Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications operator in Russia and the CIS, announces that Moody's Investors Service has confirmed the Ba1 corporate family rating and Ba1-PD probability of default rating of MTS. The outlook on MTS`s corporate family rating is negative, in line with the negative outlook for the Russia`s sovereign rating. With this rating action Moody`s has concluded the review for downgrade initiated on February 25, 2015. Moody’s has also confirmed the Ba1 senior unsecured ratings assigned to the outstanding notes issued by MTS International Funding Limited.

For further information, please contact in Moscow:

Joshua B. Tulgan
Director, Department of Corporate Finance and Investor Relations
Mobile TeleSystems OJSC
Tel: +7 495 223 2025
E-mail: ir@mts.ru