Management expects that the ADR program will be increased by February 14, 2005. This increase will allow MTS’ GDR holders to convert their GDRs into ADRs.

MTS’ free float is approximately 37.5%, of which 22.5% is traded in the form of Level 3 ADRs on the New York Stock Exchange (NYSE) and another 15% in the form of GDRs on European Exchanges. MTS shares are also traded locally in Russia on MICEX. MTS’ GDRs were put on the market as a result of the sale of a part of Deutsche Telekom’s stake in MTS.

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