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Working capital calculation Working capital calculation mln RUB 2011 2012 2013 1H12 1H13 1H14 Total inventory 32,047 41,522 50,057 34,613 44,056 57,132 I Current part + Trade and other receivables 7,473 11,058 15,078 8,200 14,387 17,746 I - Trade and other payables 13,539 16,966 22,300 I 14,570 18,399 32,436 - Provisions 1,560 580 1,665 I 1,166 267 1,339 I Non-current part I + Trade and other receivables 551 433 1,332 472 390 756 I - Trade and other payables 48 980 785 30 1,041 678 - Provisions 77 65 59 89 61 61 91 Adjustments - Cumulative borrowing costs capitalized during the period (Note 12 Finance income and finance costs) I T 1,482 2,725 4,092 2,054 3,457 4,660 + Cumulative borrowing costs that have been included into the cost of sales (Note 12 Finance income and finance costs) 169 510 1,289 I 280 864 1,629 -Income tax receivable (Note 19 Trade and other receivables) I 72 310 103 236 307 85 +Income tax payable (Note 26 Trade and other payables) 447 7 248 10 13 116 Working capital 23,909 31,904 38,970 25,458 36,178 38,090 Etalon Group 49

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