Stock Market

Mobile TeleSystems’ Level III ADR issue was successfully placed during its IPO on the New York Stock Exchange (ticker: MBT) on June 30, 2000. The current ADR to ordinary share ratio is 1:5 with J.P. Morgan Chase Bank as the depositary bank.

Effective January 3, 2005, the Company’s ADR ratio was changed from the previous ratio of 1 ADR per 20 ordinary shares to the current ratio of 1 ADR per 5 ordinary shares; a 1:4 ADR split. ADR holders thus received 3 additional ADRs for every 1 ADR held as of the record date (December 27, 2004).

At present, the Company’s depositary receipts are also traded on the London Stock Exchange (ticker: MBLD), Frankfurt Stock Exchange (ticker: MKY), Berlin Stock Exchange and Munich Stock Exchange. MTS' major trading volumes are on NYSE.

MTS shares have been traded as a non-listed security on the Moscow Interbank Currency Exchange (MICEX) since October 2003. On November 28, 2003, common shares of MTS were included into MICEX “B” Quotation List (ticker: MTSI).

As of December 31, 2004, a total of 1,993,326,138 common shares have been issued with a par value of 0.1 RUR.