Investor Presentaiton

1H 2014 Cash flow analysis Cash collections, mln RUB Working capital under control despite strong growth momentum 10,940 +36% 45 40 14,835 50505250 4.0x 3.31x 3.5x 2.58x 2.57x 35 2.83x 3.0x 2.65x 30 2.5x 2.0x 1.5x 15 10 5 0 1H 2012 1.0x 0.5x 0.0x 2H 2012 1H 2013 2H 2013 1H 2014 1H 2013 1H 2014 Free cash flow, mln RUB -141 -1,891 Working capital, bln RUB (lhs) Cash collections, bln RUB (lhs) Working capital to Cash collections ratio (rhs) 590 • 429 -4,756 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014 Etalon Group Strong pre-sales cash collections model supports healthy growth • First dividend distributed in July 18

View entire presentation