Investor Presentaiton

Key financials RUB m Revenues EBITDA EBITDA margin Normalised operating profit 2008 2009 2010 49,813 51,024 49,950 13,178 14,732 8,687* 26% 29% 17% 11,130 12,327 6,307 Normalised operating profit margin 22% 24% 13% Changes in fair value of investment property (16,143) (1,752) (36) Reported net profit (8,007) 4,590 1,742 Gross cash flow 13,335 15,235 9,035 Operating cash flow 4,373 3,470 (2,375) Capitalised capital expenditure 10,330 7,674 4,544 Total debt Net debt Net debt/EBITDA 36,874 39,541 31,703 33,628 36,645 30,376 2.6 2.5 3.5 * one-off effect of disposal of aerated concrete business in the Baltic states resulted in the net loss of RUB 523m LR LSR Group 3

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