Investor Presentaiton

6 Stable and Lean Cost Base Key operating cost items... (RUB bn) 103 178 218 Total 2,433 1,158 776 GGlobaltruck ■ Fuel ■ Drivers ■Road Charges ■ R&M Other [1] with strong emphasis on fuel cost control ... Deeper fuel price discount due to expansion of fleet Dispatchers select best routes and fuel stations with lowest price to minimize fuel expenditure Drivers are motivated by KPIs to drive in a safe and fuel efficient manner Training by Volvo and Scania on fuel efficient driving of trucks Some of the new contracts include a provision for transportation rate increase in the event of fuel prices growth above a certain threshold leading to stable COGS per truck supported by ... (RUB mn) 4.9 4.4 4.2 0.9 0.6 0.8 0.4 0.3 0.4 0.5 0.6 0.5 2.5 2.3 1.2 1.1 1.1 0.5 0.5 8.3 8:3 0.7 0.6 1.6 1.6 1.8 0.9 1.0 2015 2016 2017 1H 2017 1H 2018 ■Fuel ■Drivers ■Freight forwarding ■R&M[1] ■ Other Source: IFRS Financial Statements for 2015-2017 Notes: [1] Repairs and maintenance expenses and costs of used material and components ■ labor cost advantage and economies of scale Largest operational units located outside of Moscow and St. Petersburg regions that ensures lower salary costs Going forward we expect to grow salaries inline or below Russian inflation 23

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