Moscow, Russian Federation – October 27, 2003 – Mobile TeleSystems OJSC (“MTS” - NYSE: MBT), the largest mobile phone operator in Russia, reports results of an extraordinary general meeting of shareholders held on October 25, 2003.

The shareholders made the following decisions:

·         Vassily Sidorov has been appointed as the new President of MTS (i.e., the Company’s Chief Executive Officer).  Mr. Sidorov has signed a three-year contract with the Company.
Mr. Sidorov has been serving as acting President of MTS since September 1, 2003 following a decision by MTS’ Board of Directors of August 11, 2003.

·         The following persons were elected to MTS’ Board of Directors:

-        Vladimir Lagutin, General Director of Sistema Telecom;

-        Alexey Buyanov, First Vice President of Sistema;

-        Alexander Goncharuk, General Director of JSC KNC;

-        Michael Guenther, Member of the Board, T-Mobile International AG;

-        Mikhail Smirnov, General Director of MGTS;

-        Gernot Taufmann, Head of Deutsche Telekom AG Representative Office in Russia; and

-        Paul Kusubov, Head of T-Mobile International AG Representative Office in Russia.

With the exception of Vassily Sidorov, all of the existing Company Directors were reelected.

The Board of Directors also elected its new member, Vladimir Lagutin, as the new Chairman of the Board. He will replace Alexander Goncharuk in this capacity.

For further information contact:

Mobile TeleSystems, Moscow

Investor and Public Relations                                                                        tel: +7095 911 6553

Andrey Braginski                                                                                    e-mail: ir@mts.ru

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These materials are not an offer for sale of any securities of MTS in the United States. Securities of MTS may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.

This communication is not an offer to any person in the United Kingdom, or an invitation to any person in the United Kingdom to make offers, to purchase any securities. This communication is directed only at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”).  Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons.  Any person who is not a relevant person should not act or rely on this document or any of its contents. Stabilization/FSA.

This press release is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation.

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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.