Investor Presentaiton

Robust Balance Sheet Debt cash flows maturity profile (as of 31/12/2011; US$ mln) 66 99 74 104 2012 2013 120 2014 82 326 2015 Total Net cash (at 31/12/2011), US$ mln 326 446 Debt composition (as of 31/12/2011) By type of facility By currency 22% 36% ■Local bonds ■ CLN USD 34% ■ EUR 52% 42% ■Bank loans ■RUR 14% Financing strategy ■Longer debt maturities (3-5 years) Decrease the cost of funding Conservative approach to leverage, less than 2.0 net debt/EBITDA Net cash Debt Cash End of period US$/RUR rate at 31 December 2011 End of period EUR/RUR rate at 31 December 2011 32.20 41.67 2 Etalon Group | 3 38

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