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View Annual Report ANNUAL REPORT ‘19 DISCLAIMER WELCOME TO THE This Annual Report has been prepared by Mobile TeleSystems PJSC (the “Company”) solely for information purposes and may contain statements based on predicted data or forecasts. Such statements or forecasts relate to matters other than historical facts or statements, 2019 MTS PJSC and reflect the Company’s intentions, beliefs or current expectations concerning, inter alia, performance results, financial condition, liquidity, efficiency, prospects, growth rates, and strategies of the Company and the industry in which it operates. The nature of the statements based on predicted data and forecasts implies risk and uncertainty, as they ANNUAL REPORT! relate to events and depend on circumstances that may, or may not arise in the future. The Company cautions that statements based on predicted data and forecasts do not guarantee future performance and that actual performance results, the financial condition and liquidity of the Company, as well as changes in the industry in which the Company operates may differ significantly from those stated or assumed in the statements based on predicted data or forecasts contained in this report. Factors which may lead to material \\ We would like to bring to your attention the annual report of MTS PJSC following differences between the actual results and the assumptions contained in statements based the results of 2019. This is the 19th report — we have been preparing them for you on predicted data or forecasts, include general economic conditions prevailing in the markets in which the Company operates, competitive environment and risks associated with operating starting from 2001. in such markets, market change in the industry and related industries, as well as other risks affecting the Company and its activities. Moreover, even if the Company’s performance results, financial condition and liquidity and the changes taking place in the industry in which the Company operates match those set forth in the statements based on predicted data or forecasts presented herein, those results or changes may not be illustrative of the results PURPOSE OF THE 2019 ANNUAL REPORT or changes in future periods. The Company does not undertake any obligation to review or confirm expectations or estimates, or update any statements based on predicted data ANNUAL REPORT PREPARATION STANDARDS or forecasts to reflect the events or circumstances occurring or arising after the date of this report. The Report provides consolidated information The report has been prepared in accordance on the main results of the Company’s business with the requirements of the legislation in accordance with its strategic goals and objectives of the Russian Federation and regulators’ for the short, medium and long term. The annual requirements applicable to MTS, and also reporting tool gives MTS the opportunity to maintain in accordance with Russian and international a high level of openness and transparency standards and practices in the field of public annual by informing investors and shareholders, as well reporting. as customers, about the advanced solutions and services that the Company implements WHERE TO FIND THE ANNUAL REPORT in management processes and product lines, ANNUAL REPORT and how sustainable development is integrated into STRUCTURE the business strategy of the Company and activities of key divisions. The report is comprised of four main sections: The Annual Report The “Sustainable Development” section 1. About the Company, is available online In addition, MTS publishes (interactive version) Sustainability Reports (“Our Approach to Sustainable Development 2. Management Report, and in PDF format. on an annual basis. and Social Responsibility” subsection) describes 3. Corporate Governance, and the contribution of MTS to the achievement 4. Sustainable Development. of the UN Sustainable Development Goals (UN SDGs). In addition, in the text of the report, MTS activities that are significant in terms of achieving the UN SDGs Pre-approved are marked with specific Goals. by the resolution of MTS PJSC Board STRATEGICALLY ORIENTED of Directors MTS today is a digital company that develops REPORT innovations in education, healthcare, financial May 21, 2020, services, entertainment, and many other spheres. Minutes No.297 Our solutions using big data, artificial intelligence, The report is focused on the strategic vision virtual and augmented reality are aimed at improving of the Company’s management and the results the quality of life of our subscribers, customers, and key aspects of MTS’ business in accordance and employees. with the strategy. Special attention is paid to the completeness and quality of forecast/expert MTS is an innovative and continuously developing