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Russian Company Guide

Mobile TeleSystems

Mobile TeleSystems
Compilation Date:	03 Feb 12

Company Overview	Shares Information	Stock Market	Fixed Income Instruments	Key Financial Characteristics	Production Overview
General Info Corporate Management Price Highlights Operations Summary	Charter Capital Structure Major Shareholders Equity Positions in Other Companies Dividends History	Instruments on Exchanges Price Chart Participation in DR Programs Weightings in Indices	Issue Parameters Coupons Primary Market	Balance Sheet P&L Account Key Ratios	Production Capacity

Company Overview

General Info
Full Company Name	JSC "Mobile TeleSystems"
Industrial Group	Telecommunications
Number of Employees	22,167
Registration Date	01 Mar 00
Registered Address	4, Marksistskaya St., Moscow, 109147
Main Office	4, Marksistskaya St., Moscow, 109147
Telephone / Fax	(495) 911-6553, 911-6565, 911-6552 / (495) 911-6588, 911-6599
e-mail	info@mts.ru ir@mts.ru
Internet Home Page	www.mts.ru
Registrar	JSC "NIKoil Registrar Company"
Auditor	Deloitte & Touche
Financial Adviser	n. a.
Legal Adviser	n. a.

Corporate Management
Chairman of the Board	Ron Sommer
President	Mikhail Shamolin

Price Highlights
Price per Common Share, USD	7.008655
YTD Price Change, %	22.31
P/E Ratio	9.5334
Market Capitalization, USD	14,553,996,827
Common Shares in Free Float, %	46.70

Operations Summary

Mobile TeleSystems (MTS) is Russia’s leading provider of GSM-900/1800-based mobile cellular communications services. MTS’s predecessor, Closed JSC “Mobile TeleSystems,” was formed in 1993 by four Russian telecommunications organizations, including the Moscow City Telephone Network and two German companies, Siemens AG and DeTeMobil GmbH (an affiliate of Deutsche Telekom AG). MTS was created on March 1, 2000, through the merger of Closed JSC “Mobile TeleSystems” and Closed JSC “RTC,” which held mobile GSM cellular licenses in six regional license areas. As of June 30, 2009, MTS’s total number of subscribers was 95.03 million, including MTS Belarus (4.48 million subscribers). As of December 31, 2008, MTS held licenses for 82 regions of the Russian Federation. Subsidiaries of MTS OJSC in the CIS operate in Ukraine, the Republic of Uzbekistan, Turkmenistan, the Republic of Armenia and the Republic of Belarus. MTS has a licensed area that encompasses a total population of roughly 237 million. In 2007 and 2008, capital expenditures were USD 1,539.6 million and USD 2,227.4 million, respectively. MTS has been listed on the New York Stock Exchange since July 2000 and trades under the ticker MBT. The company’s shares have been listed locally on Moscow Interbank Currency Exchange (MICEX) since November 2003 under the symbol MTSI. The free float of the company’s shares is approximately 46.7%. The company has ratings by Standard & Poor's (BB), Fitch Rating (BB+) and Moody’s Investors Service (Ba2).

Shares Information

Type of Share	Shares Outstanding	Nominal Value
Charter Capital Structure
Common Share	2,066,413,562	0.10 RUR

Name	% of Voting Stock	% of Charter Capital
Major Shareholders
Closed JSC "ING Bank (Eurasia)"	39.82	39.82
Sistema Joint Stock Financial Corporation	31.90	31.90
Deutsche Bank Ltd.	9.71	9.71
Closed JSC "Depository Clearing Company"	9.09	9.09
Closed JSC "Invest-Svyaz"	8.04	8.04

