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Mobile TeleSystems

August 6, 2004

MTS increases ownership in its udmurt subsidiary to 100%

Moscow, Russian Federation — August 6, 2004 — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the largest mobile phone operator in Russia and the CIS, has acquired an additional 49% of Digital Network of Udmurtia — 900 (“DNU-900”), increasing its ownership in the company to 100%.

In line with its strategy of consolidating the Company’s ownership in its subsidiaries, MTS has acquired the remaining 49% stake in DNU-900 for $6.4 million from VolgaTelecom. In August 1999 MTS acquired a 51% controlling stake in the company. As a result of today’s transaction, MTS’ ownership in DNU-900 increases to 100%.

DNU-900 provides GSM services under the MTS brand in the Republic of Udmurtia (population 1.6 million), located in the Volga part of Russia. The company’s subscriber base was 219,760 as of July 31, 2004. According to AC&M-Consulting, the company’s market share was 68% and mobile penetration in Udmurtia was 19% at the end of June 2004.

 

For further information contact:

Mobile TeleSystems, Moscow
Investor and Public Relations
Andrey Braginski
tel: +7 (095) 911-65-53
e-mail: ir@mts.ru

Mobile TeleSystems OJSC (“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, Ukraine and Uzbekistan, 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 www.mtsgsm.com.

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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