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Investor Presentaiton

COST OF SALES AND EBITDA Cost of sales breakdown and dynamics (1) 29% 2010/2011 660 +75% 250 Production cash costs dynamics (1) 150 113 700 600 500 400 USD mln. 114 300 245 53 USD 660 mln. 193 +69% 55% 200 11% 5% 377 74 +40% 33 +32% USD mln. 200 84 25 100 361 +102% 30 19 100 179 112 0 2009 2010 2011 Other costs Transportation costs Depreciation Coal purchased Production cash costs EBITDA calculation (1) in USD, 2011 814 Revenue (193) (74) Coal production cash costs Coal for re-sale (361) (3) 50 6.80 0 +71% K 40 40 193 55 35 30 25 22 22 20 1 17 15 8.74 2010 Production volume --Cash costs per 1 tonne, USD 2011 Production cash costs (22) (34) 133 Administrative EBITDA expenses Transportation costs Other cost of sales Distribution expenses 10 10 USD per 1 tonne Source: Audited 2009, 2010, 2011 IFRS FS in which all amounts are presented in RUB (1) Figures were converted to USD using the average exchange rates of the Central Bank of the Russian Federation for each period (2011: 32.20 RUB/USD; 2010: 30.48 RUB/USD; 2009: 30.24 RUB/USD) 16/22
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