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Mobile TeleSystems

August 24, 2004

MTS increases ownership in its Astrakhan and Volgograd ventures

Moscow, Russian Federation — August 24, 2004 — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the largest mobile phone operator in Russia and the CIS, has acquired additional 50% stakes in Astrakhan Mobile and Volgograd Mobile. As a result of these transactions, MTS’ ownership in the companies increases to 100%.

In line with its strategy of consolidating the Company’s ownership in its subsidiaries, MTS has acquired the remaining 50% stakes in Astrakhan Mobile and Volgograd Mobile from Southern Telecommunications Company (“UTK”) for $1.1 million and $2.9 million respectively. MTS has been a shareholder in both companies since October 2003, when it acquired its initial 50% stakes from MCT Corporation. As a result of today’s transactions, MTS’ ownership in Astrakhan Mobile and Volgograd Mobile increases to 100%.

Astrakhan Mobile holds a GSM license covering the Astrakhan region (population of 1.0 million), and Volgograd Mobile holds a GSM license covering the Volgograd region (population of 2.7 million). Both regions are part of the Southern Federal District. As of July 31, 2004, the two companies provided their AMPS/DAMPS services1 to around 10 thousand subscribers.


In addition to their GSM licenses, Astrakhan Mobile holds an AMPS license and Volgograd Mobile holds a DAMPS license.

For further information contact:

Mobile TeleSystems, Moscow
Investor and Public Relations
Andrey Braginski
tel: +7 (095) 911 6553

Mobile TeleSystems (“MTS”) is the largest mobile phone operator in Russia and the CIS. Together with its subsidiaries, the company services over 24.1 million subscribers. The regions of Russia, as well as Belarus and Ukraine, in which MTS and its subsidiaries are licensed to provide GSM services, have a total population of approximately 225.8 million. Since June 2000, MTS’ Level 3 ADRs 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

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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