The continued buy-out of Ukrainian Mobile Comm.

17 Jun 2003

Mobile TeleSystems (MTS), the largest mobile operator in Russia and Eastern and Central Europe, continues to increase its holding in Ukrainian Mobile Communications (UMC), following the USD87.57 million purchase of an additional 26% stake from Ukrtelecom. MTS’s ownership stake now stands at 83.7%. If MTS completes its take over plan, the remaining 16.3% of the company will be purchased at a later date from TDC. As of March 1 2003, UMC has been consolidated into the MTS financial and operating reports.