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Investor Presentaiton

MTS a step ahead +14% +13% +15% ARPU (AMD) 2 751 2 433 2 577 2 739 2 141 2 380 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 ୮ -7% +26% +9% MOU (min) 294 272 293 300 315 342 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Subs, mln 2 549.7 2 509.8 2 461.8 2 377.8 2 230.3 2 314.4 Churn rate, % 6.7% 8.5% 10.0% 13.0% 13.2% 8.7% SAC 6 005.4 8 237.3 7 625.3 6 595.9 7 248.3 4 572.7 APPM 7.3 8.9 9.4 8.6 7.6 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 8.0 Q2 2012 Armenia operating indicators " Quarterly ARPU growth reflective of positive seasonal trends and Company's efforts to retain and attract higher-value subscribers Rise in MOU indicative of on-net usage stimulation to improve customer loyalty 26

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