Investor Presentaiton

75 65 55 45 35 25 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Real GDP Growth, % 2% 1% 0% -1% -2% -3% -4% -5% Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Source: CBR, Capital IQ, Fedstat ...in a Challenging Macro Environment Exchange rate, RUB/USD Pressure on OPEX CAPEX & Inflation Rate, y-o-y % Rostelecom on OPEX Pressure Oct-14 Nov-14 Nov-14 Dec-14 Dec-14 Jan-15 Jan-15 Feb-15 Feb-15 Mar-15 Mar-15 Apr-15 Apr-15 May-15 May-15 Jun-15 Jun-15 Jul-15 Aug-15 Sep-15 Pressure on 18% revenue 17% 16% 15% 14% 13% 12% 11% 10% Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Average Loan Rate for Non-financial Organisations, % Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Jan-15 Feb-15 Mar-15 Apr-15 Pressure on interest costs Aug-15 59 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15

View entire presentation