#1✓ อ Etalon Group SBER CIB "RUSSIA: THE INSIDE TRACK" CONFERENCE 19-21 MAY 2021#2INVESTOR PRESENTATION 1 DISCLAIMER THIS DOCUMENT, ITS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE COPIED, RECORDED, RETRANSMITTED OR FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, BY ANY MEDIUM OR IN ANY FORM FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS This document and any question and answer session that follows the oral presentation do not contain all of the information that is material to an investor. 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This presentation has not been approved by any competent authority. This presentation has been prepared by the Etalon Group plc (the "Company") information purposes in connection with the proposed offering (the "Offering") of the securities (the "Ordinary Shares" and "GDRs") by the Company. By reading the presentation slides, you agree to be bound by the following limitations and undertakings and acknowledge that you understand the legal sanctions attached to the misuse, disclosure or improper circulation of this presentation. This presentation does not purport to be all inclusive or to contain all the information that you may desire in analysing the Company or otherwise. This presentation is strictly confidential and, save as by prior approval in writing, this presentation or the information it contains may not, in whole or in part, be reproduced or redistributed, whether in print, electronic or any other format, to any other party. All rights to the material are reserved. 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Information in this presentation is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person and does not constitute an advertisement or offering of securities in Russia within the meaning of Russian securities laws and must not be passed on to third parties or otherwise be made publicly available in Russia. Solely for the purposes of the product governance requirements contained within: (a) Regulation (EU) 600/2014 as it forms part of domestic law in the United Kingdom by virtue of the EUWA ("U.K. MiFIR"); and (b) the FCA Handbook Product Intervention and Product Governance Sourcebook (together, the "U.K. MiFIR Product Governance Rules"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of U.K. MiFIR) may otherwise have with respect thereto, the Ordinary Shares and the GDRs have been subject to a product approval process, which has determined that the Ordinary Shares and the GDRs are: (i) compatible with an end target market of investors who meet the criteria of eligible counterparties, as defined in the FCA Handbook Conduct of Business Sourcebook, and professional clients, as defined in U.K. MiFIR; and (ii) eligible for distribution through all distribution channels as are permitted by U.K. MiFIR (the "U.K. Target Market Assessment"). Notwithstanding the U.K. Target Market Assessment, distributors should note that: the price of the Ordinary Shares and/or GDRs may decline and investors could lose all or part of their investment; the Ordinary Shares and the GDRs offer no guaranteed income and no capital protection; and an investment in the Ordinary Shares and/or the GDRs is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The U.K. Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering. Furthermore, it is noted that, notwithstanding the U.K. Target Market Assessment, Renaissance Capital, Sberbank CIB (UK) Limited and VTB Capital will only procure investors who meet the criteria of professional clients and eligible counterparties for the purposes of the U.K. MiFIR Product Governance Rules. For the avoidance of doubt, the U.K. Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of the U.K. MiFIR Product Governance Rules; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Ordinary Shares and/or the GDRs. Each distributor is responsible for undertaking its own target market assessment in respect of the Ordinary Shares and/or GDRs and determining appropriate distribution channels.Nothing contained in this presentation shall be deemed to be a forecast, projection or estimate of the Company's future financial performance. This presentation may contain statements, statistics and projections that include words such as "intends", "expects", "anticipates", "estimates" and words of similar import. All statements included in this presentation other than statements of historical facts, including, without limitation, those regarding financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives) are forward looking statements. By their nature, such statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No assurances can be given that such expectations will prove to be correct and actual results may differ materially from those projected because such statements are based on assumptions as to future economic performance and are not statements of fact. The Company expressly disclaims to the fullest extent permitted by law any obligation or undertaking to disseminate any updates to these forecasts, projections or estimates to reflect events or circumstances after the date hereof, nor is there any assurance that the policies, strategies or approaches discussed herein will not change. Nothing in the foregoing is intended to or shall exclude any liability for, or remedy in respect of, fraudulent misrepresentation.#3CONTENTS 1 OVERVIEW 2 MARKET TRENDS 3 FINANCIAL RESULTS 4 OPERATING RESULTS 2 5 INVESTOR PRESENTATION 6 9 36270344 17 49 PROJECT PORTFOLIO & ACQUISITION PIPELINE STRATEGY TO 2024 28 7 ESG 8 SELECTED PROJECTS#4INVESTOR PRESENTATION 3 Etalon Group ETALON GROUP OVERVIEW#5INVESTOR PRESENTATION ETALON GROUP AT A GLANCE ONE OF THE LONGEST-ESTABLISHED >30 years FOUNDED IN 1987 IN ST PETERSBURG, WE HAVE A LONG TRACK RECORD FOR RELIABILITY AND QUALITY PROVEN TRACK RECORD >7 mln sqm COMPLETED IN CORE REGIONS SINCE INCEPTION ONE OF THE MOST RELIABLE DEVELOPERS #2 ACCORDING TO THE FORBES RUSSIA RANKING IN 2019 HIGHEST QUALITY SCORE 5 out of 5 ACCORDING TO RUSSIAN UNIFIED REGISTER OF RESIDENTIAL REAL ESTATE DEVELOPERS (ERZ) STRONG POSITION IN ST PETERSBURG AND MOSCOW TOP 9 ETALON GROUP IS AMONG THE TOP 9 DEVELOPERS BY SALES ON THE PRIMARY REAL ESTATE MARKETS IN 2020(1) (1) according to DOM.RF OF THE LARGEST DEVELOPERS #6 ETALON GROUP IS THE #6 LARGEST DEVELOPER IN RUSSIA ACCORDING TO THE FORBES RUSSIA RANKING IN 2020 ONE OF THE LARGEST REGIONAL SALES NETWORK 59 59 CITIES COVERED BY ETALON GROUP'S OWN SALES OFFICES AND PARTNERSHIPS WITH LOCAL SALES AGENCIES FULL-CYCLE VALUE CHAIN INTEGRATED BUSINESS MODEL FROM LAND ACQUISITION TO DEVELOPMENT AND PROPERTY MAINTENANCE#6INVESTOR PRESENTATION 5 сл OUR CUSTOMER OFFERING TODAY RESIDENTIAL REAL ESTATE DEVELOPMENT GENERAL CONTRACTING UPPER-ECONOMY 2% " Emerald Hills, the last upper- economy project in the portfolio with NSA of 857 ths sqm, was launched in 2009 Today, 97% of residential NSA at the project has been sold COMFORT 27% " " Galactica, the largest comfort-class project in St Petersburg with NSA of 764 ths sqm, was launched in 2015 Etalon City, the largest comfort-class project in Moscow, has NSA of 366 ths sqm and was launched in 2013 BUSINESS 71% The first business-class project, Silver Fountain, was launched in 2017 In monetary terms, the share of business- class projects in NCS increased from 9% in 1Q 2018 to 47% in 1Q 2020 COMMERCIAL / INDUSTRIAL/SOCIAL Expoforum is one of the largest commercial construction projects in St Petersburg. Size: over 200 ths sqm; capacity: up to 10 ths delegates Etalon acted as a general contractor for Nissan Motor and Ford Motor companies and built new warehouses Source: Company data.