OREANDA-NEWS. Open Joint Stock Company “MegaFon” (LSE: MFON), a leading Russian telecommunications operator (“MegaFon” or “the Company”), announces that it has received the approval from the Central Bank of Russia to increase the maximum number of global depositary receipts (“GDRs”) which are authorised to be issued under its depositary receipts programme (the “Programme”) from 20% to 25% of the total number of its outstanding ordinary shares.

The application to the Central Bank of Russia was filed by the Company on 02 June 2014 (details are available at: -<http://ir.megafon.com/news/capital_market_releases/201406031100.html>).

Following the approval, the number of GDRs which will be authorised for issuance under the Programme, administered by Bank of New York Mellon, will increase from 123,380,000 GDRs to 155,000,000 GDRs.