Name	% of Charter Capital
Equity Positions in Other Companies
Barash Communications Technologies Inc.	100.00
Closed JSC "Dagtelecom"	100.00
Dega Retail Holding Ltd.	100.00
Eldorado Centre Ltd.	100.00
Eldorado Communications Store Ltd.	100.00
JSC "Eurotel"	100.00
MCT Sibi Corp.	100.00
Mobile TeleSystems B.V.	100.00
Mobile Telesystems-Capital Ltd.	100.00
Mobile TeleSystems Bermuda Ltd.	100.00
Mobile TeleSystems Ltd.	100.00
JSC "Novitel Firm"	100.00
Close JSC "Russian Telephone Company"	100.00
Bastion Ltd.	100.00
Sweet-Com Ltd.	100.00
Uzdunrobita Ltd.	100.00
Vostok Mobile B.V.	100.00
Capital Ltd.	100.00
Mobile TeleSystems Finance S.A.	99.90
Close JSC "Ukrainian Mobile Svyaz"	99.00
International Cell Holding Ltd.	80.00
Cezanne B.V.	75.00
Closed JSC "Uraltel-plus"	50.00
TS-Retail Ltd.	40.00
Closed JSC "Sibintertelecom"	6.47

Period	Payment per Share, USD	Number of Shares	Ex-Date	Payment Date	Payout Ratio, %	Dividend Yield, %
Dividends History
1998 / com	0.006548	1,634,527,440	n. a.	31 Dec 99	32.517215	n. a.
1999 / com	0.007055	1,634,527,440	n. a.	31 Dec 00	11.139454	n. a.
2000 / com	0.007963	1,993,326,138	23 May 01	31 Dec 01	17.627017	0.66483
2001 / com	n. p.	1,993,326,138	-	-	-	-
2002 / com	0.057716	1,993,326,138	04 May 03	31 Dec 03	41.514725	3.109943
2003 / com	0.115438	1,993,326,138	07 May 04	31 Dec 04	44.487439	2.978421
2004 / com	0.199765	1,993,326,138	29 Apr 05	31 Dec 05	40.308359	2.875947
2005 / com	0.288116	1,993,326,138	05 May 06	31 Dec 06	50.986027	4.287278
2006 / com	0.394053	1,993,326,138	11 May 07	31 Dec 07	63.052997	4.559157
2007 / com	0.505154	1,993,326,138	07 May 08	31 Dec 08	48.608927	3.305517
2008 / com	0.666159	1,993,326,138	07 May 09	31 Dec 09	68.786732	17.559344
2009 / com	0.5053	1,993,326,138	06 May 10	31 Dec 10	100.27368	6.895086
2010 / com	0.503418	2,066,413,562	06 May 11	26 Aug 11	75.347479	4.824326

Stock Market

Type of Instrument	Ticker	ISIN	Market
Instruments on Exchanges
Mobile TeleSystems	MTSS	RU0007775219	MICEX-RTS Class
Mobile TeleSystems	MTSS	RU0007775219	MICEX-RTS Main
Mobile TeleSystems	MTSSS	RU0007775219	MICEX-RTS Stand
Mobile TeleSystems ADR	MKY	US6074091090	Berlin Stock Ex
Mobile TeleSystems ADR	MKY	US6074091090	Frankfurt SE
Mobile TeleSystems ADR	MBLD	US6074091090	London SE
Mobile TeleSystems ADR	MBT	US6074091090	NYSE
Mobile TeleSystems ADR	MKY	US6074091090	XETRA
Mobile TeleSystems GDR	MBL	US6074093070	London SE
Mobile TeleSystems GDR	MOTAY	US6074092080	PORTAL

Price Chart

Prices

Volumes

Performance Table

Shares
MICEX-RTS Classica: Common Share

DRs
NYSE: ADR
LSE: ADR

Indices
RusIndex Telecommunications
DJ RusIndex Titans
MT RusIndex
RTS Index
RusIndex 100

Technical Analysis
Moving Average
Period (days)
Trend


	Year	Month	Day
From:
To:

Level	Effective Date	Underlying Share Ratio	CUSIP	Depositary Bank
Participation in DR Programs
Level 3 ADR	06 Jul 00	1: 5	607409109	J. P. Morgan
GDR Reg S	22 Apr 03	1: 5	607409307	Bank of New York Mellon
GDR 144 A	22 Apr 03	1: 5	607409208	Bank of New York Mellon

Name	Weight	Inclusion Date
Weightings in Indices
MT-RusIndex	1.80	01 Jun 04
RusIndex 100	1.69	01 Jun 04
RusIndex Services	8.48	01 Jun 04
RusIndex Telecommunications	46.43	01 Jun 04

