MMK CORPORATE PRESENTATION

Introduction

1 2 3 4

2

Strategic update

Financial update

Supporting documents

3

ММК position in global Metals & Mining universe

Source: ММК, World Steel, Bloomberg

MMK rating in global steel by financials

Item Value Position

Revenue, m $ 5,630 26

EBITDA, m $ 1,641* 12

EBITDA margin, % 29,1% 2

Net debt / EBITDA 0,1 4

FCF yield 12,1% 6

Russian market share 18% 1

TOP10 steel-making countries (2016), m T

Steel production

China 807,3

Japan 104,8

India 94,8

USA 78,9

Russia 70,8

S. Korea 68,7

Germany 42,1

Turkey 33,3

Brazil 30,2

Ukraine 24,1

Beneficiary shareholder Chairman of BD

Victor Rashnikov Age: 68 / Education: Engineer

84.3%

Free Float (FF) 15.7%

Company origination 1929

Location of main asset Central Russia, Urals

Steel-making capacity, m T 16

MMK positioning by Mcap as of 22.09.2017…

Global Steel, bn $ Russian Public Co, bn $

1 Arcelor-Mittal 26.5 1 Sberbank 75.1

2 Baoshan 24.1 2 Rosneft 58.3

3 Posco 23.6 3 Gazprom 49.7

7 NLMK 13.3 12 NLMK 13.3

8 Severstal 12.7 13 Severstal 12.7

13 MMK 8.2 20 MMK 8.2

20 Evraz 5.7 27 Evraz 5.7

MMK positioning by steel production (2016), mln T

1 Arcelor-Mittal 95.5

2 China Baowu Group 63.8

3 HBIS Group 46.2

16 NLMK 16.6

28 Evraz 13.5

29 MMK 12.5

31 Severstal 11.6

10 years as a public company, continuous implementation of our Growth Strategy

4

2000

2007

2008

2009

2011

2012

2013

2015

2016

2010

2014

2006

2005

2002

2001

2004

MMK acquires Belon (coal asset)

Thick-plate Mill 5000 is launched

Start of the first phase of the 2000-2007-2013 Strategy: creating a new image for the Company

Successful implementation of investment projects until 2007

Construction of a steelmaking facility in Turkey with capacity of 2.3 million tonnes per year is completed

Two lines of Mill 2000 for cold-rolled products are launched

New Growth Strategy through 2025 is adopted

Purpose: to raise share capital to implement the second stage of the 2000-2007-2013 Strategy

Launch of the galvanizing unit and modernization of Mill 2000 for hot-rolled products

Listing on the London Stock Exchange

2000

2007

2008

2009

2011

2012

2015

The Company presented its 2013 Growth Strategy as part of a roadshow

In conducting its business, MMK is guided by Russian and international corporate governance standards

The principles of our corporate governance are:

protecting the rights and interests of shareholders and investors

equal treatment of all shareholders

mutual trust and respect for all stakeholders

transparency and timely disclosure of information on strategy and current activities

management practice aimed at MMK’s long-term prosperity

minimisation of the Company's environmental impact

High corporate governance standards

5

Structure of MMK’s Board of Directors

30%

50%

Executive

Dependent

50% Independent

Strategic update

2 3 4

Introduction

1

6

Financial update

Supporting documents

$200

$300

$400

$500

0 100 200 300 400 500 600

Cumulative volume of production, mln t

MMK retains its position as a low-cost producer 7

Cost curve for slab production in 2016 (USD/t)

Slab price FOB Black Sea

USD373/t (2016)

MMK slab cash-cost USD235/t (Q4 2016) $235

$373

MMK remains one of the lowest-cost producers in the world

Source: CRU, Metal Courier, ММК

13.7%

17.9% 16.7% 16.5%

2000 2005 2010 2015

70.7%

80.6%

86.9% 82.6%

2000 2005 2010 2015

Low consolidation of world steel industry results in intense competition and reduces steel prices