information on macroeconomics and regional Company, which makes life more convenient, vibrant telecommunications markets. and bright. We want to tell you about this. INFORMATION ABOUT MTS1 MISSION AND Mobile TeleSystems Public Joint Stock Company (MTS PJSC) is a leading company in Russia and the CIS providing mobile and fixed-line telephone services, internet access, cable and satellite TV broadcasting, digital and mobile applications, STRATEGY OF THE financial services and e-commerce services, as well as convergent IT solutions in the field of system integration, the Internet of Things, monitoring, data processing and cloud computing. By providing innovative services and solutions, COMPANY MTS makes a significant contribution to economic growth and to improving the quality of life of tens of millions of people in its countries of operation. \\ MTS PJSC introduced a new company development strategy for 2020–2022, Customer Lifetime Value 2.0. The new strategy details the existing strategic goals of MTS and is focused on creating a product ecosystem based on the main telecommunications business with a seamless transition between services. STRATEGY CLV 2.0 Detailed information available at: CLIENT LIFETIME VALUE › The best customer › Focus on a long-term › Deliberate receipt experience thanks relationship with the client. by the client of the benefits to a deep, personalized Concentrating efforts of being in the ecosystem. approach based on artificial to increase customer intelligence, big data loyalty and emotional › Convenient technology analytics and a single client attachment to the brand, platform for effective ID.A seamless, comfortable including through socially interaction with partners transition between digital and environmentally and the best customer storefronts and products. responsible action experience. by the Company. › 1 In this Annual Report, the terms “MTS PJSC,” “MTS,” and the “Company” should be understood as Mobile For more information TeleSystems Public Joint Stock Company, the term the “MTS Group” should be understood as a group about the CLV 2.0 strategy, of companies consisting of MTS PJSC and its subsidiaries. The figures contained in this Annual Report see the “New Strategy” are as of December 31, 2019, unless other periods or dates are expressly indicated section, p. 41 CONTENTS 01\ 03\ 05\ \\ ABOUT THE COMPANY \\ CORPORATE \\ ADDITIONAL GOVERNANCE INFORMATION 8 MTS Group Today 10 MTS Brand 110 Report by the Board of Directors 238 History of the Company 12 2019 Highlights 114 MTS Group Governance System 240 Report 16 Message from the Chairman 116 Structure of Management on Fulfilment of the Principles of the Board of Directors and Supervisory Bodies of MTS and Recommendations PJSC in 2019 of the Corporate Governance 190 Interaction with Shareholders Code and Investors 271 List of Major Transactions by MTS 194 Capital and Securities PJSC Closed and Transactions 02\ 202 Improvement of Corporate of Interest Closed in 2019 Governance System 272 Annual Consolidated Financial \\ MANAGEMENT Reporting of MTS PJSC REPORT and Subsidiaries for 2019 273 Contacts and Additional Information about MTSC 20 Message from the President 274 Glossary 22 MTS Business Model: Source Feedback Form of your Dividends 04\ 276 24 Our Markets 31 Looking into the Future \\ SUSTAINABLE 34 New Business Directions DEVELOPMENT 38 New Strategy 50 Business Overview 206 Our Approach to Sustainable 70 Financial Overview Development/Social 84 Risk Management Responsibility 97 Compliance and Ethical Behavior 211 Our Employees Culture 216 Social Investments 223 The Company’s Environmental- Protection Activities 228 Stability of Supply Chain 230 Protection and Security of Information 01\ ABOUT THE COMPANY 8 MTS Group Today 10 MTS Brand 12 2019 Highlights 16 Message from the Chairman 01of the Board of Directors 2019 ANNUAL REPORT \MTS.RU ABOUT THE MANAGEMENT CORPORATE SUSTAINABLE ADDITIONAL 01\ COMPANY REPORT GOVERNANCE DEVELOPMENT INFORMATION OPERATIONAL FINANCIAL MTS GROUP INDICATORS INDICATORS TODAY \\ Penetration of smartphones \\ Consolidated revenue: in MTS network \\ Moving to the ecosystem of digital businesses % 476.1 74.5 billion rubles TELECOM CLOUD AND DIGITAL 5.5% vs 2018 • Mobile communications market leader SOLUTIONS • Continuous improvement of coverage • Focus on gaining a share in the fast- and network quality growing cloud market \\ Revenue from system integration \\ OIBDA • Active 5G testing • The largest network of the Internet of Things of the NB-loT standard in Russia • Development of industrial automation solutions 10.3 210.3 > > billion rubles billion rubles 80 62 +39.2% vs 2018 2.8% vs 2018 700 million corporate regions mobile- customers covered by communications of #CloudMTS NB-IoT network subscribers \\ Revenues from
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