Fixed Income Instruments

Issue #/ Tranche #	Registration Number	Registration Date	Period	Par Value, RUR	Issue Volume, RUR thnd	Number of Coupons	Coupon Period	Guarantee
Issue Parameters
1	4-01-04715-À	27 Dec 07	1,820	1,000	10,000,000	10	182	MTS-Capital
2	4-02-04715-À	27 Dec 07	2,548	1,000	10,000,000	14	182	MTS-Capital
3	4-03-04715-À	27 Dec 07	3,640	1,000	10,000,000	14	182	MTS-Capital
4	4-04-04715-À	20 Jan 09	1,820	1,000	15,000,000	5	365	MTS-Capital
5	4-05-04715-A	20 Jan 09	2,548	1,000	15,000,000	7	364	MTS-Capital
7	4-07-04715-A	06 May 10	2,548	1,000	10,000,000	14	182
8	4-08-04715-A	06 May 10	3,640	1,000	15,000,000	20	182

Issue #/ Tranche #	Coupon #	Start Coupon Period	End Coupon Period	Coupon, %
Coupons
1	1	23 Oct 08	23 Apr 09	14.01
1	2	23 Apr 09	22 Oct 09	14.01
1	3	22 Oct 09	22 Apr 10	14.01
1	4	22 Apr 10	21 Oct 10	7.00
1	5	21 Oct 10	21 Apr 11	7.00
1	6	21 Apr 11	20 Oct 11	7.00
1	7	20 Oct 11	19 Apr 12	7.00
1	8	19 Apr 12	18 Oct 12	7.00
1	9	18 Oct 12	18 Apr 13	7.00
1	10	18 Apr 13	17 Oct 13	7.00
2	1	28 Oct 08	28 Apr 09	14.01
2	2	28 Apr 09	27 Oct 09	14.01
2	3	27 Oct 09	27 Apr 10	14.01
2	4	27 Apr 10	26 Oct 10	7.75
2	5	26 Oct 10	26 Apr 11	7.75
2	6	26 Apr 11	25 Oct 11	7.75
2	7	25 Oct 11	24 Apr 12	7.75
2	8	24 Apr 12	23 Oct 12	7.75
2	9	23 Oct 12	23 Apr 13	7.75
2	10	23 Apr 13	22 Oct 13	7.75
2	11	22 Oct 13	22 Apr 14	7.75
2	12	22 Apr 14	21 Oct 14	7.75
2	13	21 Oct 14	21 Apr 15	7.75
2	14	21 Apr 15	20 Oct 15	7.75
3	1	24 Jun 08	23 Dec 08	8.70
3	2	23 Dec 08	23 Jun 09	8.70
3	3	23 Jun 09	22 Dec 09	8.70
3	4	22 Dec 09	22 Jun 10	8.70
3	5	22 Jun 10	21 Dec 10	n. a.
3	6	21 Dec 10	12 Jun 11	n. a.
3	7	12 Jun 11	20 Dec 11	n. a.
3	8	20 Dec 11	19 Jun 12	n. a.
3	9	19 Jun 12	18 Dec 12	n. a.
