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Mobile TeleSystems

July 26, 2005

MTS increases ownership in its subsidiary in the Urals to 100%

Moscow, Russian Federation — July 26, 2005 — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces the acquisition of the remaining 0.16% of Uraltel, a mobile phone operator in the Sverdlovsk region in the Urals.

In line with its strategy of consolidating the Company’s ownership in its subsidiaries, MTS acquired an additional 0.16% stake in Uraltel for $100 thousand from the fund of the Institute for the Economy in Transition. As a result of today’s transaction, MTS’ ownership in the company increases to 100%. MTS previously held a 99.84% stake in Uraltel through its 100%-owned subsidiary, Telecom-9001.

The company is a leading mobile operator in the Sverdlovsk region (population of 4.5 million) operating under the MTS brand and providing the complete range of MTS’ national products and services to 1.03 million subscribers as of June 30, 2005. The company’s market share was 34% and mobile penetration in the region was 68% at the end of June 20052.

1

Telecom-900 was merged into MTS on June 30, 2005 in line with the Company’s strategy to improve the Group’s efficiency.

2

The source for all market information in this press release is AC&M-Consulting.

 

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