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Industry size evolution 21 408 404 405 390 18 400 400 357 303 14 15 300 268 12 10 200 13 12 100 0 2006 2007 2008 2009 Volume, BNU Value, RUB Bn Value US $ Bn 9 6 E JTi The industry contracted sharply in 2009 as a result of the economic crisis, both in terms of volume and value Industry value declined in US$ terms in 2009. However, RUB value continued to increase driven by tax and price increases Note: Value based on retail selling price, at average US$ FX rate (1) RUB value: left-hand scale; (2) US$ value: right-hand scale Source: Central Bank of Russia, JTI Estimates 12

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