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Mobile TeleSystems

May 25, 2000

Mobile TeleSystems OJSC files F1 registration statement with U.S Securities and Exchange Commission

A Leading Russian Mobile Cellular Telephone Services Provider Expects to Launch Initial Public Offering.

Moscow (May 25, 2000) — Mobile TeleSystems OJSC (“MTS”), a provider of mobile telephone services in Russia, announced today that it intends to launch an Initial Public Offering of 15,010,612 American Depositary Shares (ADSs), each representing twenty shares of common stock of MTS. The offering is expected to take place at the end of June 2000 and will be made to the public in the United States and in private placements in other global markets.

MTS also said it has applied for admission of the ADSs for listing on the New York Stock Exchange under the symbol “MBT.”

In its filing with the U.S. Securities and Exchange Commission, MTS said it is offering the ADSs to raise new financing.

Registration statements relating to the ADSs and the underlying common stock have been filed with the SEC but have not yet become effective. The ADSs may not be sold nor may offers to buy be accepted prior to the time the registration statements become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The joint global co-ordinators for the offering are Deutsche Bank AG and ING Barings Limited, and their affiliates, Deutsche Bank Securities Inc. and ING Barings LLC, are the Lead Managers of the offering in the United States. A copy of the preliminary prospectus will become available from the Lead Managers: Deutsche Bank Securities Inc., 31 West 52nd Street, New York, New York 10019, or ING Barings LLC, 55 East 52nd Street, New York, New York 10055.
MTS is headquartered at 4, Marksistskaya Street in Moscow, Russia.

For further information contact:

MTS Eva Prokofyeva,
Press Secretary
Tel: ++7095 104 4938

Gavin Anderson and Company In New York — Scott Tagliarino,
Managing Director
Tel: ++1 212–515–1900
Mobile: ++1 917 375 3555

In London — Marina Boughton,
Associate Director
Tel: ++44 207 496 1450
Mobile: ++44 7775 99 2437




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