Global Top-5

Consolidation in Russia is much more substantial, resulting in higher prices than in global markets

Top-5 in Russia

Market trends:

8

Over the past 10 years, consumption of rolled steel products in Russia, has remained stable; a temporary decline in 2015-2016 was partially offset by a reduction in imports

Consumption of HVA productions in Russia is more stable during periods of economic recession

The reduction of metal imports in Russia is associated with growth in domestic production of HVA products and the high competitiveness of Russian metals companies

Consumption of rolled steel in Russia (million tonnes)

45 46 45 42 40 41

2013 2014 2015 2016 2017E

2013 2014 2015 2016 2017E

2012

2012

+3.5%

Imports of rolled steel in Russia, (million tonnes)

7.2 6.9

5.5

4.0 3.6 3.3 -1%

Consumption of HVA products in Russia (million tonnes)

9.1 9.4 9.2 8.2 8.1 8.3 +1.8%

Source: Metal-Courier, ММК

Consumption of rolled steel in Russia will return to growth in 2017; imports will continue to decline

Market trends:

2013

9 Pipe production, construction and automotive industries will be the main drivers of growth in steel consumption in 2017

Increase in real incomes and government investments into infrastructure projects will support the construction sector and thus increase demand for construction steel

High levels of deferred demand for new cars will spur the automotive industry as consumers return to the market

Higher global oil prices will lead to an increase in investments in pipeline construction projects

Sources: Metal-Courier, ММК

2.1%

-1.8%

-7.8%

-4.0%

3.5%

6.4%

13.4%

0.7%

-11.7%

8.6%

Automotive industry

Pipe production industry

Construction industry

In 2017 major industries are expected to increase their consumption of steel products in Russia

2013 2014 2015 2016 2017Е

2014 2015 2016 2017Е

-17.0% -14.9%

-20.4%

10.8%

4.6%

Market trends:

MMK has proved to be a stable company throughout the price cycle

10

High price volatility in global markets

is typical for a cyclical industry and

does not pose a critical threat to

MMK’s business

Sources: Platts, MMK

MMK maintains a sufficient price

corridor to keep its EBITDA margin

above 20%

147 169

130 135

97

56 58

229

308

206

161 126

95

146

589

678

571 539 527

340 373

-100

100

300

500

700

0

100

200

300

400

500

2010 2011 2012 2013 2014 2015 2016

258

294

268 226

238

222 236

0

100

200

300

400

500

600

700

2010 2011 2012 2013 2014 2015 2016

Changes in global prices for iron ore, coking coal and hot-rolled products (USD/t)

Changes in the price corridor (the difference between the selling price of MMK’s hot-rolled coils in the Russian market and the cost of MMK’s raw materials basket*) (USD/t)

MMK raw materials basket

Price range

MMK’s raw materials basket is calculated as the sum of the average procurement prices of iron ore, coal concentrate for coking and scrap metal used for the production of 1 tonne of steel

*

Iron ore index, CFR China Coking coal index, CFR China HRC, FOB Black Sea

Market trends:

Sustainable EBITDA margin

11

In

tern

al

Facto

rs

Exte

rn

al

Facto

rs

MMK has structural advantages at almost all stages of the business process:

Reasons for long-term sustainability of EBITDA margin

Historic EBITDA (USD million)

Sourc

e:

Blo

om

berg

, М

МК

2,407

2,204

1,309

1,606

1,336 1,363 1,223

1,607 1,668 1,641

0

500

1 000

1 500

2 000

2 500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

29.4%

20.9%

25.8%

20.8%

14.4% 14.6% 14.9%

20.2%

28.6% 29.1%

22.6%

20.9%

11.5%

14.7%

12.6%

10.0% 10.6%

12.9% 12.3%

11.3%

30%

25%

20%

15%

10%

5%

0%

MMK EBITDA margin

Average EBITDA margin, top-30 producers

Structural surplus of key raw materials in the local market

Customer proximity and low transport costs

Low prices for energy inputs

Economies of scale

High capacity utilisation

Low energy efficiency

Low productivity

High share of HVA products

Proximity of sales markets

Natural hedge due to low transportation costs upon sale

Increasing operating efficiency

12

1

2

3

4

5

6

7

8

9

10

Source: MMK

Sales: Just-in-time Baby Capex and Lean Transaction digitisation, IoT Supplies: Just-in-time Resource management personalisation Non-core asset divestiture Zero tolerance for safety violations Improving employees’ health Clean city programme Solving “single-factory town” issues