3	10	18 Dec 12	18 Jun 13	n. a.
3	11	18 Jun 13	17 Dec 13	n. a.
3	12	17 Dec 13	17 Jun 14	n. a.
3	13	17 Jun 14	16 Dec 14	n. a.
3	14	16 Dec 14	16 Jun 15	n. a.
3	15	16 Jun 15	15 Dec 15	n. a.
3	16	15 Dec 15	14 Jun 16	n. a.
3	17	14 Jun 16	13 Dec 16	n. a.
3	18	13 Dec 16	13 Jun 17	n. a.
3	19	13 Jun 17	12 Dec 17	n. a.
3	20	12 Dec 17	12 Jun 18	n. a.
4	1	19 May 09	18 May 10	16.75
4	2	18 May 10	17 May 11	16.75
4	3	17 May 11	15 May 12	n. a.
4	4	15 May 12	14 May 13	n. a.
4	5	14 May 13	13 May 14	n. a.
5	1	28 Jul 09	27 Jul 10	14.25
5	2	27 Jul 10	26 Jul 11	14.25
5	3	26 Jul 11	24 Jul 12	14.25
5	4	24 Jul 12	23 Jul 13	n. a.
5	5	23 Jul 13	22 Jul 14	n. a.
5	6	22 Jul 14	21 Jul 15	n. a.
5	7	21 Jul 15	19 Jul 16	n. a.
7	1	16 Nov 10	17 May 11	8.70
7	2	17 May 11	15 Nov 11	8.70
7	3	15 Nov 11	15 May 12	8.70
7	4	15 May 12	13 Nov 12	8.70
7	5	13 Nov 12	14 May 13	8.70
7	6	14 May 13	12 Nov 13	8.70
7	7	12 Nov 13	13 May 14	8.70
7	8	13 May 14	11 Nov 14	8.70
7	9	11 Nov 14	12 May 15	8.70
7	10	12 May 15	10 Nov 15	8.70
7	11	10 Nov 15	10 May 16	8.70
7	12	10 May 16	08 Nov 16	8.70
7	13	08 Nov 16	09 May 17	8.70
7	14	09 May 17	07 Nov 17	8.70
8	1	16 Nov 10	17 May 11	8.15
8	2	17 May 11	15 Nov 11	8.15
8	3	15 Nov 11	15 May 12	8.15
8	4	15 May 12	13 Nov 12	8.15
8	5	13 Nov 12	14 May 13	8.15
8	6	14 May 13	12 Nov 13	8.15
8	7	12 Nov 13	13 May 14	8.15
8	8	13 May 14	11 Nov 14	8.15
8	9	11 Nov 14	12 May 15	8.15
8	10	12 May 15	10 Nov 15	8.15
8	11	10 Nov 15	10 May 16	n. a.
8	12	10 May 16	08 Nov 16	n. a.
8	13	08 Nov 16	09 May 17	n. a.
8	14	09 May 17	07 Nov 17	n. a.
8	15	07 Nov 17	08 May 18	n. a.
8	16	08 May 18	06 Nov 18	n. a.
8	17	06 Nov 18	07 May 19	n. a.
8	18	07 May 19	05 Nov 19	n. a.
8	19	05 Nov 19	05 May 20	n. a.
8	20	05 May 20	03 Nov 20	n. a.

