OREANDA-NEWS. Open Joint Stock Company "MegaFon" (LSE: MFON), a leading Russian universal telecommunications operator ("MegaFon" or the "Company"), announces that an Extraordinary General Meeting of Shareholders ("EGM") will be held on 22 September 2014 in the form of absentee voting with prior delivery of voting ballots.

The EGM is being called by the initiative of the Company's Board of Directors pursuant to its decision taken on 30 July 2014 and reported at -<http://ir.megafon.com/news/capital_market_releases/201408041734.html> in accordance with the approved procedure for preparation for and holding of the EGM set forth below.

The list of persons entitled to participate in the EGM was compiled on the basis of the Company's Shareholders Register as of 11 August 2014.

The proposed EGM agenda is as follows:

Approval of the Regulations on the Management Board of MegaFon (Version No.2).

Approval of a related party transaction: the Novation agreement between MegaFon OJSC and MegaFon Investments (Cyprus) Limited.

Determination of the amount of remuneration and (or) compensation of expenses to the members of the Company's Board of Directors related to performance of their duties.

In connection with this, the following documents have been posted at www.morningstar.co.uk/uk/NSM <http://www.morningstar.co.uk/uk/NSM> or otherwise made available to shareholders today:

Notice of calling of the EGM, including the procedures tor distribution of information (materials) to be submitted to the shareholders during preparation for the EGM;

Voting ballot;

Draft Regulations on the Management Board of MegaFon (Version No.2).

Extract from the Minutes of the Board of Directors of the Company related to the definition of the price of property (services) under the Novation agreement between MegaFon OJSC and MegaFon Investments (Cyprus) Limited.

The executed voting ballots shall be delivered to:

ATTN: Computershare Register CJSC

Address: 8 Ivana Franko Street, Moscow 121108, Russian Federation

Deadline: 18.00 (Moscow time), 22 September 2014

In compliance with the recent amendments of the applicable legislation, the disclosure of depositary receipts owners and other persons exercising rights to depositary receipts shall be required if voting.

The above-listed information (materials) are available to the persons entitled to participate in the EGM for his/her examination for the purposes of preparation for the EGM at the Company's main office at 30 Kadashevskaya Embankment, Moscow, 115035, Russian Federation.

Additionally, upon the request of any person entitled to take part in the EGM the Company shall provide him/her with copies of these documents, for a fee which may not exceed the cost of copying.

The results of voting shall be tabulated within 3 days after the date of the EGM and shall be presented by the Company's Corporate Secretary to the persons that participated in the EGM not later than 4 days after the deadline of the voting ballots acceptance.