Strategic projects

Basic and raw materials

Industrial services

Ancillary materials

Energy inputs

Labour costs

SG&A

TOTAL REDUCTION:

112

14

20

5

23

18

32

The structure of the Group’s cost reduction in 2016 (USD

million)

Activities to improve operational efficiency are expected to reduce costs on average

2-3% per year

Between 2014 and 2016 the average cost reduction was in line with targets at

3% per year

In 2016 the efficiency programme helped the Company achieve reduction in costs of

2.8%

Increasing operational efficiency: Impact on MMK slab cash-cost

13

474

403 378

304

208 203

0

100

200

300

400

500

2011 2012 2013 2014 2015 2016

Change in MMK slab cash-cost

(USD/t)

Change in MMK slab cash-cost in 2016

(USD/t)

Slab cash-cost, 2015

Cost of raw materials and other inputs

USD exchange rate

Reduction in flexible costs

Reduction in fixed costs

Slab cash-cost, 2016

-10.2

Increase in production efficiency

Organisational and technical measures Baby CAPEX Rational proposals Energy-efficiency measures TOTAL

7.2

1.0

1.5

0.5

10.2

USD/t

Source: ММК

203 208

22 -17

-5.7

-4.5

150

160

170

180

190

200

210

220

230

240

14

Virtual and augmented reality

Accumulation of technical data on the production process, technology and equipment

Control and monitoring of material flows

Process modelling

Centralised storage and processing of data in the corporate storage facility (Big Data)

Strategic IT projects Industry 4.0

15 Strategic IT projects Industry 4.0

Sniper

Energy Optimisation Model —

Energy Steel Goal: To find optimal energy use regimes in terms of economic impact of development and consumption of energy resources

Implementation: Automated regulation of the steam boilers of the Central Electricity Station introduced based on minimising use of natural gas

Results:

Target saving will amounted to

around USD 5 million per

year

Development:

Development and introduction of automated systems at PВЕС and heat-and-power plant

Modelling of all of MMK’s energy systems

Big Data — Optimisation of the

first processing stage Implementation: Coal charge/ iron ore optimisation model from the start of purchases up to the production of coke/agglomerate and pig iron

“Optimum pig iron” automated information system

Operational management model of the domain process

Results:

Savings of up to USD 40 million a year by reducing costs,

stabilising quality and improving forecast accuracy

Energy Steel

Big Data Yandex —

Project Sniper Goal:

Reducing cost of expensive materials (annual consumption of c. USD300 million)

Implementation:

A mathematical model has been developed that forms recommendations for the optimal amount of materials for each smelter

Results:

Saving of up to 10% on

test smelting

Estimated applicability of recommendations 20-25%

Development:

Increase applicability of recommendations to 80%

Expected savings of 3-5% of basic oxidising and alloying materials

MMK

Implicit equipment diagnostics

Mobile MRO

IT platform – Energy management

Augmented reality for equipment repair

ММК

MMK

MMK

Financial update

Supporting documents 3 4

Introduction

1

16

Strategic update

2

Key highlights for MMK Group

Revenue USD 1,926 mln up 16.0% on Q1 2017

Cost of sales USD 1,389 mln up 18.6% on Q1 2017

EBITDA USD 455 mln up 0.7% on Q1 2017

EBITDA margin 23.6% down 3.6 p.p. on Q1 2017

Net profit USD 297 mln up 23.2% on Q1 2017

Cash-cost of slab USD 290 per tonne down 3.7% on Q1 2017

Free cash flow (FCF) USD 203 mln up 13.5 times on Q1 2017

CAPEX USD 163 mln up 34.7% on Q1 2017

Q2 2017 financial results

* Adjusted to the effect from Fortescue Metals Group (FMG) stake sale

Source: ММК

Revenue USD 3,586mln up 37.8% on H1 2016

Cost of sales USD 2,560mln up 41.1% on H1 2016

EBITDA* USD 907 mln up 29.2% on H1 2016

EBITDA margin 25.3% down 1.6 p.p. on H1 2016

Net profit USD 538 mln up 10.7% on H1 2016

Free cash flow (FCF) USD 218 mln down 33.7% on H1 2016

CAPEX USD 284 mln up 71.1% on H1 2016

H1 2017 financial results

17

2 946 2 683 2 890 2 668 2 788 3 003 2 861 2 918 2 723 2 882

46,3% 48,3%

46,7% 45,5% 44,8% 47,3% 45,5% 45,5% 48,2%

44,7%

0,0%

20,0%

40,0%

60,0%

0

1 000

2 000

3 000

4 000

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

Steel products HVA Products Share

High capacity utilisation

* - including made from ММК steel

Key production indicators, ths tonnes

MMK Group finished products dynamics, ths tonnes Key capacities utilization rates, Q2 2017, %

Source: ММК

Q2’17 Q1’17 % H1’17 H1’16 %

Pig iron 2,578 2,372 8.7% 4,950 4,859 1.9%

Crude steel 3,182 3,066 3.8% 6,248 6,208 0.6%

ММК 3,182 3,066 3.8% 6,248 6,208 0.6%

Finished products incl. 2,882 2,723 5.9% 5,605 5,791 -3.2%

ММК 2,780 2,675 4.0% 5,455 5,644 -3.4%

ММК-Меtiz* 111 104 6.9% 215 199 7.9%

ММК Metalurji* 253 210 20.7% 463 415 11.4%

HVA products 1,287 1,313 -1.9% 2,600 2,669 -2.6%

Coking coal concentrate 699 609 14.8% 1,308 1,423 -8.1%

96%

77%

97%

100%

55%

100%

100%

0% 25% 50% 75% 100%

Coated steelproducts

CRC

HRC

Long Steel

Steel EAF

Steel BOF

Blast Furnace

18

-81 -96

-121

-148 -162 -161

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

973

1 474 1 427 1 473

1 587

1 822

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

MMK Group revenue for Q2 2017

amounted to USD 1,926 mln, up

16.0% on Q1 2017. This was

primarily due to the growth in

finished products sales, stronger

rouble to US dollar, and changes

in finished products stocks in

traders’ warehouses.

Coal segment

Consolidation

Steel segment

(Russia)

Source: ММК

19

Q1 ‘16 Q2 ‘16 Q3 ‘16 Q4 ‘16 Q1 ‘17

MMK Group Revenue by Segments, mln USD Q2 ‘17

Steel segment

(Turkey)

Q1 ‘16 Q2 ‘16 Q3 ‘16 Q4 ‘16 Q1 ‘17 Q2 ‘17

43 41 47

76 85

78

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

115 133 125

149 150

187

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

MMK Group key financial highlights

423

11 24

-6

416

9 26 4

-20

180

380

Steel (Russia) Steel (Turkey) Coal Mining Eliminations

Q1 17 Q2 17

645

34 23 0

839

20 50

-2 -10

240

490

740

990

Steel (Russia) Steel (Turkey) Coal Mining Eliminations

H1 16 H1 17

311 345 299 294

242 291 305

352 414 409

153 178

143 96

82

157 165 148

159 147

0

200

400

600

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

COGS EBITDA/tonne

MMK Group key financial highlights

Average sales price in Q2 2017

decreased q-o-q due to correction in

global steel prices and the domestic

market prices.