Issue #/ Tranche #	Start Placement Date	End Placement Date	Placement Price, %	Volume Placed, RUR thnd	Maturity date	Offer Date	Offer price, %	Status	Issue Placement Registration Date
Primary Market
1	23 Oct 08	23 Oct 08	100.00	10,000,000	17 Oct 13			outstanding	20 Nov 08
2	28 Oct 08	28 Oct 08	100.00	10,000,000	20 Oct 15	28 Apr 10	100.00	outstanding	13 Nov 08
3	24 Jun 08	24 Jun 08	100.00	10,000,000	12 Jun 18	24 Jun 10	100.00	outstanding	25 Jun 08
4	19 May 09	19 May 09	100.00	15,000,000	13 May 14	19 May 11	100.00	outstanding	21 May 09
5	28 Jul 09	28 Jul 09	100.00	15,000,000	19 Jul 16	24 Jul 12	100.00	outstanding	30 Jul 09
7	16 Nov 10	16 Nov 10	100.00	10,000,000	07 Nov 17			outstanding	02 Dec 10
8	16 Nov 10	16 Nov 10	100.00	15,000,000	03 Nov 20	10 Nov 15	100.00	outstanding	02 Dec 10

Key Financial Characteristics

		31 Dec 09	31 Dec 10	30 Sep 11	31 Dec 09	31 Dec 10	30 Sep 11
Balance Sheet
		RUR mn	RUR mn	RUR mn	USD mn	USD mn	USD mn
RUR/USD Exchange rate					30.25	30.48	31.88
ASSETS, of which		477,336.51	441,246.32	453,220.34	15,780.75	14,478.04	14,218.66
Fixed Assets and Other Non-current Assets, of which		344,397.73	346,261.82	342,241.68	11,385.79	11,361.44	10,736.98
	Fixed Assets	234,281.03	242,956.93	247,016.21	7,745.33	7,971.83	7,749.52
	Intangible Assets	67,629.49	85,874.89	82,609.67	2,235.83	2,817.7	2,591.67
	Other Assets	42,487.21	17,430	12,615.79	1,404.63	571.91	395.79
Current Assets, of which		132,938.78	94,984.5	110,978.66	4,394.96	3,116.6	3,481.68
	Inventories	7,219.99	9,751.28	8,442.65	238.69	319.96	264.87
	Accounts Receivable	21,869.42	29,426.58	33,544.09	723	965.54	1,052.36
	Cash	76,310.68	28,273.27	46,962.63	2,522.83	927.69	1,473.34
	Other Current Assets	27,538.69	27,533.38	22,029.29	910.43	903.42	691.11
OWNER'S EQUITY, of which		135,672.41	129,336.4	122,232.05	4,485.33	4,243.75	3,834.73
	Charter Capital	1,529.28	1,540.85	1,619.7	50.56	50.56	50.81
	Reserves	134,143.13	-21,576.18	-35,219	4,434.77	-707.95	-1,104.91
	Retained Earnings	0	149,371.72	155,831.35	0	4,901.14	4,888.82
LIABILITIES, of which		341,664.1	311,909.93	330,988.29	11,295.42	10,234.3	10,383.93
	Long-Term Debt	191,373.99	194,827.73	196,214.49	6,326.82	6,392.63	6,155.74
	Short-Term Debt	0	0	0	0	0	0
	Accounts Payable	17,918.03	20,787.13	29,431.51	592.37	682.06	923.34
	Other Liabilities	132,372.08	96,295.07	105,342.29	4,376.22	3,159.61	3,304.85
Financial data standard		GAAP	GAAP	GAAP	GAAP	GAAP	GAAP
Unaudited			Audited	Unaudited	Unaudited	Audited	Unaudited
Consolidated			Consolidated	Consolidated	Consolidated	Consolidated	Consolidated

	31 Dec 09	31 Dec 10	30 Sep 11	31 Dec 09	31 Dec 10	30 Sep 11
P&L Account
	RUR mn	RUR mn	RUR mn	USD mn	USD mn	USD mn
Average RUR/USD Exchange rate				31.75	30.38	28.76
Sales	310,595.38	342,877.95	268,237.7	9,823.54	11,293.24	9,336.95
Production Costs	230,047.8	259,853.03	208,226.87	7,275.98	8,558.68	7,248.07
Operating Profit	80,547.58	83,024.92	60,010.82	2,547.57	2,734.56	2,088.89
Other Income	-33,288.02	-20,309.56	-15,235.36	-1,052.84	-668.93	-530.32
Income Before Taxes	47,259.56	62,715.36	44,775.47	1,494.73	2,065.63	1,558.57
Net Income	31,759.07	41,917.83	30,179.26	1,004.48	1,380.63	1,050.49
Financial data standard	GAAP	GAAP	GAAP	GAAP	GAAP	GAAP
Unaudited		Audited	Unaudited	Unaudited	Audited	Unaudited
Consolidated		Consolidated	Consolidated	Consolidated	Consolidated	Consolidated

	31 Dec 09	31 Dec 10	30 Sep 11
Key Ratios
Company Valuation Coefficients
P/BV	3.38	4.17	3.00
P/S	1.54	1.57	0.93
P/E	15.08	12.81	9.53
Company Efficiency Coefficients
Sales/Employee, USD thnd	443.16	509.46	556.32
Net Profit Margin, %	10.23	12.23	9.79
ROA, %	6.59	9.13	8.41
ROE, %	21.39	36.39	34.68
Turnover Coefficients
Receivables Turnover	14.38	13.38	12.22
Assets Turnover	0.64	0.75	0.86
Inventory Turnover	51.73	40.37	42.17
Liabilities Turnover	1.00	1.05	1.20
Capital Structure Coefficients
Equity Ratio	0.28	0.29	0.27
Debt Ratio	0.72	0.71	0.73
Equity/Debt	0.40	0.41	0.37
Current Liquidity	1.03	0.99	0.95
Quick Liquidity	0.98	0.89	0.88

Production Overview

Product	Measure	2007	2008	2009	Units
Production
Subscribers	1,000,000	81.97	95.66	97.81	subscriber

Product	Measure	Capacity	Units
Capacity
Information is not available yet.

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