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Investor Presentaiton

EBITDA calculation EBITDA mln RUB 2011 2012 2013 1H12 1H13 1H14 | Comprehensive income 7,440 5,000 6,664 2,369 3,098 927 Income tax expense 1,585 1,526 1,833 651 822 302 I Interest expense on loans and finance leases 10 7 233 1 115 140 I Net foreign exchange loss 125 109 I 95 70 I Interest income on bank deposits (140) (543) (583) (239) (342) (307) I Interest income on loans and receivables (6) (9) (28) (12) (9) (35) 35 I Interest income on promissory notes Gain on repurchase of CLNs Net foreign exchange gain (1,168) (48) I T Bank fees and commissions 46 67 80 33 40 42 I 1 Interest in COS Depreciation 169 341 779 111 354 340 I 265 417 343 209 168 204 EBITDA 8,201 6,931 9,430 I 3,218 4,198 1,683 2011 2012 2013 1H 2012 1H 2013 I 1H 2014 Depreciation to COGS (Note 14 PP&E) 239 385 292 193 149 160 Depreciation to selling expenses (Note 14 PP&E) 1 1 1 1 1 1 Depreciation to G&A expenses (Note 14 PP&E) 25 31 39 15 18 19 Depreciation to Investment property (Note 15 Investment property) 11 24 24 Etalon Group 48 48
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