Launch of Operations in Uzbekistan

Moscow, Russian Federation - Mobile TeleSystems OJSC ( MTS or the Company - NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that Universal Mobile Systems LLC ( UMS ), a joint venture between MTS and the Republic of Uzbekistan, has commercially launched mobile networks throughout the territory of Uzbekistan.

On December 01, 2014, UMS launched sales of SIM cards through its proprietary network of 20 stores and through another 230 independent locations throughout Uzbekistan. UMS offers services over its 2G/3G networks to consumers and corporate customers.

Mr. Andrei Smelkov, MTS Vice President for Foreign Subsidiaries, commented, We are pleased to announce the launch of a new mobile provider in Uzbekistan established by MTS and our partner, the State Committee for Communications, Development of Information Systems and Telecommunications Technologies of the Republic of Uzbekistan. The new entity is fully equipped to provide high-quality voice and mobile data services due to its ample capacity and coverage of roughly 90% of the territory of Uzbekistan.

Financial results of UMS will be consolidated in the Group's financial statements beginning from December 01, 2014.

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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

Learn more about MTS. Visit the official blog of the Investor Relations Department at www.mtsgsm.com/blog/

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Mobile TeleSystems OJSC ("MTS") is the leading telecommunications group in Russia, entral and Eastern Europe, offering mobile and fixed voice, broadband and pay TV in one of the worlds fastest growing regions. Including its subsidiaries, the Group services over 100 million mobile subscribers. The Group has been awarded GSM licenses in Russia, Ukraine, Uzbekistan, Armenia, Turkmenistan and Belarus, a region that boasts a total population of more than 230 million. Since June 2000, MTS Level 3 ADRs have been listed on the New York Stock Exchange (ticker symbol MBT). Additional information about the MTS Group can be found at www.mtsgsm.com.

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Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify forward looking statements by terms such as expect, believe, anticipate, estimate, intend, will, could, may or might, and the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not undertake or intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. We refer you to the documents MTS files from time to time with the U.S. Securities and Exchange Commission, specifically the Company's most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned Risk Factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, the severity and duration of current economic and financial conditions, including volatility in interest and exchange rates, commodity and equity prices and the value of financial assets; the impact of Russian, U.S. and other foreign government programs to restore liquidity and stimulate national and global economies, our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so, strategic actions, including acquisitions and dispositions and our success in integrating acquired businesses, potential fluctuations in quarterly results, our competitive environment, dependence on new service development and tariff structures, rapid technological and market change, acquisition strategy, risks associated with telecommunications infrastructure, governmental regulation of the telecommunications industries and other risks associated with operating in Russia and the CIS, volatility of stock price, financial risk management and future growth subject to risks.

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LINK:	http://www.mtsgsm.com/news/2014-12-01-73176...
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