#7INVESTOR PRESENTATION 6 Etalon Group MARKET TRENDS#8INVESTOR PRESENTATION 7 4.8 5.4 6.0 2010 2020 2030 URBANISATION POPULATION GROWTH (mln citizens) Number of cities with population exceeding 1 mln. 2010 2020 2030 REAL ESTATE DEMAND DRIVEN BY CONSUMERS SEEKING BETTER HOUSING 11.5 12.9 (10) 12.7 11.8 2010 2020 2030 LIVING CONDITIONS HOUSING STOCK PER 35 HOUSING STOCK OLDER THAN 1990 (%) 16 CAPITA (sqm) 20.3 31 ▲ 19% 13 ▲ 35% 26 15.6 23 ▲ 63% 19 19 62% 61% 57% 26% GENERATIONAL CHANGES SHARE OF GENERATION Y AND Z (UNDER 40) 5% 53% Gen Z (below 25) Gen Y (25-40) St Petersburg Moscow over 1 mln cities(1) Moscow over 1 mln cities (average) (1) St Petersburg Eastern Europe St Petersburg Moscow The population of Moscow and St Petersburg, as well as cities with over 1 million residents will continue to grow in the next decade. Russia still needs to improve living conditions; average living space per person is 23 sqm in cities with populations over 1 mln. Source: Rosstat, Mosstat, Petrostat, Eurostat, National statistics bureau, Company's estimates (1) Excluding Moscow and St Petersburg over 1 min cities (average)(1) 62% of the housing stock in Russia was built before 1990 and does not meet modern standards in terms of comfort, quality of the living environment and infrastructure. Share of young people without privatised property increased more than two-fold. Millennials are becoming first-time buyers. Even the oldest segment of generation Z has started buying property. 2015 2020#9INVESTOR PRESENTATION 8 HOUSING AFFORDABILITY IS AT RECORD HIGH LEVEL % RECORD LOW MORTGAGE RATES NATIONAL AVERAGE (%) % IMPROVED AFFORDABILITY WAGE TO ANNUITY PMT(1) AFFORDABILITY LEVEL SHARE OF HOUSEHOLDS THAT CAN AFFORD TO PURCHASE REAL ESTATE WIDE PROGRAMME OF STATE SUPPORT 13.4% 9.4% 50% 50% 2.4x 2.4x 2.2* 40% 7.6% 6% 1.6x 1.6x 1.4x 20% 20% 10% State support for families with children: from RUB 470 ths to RUB 1 mln Up 2.3 RUB Tax subsidies for property purchase: up to RUB 520 ths 2015 2019 2020 Subsidised Mortgage rates decreased to a record low on the back of record low Central Bank key rate and subsidised mortgage programme active through July 2021. 2015 Russia 2020 2015 2020 St Petersburg 2015 2020 Moscow Record high affordability even without the subsidised rate: in St Petersburg and Moscow it reached 2.3x and 2.1x, respectively. 2015 Russia 2020 2015 2020 St Petersburg 2015 2020 Moscow Number of people who can afford a purchase increased almost two-fold: more than 50% of the residents of St Petersburg and Moscow and more than 40% of people in cities with a population over 1 mln can afford it. Tax subsidies for mortgage interest payment: up to RUB 390 ths In support for families from regions outside Moscow and St Petersburg: up to RUB 436 ths (1) Ratio of average salary to average annuity payment under mortgage loans, including with a subsidised rate of 6.5% for 2020. Source: Rosstat, Bank of Russia#10INVESTOR PRESENTATION 9 Etalon Group FINANCIAL RESULTS#1110 10 INVESTOR PRESENTATION REVENUE ANALYSIS CONSOLIDATED REVENUE RUB mln 84,330 -7% RESIDENTIAL DEVELOPMENT REVENUE RUB mln -4% RESIDENTIAL DEVELOPMENT REVENUE BY REGION RUB mln MOSCOW FY 20 39,827 78,655 -3% 73,484 70,476 