Directors’ Responsibility Statement

The Directors are responsible for preparing annual accounts for each of the financial years of the Company, and to ensure that they present fairly, in all material respects, the assets, liabilities, financial position and profit or loss of the Company.

The Board of MegaFon confirms that to the best of its knowledge:

1. The consolidated financial statements, prepared in accordance with International Financial Reporting Standards as of 31 December 2014 and 2013, and also for the years ended on those dates, including the consolidated statements of financial position, consolidated statements of comprehensive income, cash flows, changes in equity and notes to the consolidated financial statements, present fairly, in all material respects, the state of affairs of MegaFon in accordance with International Financial Reporting Standards.
2. The Business Review contained in MegaFon’s Annual Report for 2014 gives a fair view of the performance of the business, and specifically the operational results of MegaFon, of its efforts to meet its strategic objectives, and of the risks and uncertainties faced by the business, as well as other events which in the near future may have an impact on the operations of the Company.

On behalf of the Board

SERGEY V. SOLDATENKOV
Chairman of the Board