EBITDA for the Russian steel

segment in H1 2017 grew 30.1% y-

o-y. This was mainly due to an

increase in the average sales price

by 47.1% and higher share of HVA

products amid an insignificant

decrease in finished product sales

volumes.

EBITDA for the coal segment in H1

2017 more than doubled y-o-y and

amounted to USD 50 mln. This

growth was due to a significant

increase in coking coal prices on the

global markets.

EBITDA/t vs metal sale price USD/t

Annual EBITDA* dynamics mln USD

Quarterly EBITDA dynamics mln USD

Source: ММК

MMK Group’s EBITDA for Q2 2017 amounted to USD 455 mln, up 0.7% on Q1 2017

MMK Group’s EBITDA in H1 2017 grew 29.2% y-o-y and amounted to USD 907 mln

324

556

464 523

442 390

448 470 500

573

* Adjusted to the effect from FMG stake sale

20

301 290

-16 -3 8

100

200

300

Slab cash-costQ1 2017

Raw materialsprice

Raw materialsstructure

Other factors Slab cash-costQ2 2017

Analysis of key financial highlights

Cash-cost of slab performance USD/t

Net profit mln USD

Q2 vs Q1 2017 revenue mln USD

The main factors that impacted

revenue in Q2 2017 were lower prices

for steel, higher sales volumes and

decrease of stocks held by traders

which are a part of MMK Group.

Cash cost of slab in Q2 2017 declined

USD 11 per tonne, or 3.7% q-o-q.

The key reason for the decline (USD

16 per tonne) was lower prices for key

raw materials.

In Q2 2017, the Company’s profit

amounted to USD 297 mln, up 23.2%

q-o-q.

Source: ММК

1 627 1 730 1 887 1 925 1 660

-94 61 16 87 157

38

0

1 000

2 000

Q1

20

17

Reven

ue

Pric

e c

han

ge

eff

ect

Pro

du

cts

vo

lum

es

FX

Oth

er S

teel

(R

ussia

)S

eg

men

tC

om

pan

ies

Q1

20

17

Reven

ue

MM

KM

eta

lurji

+C

oal M

inin

g

Q2

20

17

Reven

ue

196 272

78

-125

157

329 417

208 241 297

-130

-30

70

170

270

370

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

21

Depreciation & CAPEX

Quarterly CAPEX mln USD

Smart CAPEX mln USD

Depreciation mln USD

In Q2 2017, MMK Group CAPEX

amounted to USD 163 mln. The

growth on the previous quarter is in

line with the investment projects

schedule and is in part connected to

the stronger rouble rate.

In 2017, CAPEX is expected to

amount to RUB 38-39 bln. Since the

investments are mainly made in

roubles, CAPEX in US dollar terms will

be affected by high FX rate volatility.

Source: ММК

2 209

1 154

674 622 497 348 463

≈600

0

500

1 000

1 500

2 000

2 500

2010 2011 2012 2013 2014 2015 2016 2017

64 91 85

108 78 88

112

185

121

163

0

100

200

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 17 Q2 17

123

142 127

143

94

123 130

132

130 137

0

50

100

150

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

22

1 031

1 203

748 812 815

902

767

977

1 239 1206

Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17

Effective WoC management & Sustainable FCF generation

Free Cash Flow (FCF), mln USD

Source: ММК

As of Q2 2017, the working capital/revenue ratio was 15.6%

907

502

218

-216

-189

-284

0

250

500

750

1 000

EBITDA WoC Net financial cost, tax,etc.

