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Mobile TeleSystems

July 4, 2003

Mobile TeleSystems announces new appointments

Moscow, Russian Federation, 4 July 2003 - Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), the largest mobile phone operator in Russia and Central and Eastern Europe in terms of subscribers, has appointed Nikolay Tsekhomsky as Vice President for Finance (Chief Financial Officer).

Mr. Tsekhomsky, who formerly held the post of Financial Director of MTS, replaces Willem van Bommel. Before joining MTS, Mr. Tsekhomsky worked as Finance Director for Renaissance Capital, the Russian investment house, and before that as a Financial Controller for Brunswick UBS Warburg in Moscow and Senior Auditor at Ernst & Young in London and St Petersburg.

Ulf Backmeyer has been appointed Financial Director-Controller of MTS. He formerly worked for Deutsche Telekom Moscow as Vice President for Finance and Projects.

Andrey Braginski, MTS Head of IR, has added Public Relations to his responsibilities and has been appointed Director for Investor and Public Relations.


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For further information contact:

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


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


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Mobile TeleSystems OJSC (or "MTS") is the largest mobile phone operator in Russia, and Central and Eastern Europe in terms of subscribers. Together with its subsidiaries, the company services over 11 million subscribers. The 58 regions of Russia as well as in Belarus and Ukraine in which MTS and its subsidiaries are licensed to provide GSM services have a total population of approximately 169.2 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, 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.

 

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