Moscow, Russian Federation – March 30, 2004 – Mobile TeleSystems OJSC (“MTS” - NYSE: MBT), the largest mobile phone operator in Russia and Ukraine, today announces its financial and operating results for the fourth quarter and full-year ended December 31, 2003 .

Revenues for the year ended December 31, 2003 were $2.55 billion, a year-on-year increase of 87.0%. Fourth quarter revenues were $771.7 million, an 88.5% increase on the same quarter in 2002 and a 6.8% increase on the previous quarter.

Net income for the full year 2003 was $517.2 million, up 86.6% on the previous year. Fourth quarter net income was $152.7 million, a 79.3% increase on the same quarter in 2002 and down 1.9% compared to the previous quarter.

In 2003, OIBDA was up 98.6% compared to the previous year to $1.34 billion, giving an OIBDA margin of 52.6%. Fourth quarter OIBDA was $400.6 million, a 119.2% increase on the same quarter in 2002 and a 3.2% increase on the previous quarter. OIBDA margin in the fourth quarter was 51.9% and 52.6% for the full-year 2003.

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