Investor Presentaiton

Working capital calculation Working capital calculation mln RUB Total inventory 2011 2012 2013 2014 32,047 41,522 50,057 57,525 Current part + Trade and other receivables 7,473 11,058 15,078 15,074 - Trade and other payables 13,539 16,966 22,300 21,460 1,560 580 1,665 2,234 - Provisions Non-current part + Trade and other receivables - Trade and other payables - Provisions Adjustments 551 433 1,332 2,521 48 980 785 2,854 77 65 65 89 114 - Cumulative borrowing costs capitalized during the period (Note 11 Finance income and finance costs) 1,482 2,725 4,092 5,416 + Cumulative borrowing costs that have been included into the cost of sales (Note 11 Finance income and finance costs) 169 510 1,289 2,313 -Income tax receivable (Note 18 Trade and other receivables) +Income tax payable (Note 25 Trade and other payables) Working capital 72 310 103 159 447 7 248 380 23,909 31,904 38,970 45,576 Etalon Group 39

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