July 2000

Mobile TeleSystems announces exercise of over-allotment option by underwriters

This press release is not an offer for sale of the securities in the United States, and the securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of the securities in the United States will be made by means of a prospectus containing detailed information regarding MTS and the company’s management, including financial statements. Such a prospectus is available through the company. The company has registered the offer in the United States. Moscow, Russia — July 18, 2000 — Mobile TeleSystems [NYSE: MBT] today announced that on behalf of the syndicate of its recent initial public offering, the joint Global Co-ordinators have exercised their over-allotment option to purchase an additional 2,251,592 American Depositary Shares representing 45,031,840 common shares, from the company at the initial public offering price of $21.50 per ADS.

Contact investor relations:

+ 7 495 223 20 25 ir@mts.ru

MTS Investor Relations
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