MOSCOW, Russia — MTS (NYSE: MBT; MOEX: MTSS), Russia’s leading mobile connectivity and digital services provider, announces the approval of a buyback program by the company’s Board of Directors (“BoD” or “the Board”).

At a meeting on March 19, the Board approved a repurchase program of MTS shares of Common Stock (including shares of Common Stock represented by ADSs) in the amount of up to RUB 15 bn.

“Our solid results, steady outlook, strong balance sheet, and limited FX exposure lead us to believe that our share price is currently being fundamentally undervalued by the market,” said MTS President & CEO and Board Member Alexey Kornya. “This provides a timely opportunity to repurchase shares in line with the interests of all of our shareholders. This buyback program provides us the flexibility to take steps to support our share price, as well as reaffirms our confidence in the long-term performance of our business.”

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For further information, please contact in Moscow: 
Investor Relations Department 
Mobile TeleSystems PJSC 
Tel: +7 495 223 2025 
E-mail: ir@mts.ru