On February 19, 2003, MTS will launch the "MTS. Business" tariff group aimed at targeting business subscribers who actively use mobile communications for both private and business purposes. The "MTS. Business" tariffs will feature discounts on long- distance calls and a wide range of value added services incorporated into tariff packages.

The "MTS. Optima" will be introduced by MTS on February 24, 2003. This tariff group targets mass-market subscribers who spend less than $40 per month on mobile communications and will feature substantial discounts for calls made in the evening and on weekends.

For more detailed information on the Company's tariffs please see the corporate web site at www.mts.ru or its English version at www.mtsgsm.com.

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Mobile TeleSystems OJSC (or "MTS") - is Russia's largest cellular operator serving over seven million subscribers. MTS together with its subsidiaries is licensed to provide GSM 900/1800 services in 56 regions of Russia with a total population of 103.1 million or 72% of the nation's population. Today, MTS' network operates in 47 regions of Central (including Moscow and Moscow region), Northwestern (including St Petersburg and Leningrad region), Southern, Volga, Urals, Siberia and Far-Eastern federal districts. MTS operates a joint venture in the Republic of Belarus, which has a total population of ten million. Since June 2000, MTS' shares have been listed on the New York Stock Exchange with the ticker symbol MBT. Additional information about MTS can be found on MTS' website at www.mtsgsm.com

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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. 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.

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For further enquiries contact:

Mobile TeleSystems, Moscow
Investor Relations
Andrey Braginski
tel: +7095 911 6553
e-mail: ir@mts.ru

Public Relations
Kirill Maslentsin
tel.: +7095 737 4530
e-mail: mkk@mts.ru

Press Secretary
Eva Prokofieva
tel.: +7095 737 4530
e-mail: eva@mts.ru

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