Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications operator in Russia and the CIS, announces the resignation of Mr. Paul Ostling from the Board of Directors of MTS.
Mr. Ostling had served as a non-executive independent director on the Board of Directors of MTS for over five years. During his tenure, he has served as Chairman of both the Auditing Committee and Committee for Remuneration and Appointments. He is leaving MTS to devote himself more fully to other commercial activities.
Ron Sommer, Chairman of the Board of Directors, remarked, “The members of the Board are grateful for Paul’s contribution to the development of the Board during a period of dynamic transformation as MTS evolved from a pure mobile player into the region's leading integrated telecommunications provider. We wish Paul the best as he pursues his other ventures.”
Under Russian law, Mr. Ostling will legally remain as a ‘resigned non-executive director’ on the Board, though he has disavowed any on-going involvement in the Board’s activities. Mr. Ostling’s position on the Board will remain vacant until a new nominee is proposed at a future Extraordinary General Shareholders’ Meeting (EGM), which is scheduled for 14 February 2012. In the meantime, his duties will be assumed by Messrs. Stanley Miller and Gregor Harter, the two remaining non-executive independent directors. In according with the decisions of the MTS Board of Directors held on October 24, 2012, Mr. Miller was elected as Chairman of both the Auditing Committee and Committee on Appointments and Remunerations.
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 www.mtsgsm.com/blog/