Investor Presentaiton

EBITDA calculation RUB mln 1H13 1H14 1H15 2013 2014 2015 Comprehensive income 3,098 927 2,193 6,664 8,369 5,429 Income tax expense 822 302 795 1,833 2,026 2,002 Interest expense on loans and finance leases 115 140 15 233 295 19 Net foreign exchange loss 70 438 109 138 Interest income on bank deposits (342) (307) (686) (583) (729) (1,089) Interest income on loans and receivables (9) (35) (116) (28) (94) (222) Net foreign exchange gain (48) (814) Bank fees and commissions 40 42 49 80 117 95 Interest in COS Depreciation 354 340 272 779 1,024 897 168 204 213 343 417 406 EBITDA 4,198 1,683 3,173 9,430 10,611 7,675 1H13 1H14 1H15 2013 2014 2015 + Depreciation to COGS (Note 13 PP&E) 149 160 167 292 271 284 Depreciation to selling expenses 1 1 3 1 4 6 (Note 13 PP&E) Depreciation to G&A expenses (Note 13 PP&E) 18 19 19 39 94 63 Depreciation to Investment property 24 24 11 48 48 (Note 14 Investment property) Depreciation to other non-current assets Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 5 LO 45 55

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