Russian telecommunications market exceeds expectations - September 2011

Russian telecommunications market exceeded our last year expectations growing at a faster pace in 2010. The reason for the better results was very dynamic development of the broadband internet market. Mobile telephony operators also registered a doubledigit growth of their combined revenues.

The value of the telecommunications services market in Russia increased by 17.3% year on year to €27.3bn in 2010, from approximately €23.2bn in 2009. The growth rate measured in local currency was lower and amounted to 10%. It should be noted that our last year forecasts concerning the telecoms market value in 2010, excluding exchange rate fluctuations, assumed the growth rate of 4 p.p. lower than the actual result.