FFO PPE FCF H1 17

23

Net working capital mln USD

Solid Free cash flow (FCF)generation mln USD

267

181

1 615

0

500

1 000

1 500

2 000

Liquidity sources Short-term Debt

Cash Credit lines

64

79

179

11

14

59

29 44

27

0

50

100

150

200

2017 2018 2019 2020 2021 andbeyond

Q1 Q2 Q3 Q4

137 182

89 30

80 53

2 2

0

100

200

300

400

31.12.2016 30.06.2017

USD EUR RUB Other

210

4

125

334

165 168

0

200

400

600

31.12.2016 30.06.2017

USD EUR RUB

MMK Group Debt profile

High level of liquidity mln USD

Debt maturity schedule mln USD

Debt and cash funds structure by currency mln USD

Net debt of MMK Group in Q2 2017

was USD 239 mln, with Net debt /

EBITDA ratio of 0.12x.

The share of debt which is

denominated in foreign currencies

(USD, EUR) as of 30.06.2017

amounted to approx. 67%.

The volume of cash funds and short-

term deposits on MMK Group’s balance

sheet (USD 267 mln) fully covers MMK

Group’s short-term debt.

MMK Group’s debt maturity schedule

does not presume any significant one-

off payments.

103

133

1 882

Source: ММК

Debt

500 506

C&CE and Deposits

267 308

24

25

0

0,5

1

1,5

2

2,5

2012 2013 2014 2015 2016*

Board of Directors approved new dividend policy, increasing dividend payouts to 50% of FCF

New dividend policy is approved – no less than 30% of FCF based on H1 and FY results

MMK dividend payments, RUB/share While making significant capital

investments (2000-2013) MMK

reinvested a significant part of its

cash flow into developing production

capacity

New growth points were identified to

help the Company successfully

navigate this period of economic

turbulence and progress to a stage of

financial stabilisation

This fundamentally new Company

has many more opportunities to

increase shareholder value and to

grow dividend payments in the long

term

* The recommended amount of payments for H2 2016 will be RUB 1.242 per share, subject to approval by the Annual

General Shareholders' Meeting

A new dividend story for a rejuvenated Company

Board of Directors recommended EGM to pay 75% of FCF as dividend for H1 2017

Supporting documents

Financial update 4 3

Introduction

1

26

Strategic update

2

27

Overview of high-potential investment projects 2016-2025

Project Description Timeframe Approximate CAPEX,

USD mln

New galvanising unit №3 Increase in output of galvanised products by 370 thousand tonnes per year 2016-2017 100

Reconstruction of hot-rolled products Mill 2500 New product line; reduction of consumption ratios 2017-2020 300

New sinter plant №5 Replacement of plant №4; increase in quality of agglomerate; reduction of pig iron production costs; reduced environmental impact

2017-2019 350

New coke battery Replacement of batteries №1 and №2; increase in coke quality; reduced environmental impact 2019-2021 300

New blast furnace Replacement of blast furnaces №7 and №8; increase in pig iron production volume; reduction of costs; reduced environmental impact

2022-2024 550

Co

sts

P

ro

du

cts

Environmental policy: focus on reducing environmental impact

28

25.5 25.2 24.3

22.0 20.5

18.0

6.5

2.1 2.0 2.0

1.8 1.6

1.4

0.5

0,0

1,0

2,0

3,0

0

6

12

18

24

30

2015 2016 2017 2018 2019 2020 2025

Atmospheric

emissions Effluent discharges

Between 2007 and 2025

Investments in

environmental activities Processing of slag heap

volumes

Dust emissions, thsd. t Per unit dust emissions, kg/tonnes of metal products

Total discharge, thsd. t Per unit discharges, kg/tonnes of metal products

77.2

62.9 62.2 58.2

30.8 28.0

20.7

7.0

5.6 5.4 4.9

2.6 2.3

1.7

0,0

3,0

6,0

9,0

12,0

0,0

20,0

40,0

60,0

80,0

100,0

2015 2016 2017 2018 2019 2020 2025

12.7

7.1

3.1

0.5

0

2

4

6

8

10

12

14

2015 2016 2017 2018 2019 2020 2025

Reduction in slag heap volumes, (million tonnes)

Reclamation of up to

2.1 million m2

of land

10.9 19.2

5.5

35.6 billion roubles

Waste recycling and reclamation activities

Air protection projects

Source: MMK

Water conservation projects

Occupational safety strategy: Safety is not work – it’s a way of life

29

Leadership from MMK’s management in occupational safety matters

Raising employee awareness

Responsiveness in occupational safety matters

Zero tolerance for rule violations

Continuous improvement of safety systems

Tools for achieving our goal:

Total elimination of fatal accidents

Goal:

DISCLAIMER

•THIS PRESENTATION IS FOR INFORMATION ONLY.

