Investor Presentaiton

Value Creating Transactions TELE2 Mobile JV with Tele2 Russia ВГТРК Media JV with VGTRK Synergies/Rationale Nationwide operations with minimum overlap Leveraging mobile Capex Rostelecom Completed Dedicated management team and best in class cost management culture 2014 F2M convergence upside through MVNO Creation of #1 player on the Russian pay TV content production market . Attractive Russian Pay TV content market profile 2014 • Access to exclusive library of content International expansion opportunities Scaling up in Russian data storage market Leader in CDN & IX SAFEDATA iQ IQ'MEN SafeData Controlling Stake Acquisition IQMen - Business Intelligence Controlling Stake Acquisition . Complementary to our core business and easy to upsell B2B/B2G Acquisition of Data Intelligence expertise Product platform for banking and other retail businesses 1Q 2015 4Q 2015 7

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