Investor Presentaiton

Robust balance sheet Debt cash flows maturity profile (as of 31/12/2011; USD mn) 40 67 102 71 83 323 2012 2013 2014 2015 Total Net cash (at 31/12/2011), USD mn 167 Net cash 323 490 • Debt Debt composition (as of 31/12/2011) By type of facility By currency 0.0% ■ Bank loans 22.3% 14.0% ■RUR LPN 36.9% 34.5% ■Local Bonds USD 40.8% ■Loans from other parties 51.5% - EUR Financing strategy • Longer debt maturities (3-5 years) • Decrease the cost of funding Conservative approach to leverage, less than 2.0 net debt/EBITDA Cash End of period USD/RUR fx rate at 31 December 2011 End of period EUR/RUR fx rate at 31 December 2011 32.20 41.67 (1)Includes bank deposits from ST Investments line (Note 19 of Financial statements) ୬ Etalon Group 07

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