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Mobile TeleSystems

May 20, 2002

Mobile TeleSystems is assigned highest corporate governance score among Russian companies

Standard&Poor’s Rating Agency Assigned Corporate Governance Score of 7.4 to Mobile TeleSystems Moscow, May 20, 2002 — Today, Standard&Poor’s (S&P) announced that it assigned corporate governance score of 7.4 (CGS — 7.4) to Mobile TeleSystems OJSC (NYSE:MBT) on a scale of 1 to 10. This score is the highest among Russian companies.

The Corporate Governance Score (CGS) is an index of efficiency of cooperation between management, Board of Directors and shareholders of the company and other financial stakeholders. The primary object of the study is internal structure and methods of corporate governance. Particular attention is given to the practices employed by companies and their correlation with best international practice rather than whether the companies comply with minimal requirements of local legislation and regulatory principles. The corporate governance score results from a thorough evaluation of four separate components of corporate governance, namely: ownership structure and shareholder influence, financial stakeholder relations, financial transparency and information disclosure, Board and management structure and process. The corporate governance score is an original Standard&Poor’s instrument reflecting the extent to which a company’s governance practices serve the interests of all its financial stakeholders. S&P considers MTS’ governance practices to be in line with international best practice. This has been achieved by the company as a result of a determined policy of improvements over the past few years by the management and shareholders. “The score assigned to the company again objectively demonstrates that disclosure and financial transparency standards at MTS are up to best international practice,“ — said Alexey Buyanov, Vice President for Investments and Securities at MTS. “The company will continue to use best efforts to achieve a fair market value for MTS and enhance investors’ confidence in the company.“

For further information contact:

Mobile TeleSystems
Public Relations Director
Kirill Maslentsyn
tel: +7 (095) 737-45-30
e-mail: mkk@mts.ru

Standard and Poor’s, Moscow
Julia Kochetygova
tel: +7 (095) 745-29-03
Julia_Kochetygova@standardandpoors.com

Dan Konigsburg, London
tel: +44 (20) 7826-3814
dan_Konigsburg@standardandpoors.com

Mobile TeleSystems OJSC (NYSE: MBT) is Russia’s leading mobile cellular operator servicing over 3.9 million subscribers. MTS has GSM 900/1800 licenses to provide mobile cellular telephony services in 49 regions of the Russian Federation, covering 93.5 million people or 65% of the country’s population. MTS network has operations in 34 regions of the Central (including Moscow and Moscow region, North-West (including the city of St Petersburg), South, Volga, Urals, Siberia and Far-East macro regions, which covers more than 75.8 million people, or 53% of the population of the Russian Federation. Since June 2000 MTS ADRs are listed on the NYSE under the ticker MBT. Additional information about MTS can be found on MTS’s website at www.mtsgsm.com Standard and Poor’s (www.standardandpoors.com) provides independent financial information services, analytical services and credit ratings for international financial markets. Standard and Poor’s has divisions in 18 countries employing over 5000 people and is an integral part of the world capital market. One of its aims is to provide important analytical data, risk evaluation and information services on the new markets, particularly through an Internet site dedicated to the emerging markets.

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. 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 statement to conform them to actual results. 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 F-1. 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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