FY 19 41,021 ■ Revenue was impacted by lower recognition in 1H 2020 due to a decline in the signing of construction completion certificates caused by COVID-19 restrictions Record sales in 4Q and 12M 2020 helped the Company offset construction stoppages, with FY revenue amounting to RUB 78.7 bln FY 19 FY 20 FY 19 FY 20 Source: IFRS Financial statements ST PETERSBURG FY 20 30,649 -6% FY 19 32,463#12INVESTOR PRESENTATION ADJUSTED GROSS PROFIT HEALTHY GROWTH, STRONG MARGINS ADJUSTED(1) CONSOLIDATED GROSS PROFIT RUB mln ADJUSTED(1) RESIDENTIAL DEVELOPMENT GROSS PROFIT RUB mln ADJUSTED(1) RESIDENTIAL DEVELOPMENT GROSS PROFIT, MOSCOW RUB mln ADJUSTED(1) RESIDENTIAL DEVELOPMENT GROSS PROFIT, ST PETERSBURG RUB mln +13% +11% 25,796 24,987 22,735 22,420 11 +11% +13% 16,431 14,849 35% 33% 27% +6 p.p. 31% +5 p.p. 41% 36% +5 p.p. 8,556 7,571 +5 p.p. 23% 28% FY 19 FY 20 Pre-PPA gross profit Pre-PPA gross profit margin FY 19 FY 20 Pre-PPA gross profit Pre-PPA gross profit margin FY 19 FY 20 Pre-PPA gross profit FY 19 FY 20 Pre-PPA gross profit Pre-PPA gross profit margin Pre-PPA gross profit margin Source: IFRS Financial statements, y-o-y change was calculated without rounding (1) Adjusted for purchase price allocation from acquisition of Leader-Invest#13112 12 INVESTOR PRESENTATION GROSS PROFIT REACHES A RECORD LEVEL CONSOLIDATED GROSS PROFIT RUB mln RESIDENTIAL DEVELOPMENT GROSS PROFIT RUB mln RESIDENTIAL DEVELOPMENT GROSS PROFIT, MOSCOW RUB mln RESIDENTIAL DEVELOPMENT GROSS PROFIT, ST PETERSBURG RUB mln 20,057 +9% +7% 21,915 21,127 19,742 ①+3% +13% 12,171 12,571 30% 28% +4 p.p. 27% +3 p.p. 8,556 24% 7,571 30% 32% +2 p.p. 28% +5 p.p. 23% FY 19 FY 20 FY 19 FY 20 FY 19 FY 20 FY 19 FY 20 Gross profit Gross profit margin Gross profit Gross profit margin Gross profit Gross profit margin Gross profit Gross profit margin Source: IFRS Financial statements, y-o-y change was calculated without rounding#14INVESTOR PRESENTATION 13 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES GENERAL AND ADMINISTRATIVE EXPENSES RUB mln -28% 7,280 6,922 10% 5,235 SELLING EXPENSES RUB mln 3,318 4,822 -5% 4,560 9% 7% -2 p.p. 6% 6% 5% FY 18 FY 19 FY 20 G&A G&A as % of revenue Source: IFRS Financial statements, y-o-y change was calculated without rounding FY 18 FY 19 Selling expenses FY 20 Selling expenses as % of revenue • Selling, general and administrative expenses continue to decline in RUB terms Current efforts aimed at streamlining business processes and Company structure lead to a 28% drop in G&A expenses Selling expenses in RUB terms were down by 5%, even after new contract sales in monetary terms grew by 3% y-o-y#15INVESTOR PRESENTATION EBITDA ANALYSIS ADJUSTED EBITDA(1) RUB mln 14 11,175 +47% 16,482 EBITDA RUB mln 8,497 +48% 12,601 Recovery in profitability and optimisation of selling, general and administrative expenses supported a 47% increase in ADJUSTED EBITDA, which reached RUB 16.5 bln Adjusted EBITDA margin also increased significantly by 8 p.p. and amounted to 21% Even adjusted for PPA, EBITDA increased by 48% to RUB 12.6 bln 21% +8 p.p. 16% 13% 10% FY 19 FY 20 Pre-PPA EBITDA EBITDA margin Source: IFRS Financial statements, y-o-y change was calculated without rounding (1) Adjusted for purchase price allocation from acquisition of Leader-Invest FY 19 FY 20 EBITDA EBITDA margin +6 p.p. Source: IFRS Financial statements, y-o-y change was calculated without rounding#16INVESTOR PRESENTATION 15 CASH FLOW ANALYSIS OPERATING CASH FLOW(1) RUB mln FREE CASH FLOW(1) RUB mln 14,028 13,336 FY 19 +91% 26,786 3,906 FY 20 FY cash collections on escrow accounts ■Operating cash flow (OCF) less interest