Moscow, Russian Federation, 30 June 2003 — OJSC Mobile TeleSystems today held an Annual General Meeting of the ?ompany’s shareholders.

The Meeting approved the Annual Report of Company operations, financial reports for 2002, Profit and Loss Accounts for 2002 and distribution of profits. The following resolutions were adopted:

• To pay an annual dividend for 2002 of 1,7 Rouble¹ per ordinary share of OJSC MTS of nominal value of 0,1 Rouble (approximately $1,12 per ADR²). This equates to a total dividend payout of 3,38 billion Roubles to shareholders (approximately $111,35 million). Dividend should be paid out before 30 September 2003.
• To elect the following persons to OJSC MTS Board of Directors:
  • Alexey Buyanov, First Vice President of Sistema JSFC;
  • Alexander Gontcharuk, General Director of JSC Sistema Telecom;
  • Michael Guenther, Member of the Board, T-Mobile International AG;
  • Mikhail Smirnov, President of MTS;
  • Vasily Sidorov, First Deputy General Director for finance and investments, JSC Sistema Telecom;
  • Gernot Taufmann, Head of Deutsche Telekom AG Representative Office in Russia;
  • Paul Kusubov, Head of T-Mobile International AG Representative Office in Russia.
• To approve CJSC Deloitte and Touche CIS as auditor of OJSC MTS (Deloitte and Touche CIS are appointed auditor second year in a row).
• To approve issuance of a guarantee of OJSC MTS for the liabilities of MTS-Capital Ltd. in connection with the expected issue and placement of Russian Rouble bonds.
• To approve amendments to OJSC MTS Charter introduced in connection with the changes in the Russian legislation.

¹ Payment is 1,69715265 Rouble per ordinary share.
² At the rate of the Central Bank of the RF at 30 June 2003 of 30,38 Rouble/$.

Mobile TeleSystems
Andrey Braginski, Investor and Public Relations
tel: +7 (095) 911-6553e-mail: ir@mts.ru

Eva Prokofieva, Press Secretary
tel.: +7 (095) 737-4530
e-mail: evp@mts.ru

Gavin Anderson & Company, London
Halldor Larusson
tel: +44 (0) 20 7554 1400

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of MTS, as defined in the safe harbor provisions of the U. S. Private Securities Litigation Reform Act of 1995. You can identify forward looking statements by terms such as “expect”, “believe”, “anticipate”, “estimate,” “intend”, “will”, “could”, “may” or “might” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. We refer you to the documents MTS files from time to time with the U. S. Securities and Exchange Commission, specifically, the Company’s most recent Form 20-F, as amended. These documents contain and identify important factors, including those contained in the section captioned “Risk Factors,” that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, potential fluctuations in quarterly results, our competitive environment, dependence on new service development and tariff structures; rapid technological and market change, acquisition strategy, risks associated with telecommunications infrastructure, risks associated with operating in Russia, volatility of stock price, financial risk management, and future growth subject to risks.