Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces that Mr. Vsevolod Rozanov will be leaving his position as the Company’s Chief Financial Officer (CFO) to assume the duties of the President and Chief Executive Officer of Shyam Telelink Limited ("Shyam Telelink"), Sistema's telecommunications subsidiary in India.

Mr. Vsevolod Rozanov has served as the CFO of MTS since April 2006. Mr. Alexey Kornya, currently Chief Financial Controller at MTS, will serve as the Acting CFO while the Company conducts a search for a permanent replacement. 

“Mr. Rozanov has been a great asset to MTS over his two years of service at the Company,” said Mr. Mikhail Shamolin, President and CEO of MTS. “He leaves behind a team of top-notch professionals and a robust system geared towards the continued financial management of the business. We appreciate his decision to take on a leading role in a major new market and wish him every success with his new position.”

Mr. Alexey Kornya will serve as Acting CFO of MTS. Mr. Kornya has been at MTS since July 2004, most recently as the Chief Financial Controller, since March 2007. Prior to this role, Mr. Kornya was the CFO of MTS’ Macro-Region Urals between July 2004 and October 2004, and Business Planning Director between October 2004 and March 2007.

“Mr. Kornya’s long tenure with the Company and his contribution to its development will ensure the smooth continuation of our finance team’s activities,” commented Mr. Shamolin. “Mr. Kornya is a valued member of our team, and we have the fullest confidence in him as he assumes his new responsibilities.”