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For further information, please contact in Moscow:

Joshua B. Tulgan
Director, Investor Relations
Acting Director, Corporate Finance

Department of Investor Relations
Mobile TeleSystems OJSC
Tel: +7 495 223 2025

Learn more about MTS. Visit the official blog of the Investor Relations Department at

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Mobile TeleSystems OJSC ("MTS") is the leading telecommunications group in Russia, Eastern Europe and Central Asia, offering mobile and fixed voice, broadband, pay TV as well as content and entertainment services in one of the world's fastest growing regions. Including its subsidiaries, the Group services over 100 million mobile subscribers. The Group has been awarded GSM licenses in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia and Belarus, a region that boasts a total population of more than 230 million. Since June 2000, MTS' Level 3 ADRs have been listed on the New York Stock Exchange (ticker symbol MBT). Additional information about the MTS Group can be found at

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Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might,” and the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not undertake or intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. We refer you to the documents MTS files from time to time with the U.S. Securities and Exchange Commission, specifically the Company’s most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors” that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of Russian, U.S. and other foreign government programs to restore liquidity and stimulate national and global economies, our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses, including Comstar-UTS, potential fluctuations in quarterly results, our competitive environment, dependence on new service development and tariff structures, rapid technological and market change, acquisition strategy, risks associated with telecommunications infrastructure, governmental regulation of the telecommunications industries and other risks associated with operating in Russia and the CIS, volatility of stock price, financial risk management and future growth subject to risks.

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Contact investor relations:

+ 7 495 223 20 25

MTS Investor Relations
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