•THIS PRESENTATION IS FOR DISTRIBUTION IN UK ONLY AMONG THE PEOPLE HAVING PROFESSIONAL SKILL IN THE ISSUES RELATED TO INVESTMENTS WITHIN THE MEANING OF ARTICLE 19(5) OF DIRECTIVE ON FINANCIAL ADVERTISEMENT APPROVED IN 2005 ON THE BASIS OF LAW ON FINANCIAL SERVICES AND MARKETS 2000, OR THOSE PEOPLE, AMONG WHICH IT MAY BE LAWFULLY DISTRIBUTED. THIS INFORMATION IS CONFIDENTIAL AND PROVIDED TO YOU EXCLUSIVELY FOR YOUR REFERENCE. BY ACCEPTANCE OF THIS INFORMATION THE RECIPIENT HEREOF CONFIRMS THAT HE OR SHE IS A SPECIALIST IN THE SPHERE OF INVESTMENTS WITHIN THE MEANING OF ARTICLE 19(5) OF DIRECTIVE ON FINANCIAL ADVERTISEMENT APPROVED IN 2005 ON THE BASIS OF LAW ON FINANCIAL SERVICES AND MARKETS 2000, ACTING IN HIS OR HER NATURE. •THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER OR A PART THEREOF, OR INVITATION TO SELL OR TO ISSUE, OR TO SUBSCRIBE FOR OR OTHERWISE PURCHASE ANY SHARES IN THE COMPANY OR ANY OTHER SECURITIES AND NOTHING CONTAINED HEREIN SHALL FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER. •THE INFORMATION CONTAINED HEREIN IS SUBJECT TO VERIFICATION, COMPLETION AND MAY BE SIGNIFICANTLY CHANGED. NONE OF THE PERSONS IS LIABLE TO UPDATE OR MAINTAIN TOPICALITY OF THE INFORMATION CONTAINED HEREIN, AND THIS INFORMATION AND OPINIONS REFLECTED THEREIN COULD BE CHANGED WITHOUT ANY NOTIFICATION THEREABOUT. •THIS INFORMATION DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES TO BE SOLD IN RUSSIA, THE UNITED STATES OR ANY OTHER JURISDICTION. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE US SECURITIES ACT OF 1933,AS AMENDED, AND MAY NOT BE OFFERED OR SOLD INTO THE UNITED STATES EXCEPT IN A TRANSACTION REGISTERED UNDER SUCH ACT, OR NOT REQUIRED TO BE REGISTERED THERE UNDER, OR PURSUANT TO AND EXEMPTION FROM REGISTRATION REQUIREMENTS THEREOF. NO OFFERING OF SECURITIES IS BEING MADE INTO THE UNITED STATES. NO SECURITIES WILL BE REGISTERED UNDER THE APPLICABLE SECURITIES ACT OF ANY STATE OR TERRITORIAL ENTITY OF CANADA AND JAPAN. THIS PRESENTATION IS NOT SUBJECT TO MAILING, TRANSFERRING OR OTHER TYPE OF DISTRIBUTION IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA AND JAPAN, OR TO THE TERRITORY OR FROM THE TERRITORY OF THE SPECIFIED COUNTRIES TO THE NAME OF ANY ANALYST IN THE SPHERE OF SECURITIES OR OTHER PERSON IN ANY OF THE SPECIFIED JURISDICTIONS. YOU AGREE TO AVOID FROM DISTRIBUTION OF ANY REPORT RESULTING FROM THE SURVEY