Investor Presentaiton

MTS a step ahead +4% +22% +15% Uzbekistan financial highlights +16% Total 248 Uzbekistan 133 213 105 109 113 115 116 Revenue (USD mln) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 H1 2011 H1 2012 +2% +24% +41% +8% Total Uzbekistan 72 115 124 57 58 56 61 51 Adjusted OIBDA (USD mln) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 H1 2011 H1 2012 Adjusted OIBDA margin 54.1% 53.5% 49.6% 52.8% 44.3% 54.4% 53.8% 49.7% Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 H1 2011 H1 2012 Quarterly revenue growth reflective of positive seasonality and an overall increase in voice and data usage ■ Quarter-over-quarter OIBDA dynamics impacted by operating and sales and marketing cost saving initiatives 23

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