Investor Presentaiton

Working capital calculation RUB mln Total inventory 1H13 1H14 1H15 2013 2014 2015 44,056 57,132 61,131 50,057 57,525 67,722 Current part + Trade and other receivables 14,387 17,746 15,926 15,078 15,074 18,227 - Trade and other payables 18,399 32,436 18,451 22,300 21,460 25,630 - Provisions 267 1,339 1,636 1,665 2,234 3,546 Non-current part + Trade and other receivables 390 756 2,164 1,332 2,521 3,303 - Trade and other payables 1,041 678 4,024 785 2,854 923 - Provisions 61 91 112 89 114 117 Adjustments - Cumulative borrowing costs capitalized during the period (Note 11 Finance income and finance costs) 3,457 4,660 6,636 4,092 5,416 7,977 + Cumulative borrowing costs that have been included into the cost of sales (Note 11 Finance income and finance costs) 864 1,629 2,585 1,289 2,313 3,210 -Income tax receivable (Note 18 Trade and other receivables) 307 85 467 103 159 358 +Income tax payable (Note 25 Trade and other payables) 13 116 10 248 380 125 Working capital 36,178 38,090 50,490 38,970 45,576 54,036 ✓ Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 46

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