OR SIMILAR DOCUMENTS ON THE TERRITORY OF THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA AND JAPAN, SAVE AS IN ACCORDANCE WITH THE FEDERAL LAWS OF THE UNITED STATES ON SECURITIES INCLUDING SECURITIES ACT, AS WELL AS THE APPLICABLE LAWS OF CANADA, AUSTRALIA AND JAPAN, ACCORDINGLY. •THIS PRESENTATION INCLUDES THE STATEMENTS RELATED TO THE FUTURE, WHICH REPRODUCE THE INTENTIONS, OPINIONS AND CURRENT EXPECTATIONS OF THE COMPANY. THE STATEMENTS FOR THE FUTURE INCLUDE ANYTHING, WHICH IS NOT A FACT OCCURED. THE COMPANY TRIED TO HIGHLIGHT SUCH STATEMENTS RELATED TO THE FUTURE BY MEANS OF THE WORDS, SUCH AS “MAY”, “WILL”, “SHOULD”, “EXPECT”, “INTEND”, “EVALUATE”, “ASSUME”, “PLAN”, “TO HAVE AN OPINION”, “TRY”, “FORECAST”, “CONTINUE” AND SIMILAR WORDS OR THEIR NEGATIVE FORMS. SUCH STATEMENTS HAD BEEN DONE BASING ON THE ASSUMPTIONS AND ASSESSMENTS, WHICH MAY OCCUR FAULTY, THOUGH THE COMPANY CONSIDERS THEM REASONABLE AT THE CURRENT MOMENT. •SUCH STATEMENTS RELATED TO THE FUTURE ARE LINKED TO THE RISKS, UNCERTAINTIES AND ASSUMPTIONS, AS WELL AS TO OTHER FACTORS, WHICH MAY LEAD TO THE EVENT THAT ACTUAL RESULTS OF THE COMPANY’S ACTIVITY AND ACTIVITY OF THE MARKETS, ON WHICH IT OPERATES OR INTENDS TO OPERATE IN, THEIR FINANCIAL STATUS, LIQUIDITY, CHARACTERISTICS, PROSPECTS AND ABILITIES COUILD MATERIALLY DIFFER FROM THOSE, WHICH ARE EXPRESSED WITH THE HELP OF SUCH STATEMENTS RELATED TO THE FUTURE. THE IMPORTANT FACTORS, WHICH MAY RESULT IN SUCH DIFFERENCES, INCLUDE, INTER ALIA, CHANGING BUSINESS CONDITIONS AND OTHER MARKET CONDITIONS, COMMON ECONOMIC CONDITIONS IN RUSSIA, EU COUNTRIES, THE UNITED STATES OF AMERICA OR ANYWHERE ELSE, AS WELL AS THE ABILITY OF THE COMPANY TO MEET THE TRENDS IN THE INDUSTRY. THE MATERIAL DIFFERENCE OF THE ACTUAL RESULTS, FEATURES AND ACHIEVEMENTS MAY BE THE RESULT OF ADDITIONAL FACTORS. THE COMPANY AND ALL ITS DIRECTORS, OFFICERS, EMPLOYEES AND ADVISORS HEREWITH STATE THAT THEY ARE NOT OBLIGED TO ISSUE ANY UPDATE OF OR REVISE ANY STATEMENTS RELATED TO THE FUTURE CONTAINED HEREIN, OR DISCLOSE ANY CHANGES IN THE FORECASTS OF THE COMPANY OR EVENTS, CONDITIONS AND CIRCUMSTANCES, WHICH SUCH STATEMENTS RELATED TO THE FUTURE ARE BASED ON, SAVE AS IN THE CASES PROVIDED FOR BY THE APPLICABLE LAWS. •RECEIPT OF ANY COPY OF THIS INFORMATION TESTIFIES THE ACCEPTANCE OF THE ABOVE LIMITATIONS.

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