Investor Presentaiton

1H 2014 EBITDA and Net Income analysis EBITDA, mln RUB Net Income, mln RUB 4,198 1,683 1H 2013 1H 2014 EBITDA calculation 3,098 927 1H 2013 1H 2014 mln RUB 1H 2014 Comprehensive income 927 Income tax expense 302 Interest expense on loans and finance leases 140 Net foreign exchange loss 70 mln RUB 1H 2014 Interest income on bank deposits (307) Interest income on loans and receivables (35) Depreciation to COGS (Note 14 PP&E) Depreciation to selling expenses (Note 14 160 1 Bank fees and commissions 42 PP&E) Interest in COS 340 Depreciation EBITDA 204 Depreciation to G&A (Note 14 PP&E) Depreciation to Investment property (Note 15 Investment property) 19 24 1,683 Source: IFRS financial statements Etalon Group 17

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