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The Board of Directors and management consider an constant and stable dividend to constitute a key element of MTS’s investment attractiveness and shareholder return.

As a leading telecommunications group operating in rapidly developing, yet volatile, markets, MTS’s primary need is to maintain sufficient resources and financial flexibility to meet our financial and operational requirements. As demonstrated throughout our history, MTS continually seeks ways to create shareholder value through both commercial and financial strategies, which may include both organic and inorganic development as well as the Company’s capital management practices.

In keeping with our historical practices, MTS will continue to pay semi-annual dividends as part of our commitment to enhancing shareholder value. In determining the Company’s payout, the Board of Directors considers a number of factors, including cash flow from operations, capital expenditures and the Company’s debt position. Decisions on dividends are proposed by the Board of Directors and voted upon thereafter at an annual general meeting of shareholders (AGM) or extraordinary meeting of shareholders (EGM).

For 2019-2021, MTS management commits to a minimum cumulative payout of RUB 28.0 per share per calendar year through two semi-annual payments.

In addition to regular payments under the dividend policy, the Company may further increase shareholder returns through a share buyback program in the open market. When making a decision on the launch and size of a program, the Board of Directors will take into account the current availability of funds, operating performance, amount of debt and future needs of the Company, as well as the overall market situation.

Dividend History

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Total dividends announced and paid out*, RUB bln 15.1 19.3 29.6 39.4 30.7 30.0 30.4 41.0 51.2 52.0 52.0 52.0 52.0 57.3
Dividend per share, RUB 7.6 9.7 14.8 20.2 15.4 14.5 14.7 19.8 24.8 25.2 26.0 26.0 26.0 28.66

*Total calculated sum includes dividends for treasury shares owned by MTS or subsidiaries and may differ from net annual cash flow for dividend payments as reflected in the Company’s financial statements.

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