At the Board of Directors (BoD) meeting yesterday, the calling of the annual general meeting of shareholders was scheduled for June 24, 2004.

The Company’s BoD recommended the AGM approve annual dividends of RUR 3.20 per ordinary MTS share (The exact amount to be paid is RUR 3.20217480 per ordinary share). Approximately $2.22 per ADR (according to Russia’s Central Bank exchange rate of 28.86 RUR/$ as of April 29, 2004) for the 2003 fiscal year, amounting to a total of RUR 6.38 billion ($221.14 million) - The amount is 48.0% of the Company’s net income in 2003 in accordance with the RAS and 42.8% of net income under US GAAP. The record date for the Company’s share- and ADR-holders entitled to participate in the AGM and to receive dividends was set for May 10, 2004.

Other issues entered by MTS’ BoD into the AGM agenda include the election of the BoD and Review Commission, the approval of the Company’s Auditor and adoption of amendments into MTS’ Charter.

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