Moscow, Russian Federation — December 15, 2004 — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces that it will be changing its current American Depositary Receipt (ADR) ratio effective January 3, 2005, the first trading day in the new year.
The ratio will change from the current 1 ADR per 20 ordinary shares to 1 ADR per 5 ordinary shares, a 1:4 ADR split. To effect this change, ADR holders will receive three additional ADRs for every one ADR held as of December 27, 2004, the record date. Existing ADRs will continue to be valid and will not have to be exchanged for new ADRs.
Commenting on the ADR ratio change, Vassily Sidorov, MTS’ President and CEO, said: “MTS’ ADR price has increased more than five times since the Company’s IPO in June 2000. Our ADRs are now more expensive than the majority of other companies’ ADRs traded on the NYSE. By implementing this new ADR ratio, the Company aims to appeal to a wider investor audience and increase its stock liquidity.”
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For further information contact:
Mobile TeleSystems, Moscow
Investor and Public Relations
Andrey Braginski
tel: +7 (095) 911-65-53
e-mail: ir@mts.ru
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