paid Source: IFRS Financial statements, y-o-y change was calculated without rounding (1) Incl. FY cash collections in escrow accounts (2) Free cash flow is calculated as profit for the year adjusted for depreciation, share-based payments, impairments, interest, taxation, change in working capital, and change in invested capital (16,624) 22,292 (588) ■ Operating cash flow adjusted for cash collections on escrow increased twofold to RUB 26.8 bln Free cash flow adjusted for cash collections on escrow returned to positive zone and reached RUB 22.3 bln in 2020 In 2020, cash collections on escrow accounts amounted to RUB 22.9 bln, with a cumulative balance of RUB 23.6 bln at 31 December 2020 (15,932) FY 19 FY 20 FY cash collections on escrow accounts ■Free cash flow (FCF) (2)#17INVESTOR PRESENTATION 16 ROBUST FINANCIAL POSITION AFTER 12M 2020 TOTAL DEBT(1) RUB bln 52.7 -4% 50.5 5.0 CASH AND CASH EQUIVALENTS RUB bln NET DEBT (CASH) RUB bln +55% 1.9x 1.2× Net corporate debt 21.5 19.6 49.5 31.9 23.6 0.7 45.5 31.2 25.9 (0.7) Coverage ratio for project finance debt 4.7x (18.6) to Adjusted LTM EBITDA ratio PROJECT LEVEL CORPORATE LEVEL 31.12.2019 Project debt Corporate debt 31.12.2020 Source: IFRS Financial statements, y-o-y change was calculated without rounding (1) Loans and borrowings as per IFRS statements 31.12.2019 31.12.2020 Cash in escrow accounts(2) Cash & cash equiv.(3) (2) Cash in escrow account is held off balance sheet until it is released following delivery of the purchased property (3) Including bank deposits over 3 months; excluding cash collections in escrow accounts (4) Project finance debt less cash on escrow account 31.12.2019 Net project debt (cash)(4) Net corporate debt 31.12.2020 Net corporate debt to Adjusted LTM EBITDA ● X.Xx Coverage ratio for project finance debt (calculated as cash in escrow accounts/project financing) " Net corporate debt to Adjusted LTM EBITDA decreased from 1.9x to 1.2x as of end-2020 All project finance obligations are well covered to access reduced interest rates ranging from 0.01% to 3.5% Average cost of borrowings declined from 9.4% at the end of 2019 to 8.3% at 31.12.2020#18INVESTOR PRESENTATION 17 Etalon Group OPERATING RESULTS#19DELIVERIES IN FY 2020 DELIVERIES ths sqm 18 622 540 INVESTOR PRESENTATION FY 19 FY 20 Source: Company data. (1) Totals may not add up due to rounding 36% FY 2020 DELIVERIES BY REGION ths sqm FY 2020 DELIVERIES BREAKDOWN ths sqm (1) 12 PROJECTS Moscow St Petersburg PROJECT Galactica Okhta House NSA, ths sqm 139 134 Normandy 89 Silver Fountain 67 Botanica 47 House on Kosmonavtov 26 Schastye v Kuzminkakh Schastye na Sokole Schastye v Sadovnikakh 64% Schastye na Presne Schastye v Kuskovo Wings TOTAL 9 9 16 7 6 6 0.4 540#20INVESTOR PRESENTATION 19 FY 2020 OPERATING RESULTS NEW CONTRACT SALES ths sqm NEW CONTRACT SALES RUB bln TOTAL CASH COLLECTIONS RUB bln 630 -15% 77.6 538 FY 19 FY 20 Source: Company data; change was calculated without rounding +3% 77.7 79.9 FY 19 FY 20 FY 19 +5% 82.0 FY 20 " Etalon exceeded its own best-case guidance for all metrics, despite a COVID-19 related slowdown in 1H 2020 ■ New contract sales and total cash collection reached record levels of RUB 79.9 bln and RUB 82.0 bln, respectively The number of new contracts amounted to 9,725 in FY 2020 Cash collections in escrow accounts amounted to RUB 22.9 bln in FY 2020, making it possible to reduce the cost of project financing to preferential interest rates ranging from 0.01% to 3.5%#2120 20 INVESTOR PRESENTATION FY 2020 OPERATING RESULTS: BREAKDOWN BY REGIONS NEW CONTRACT SALES ths sqm MOSCOW NEW CONTRACT SALES RUB bln TOTAL CASH COLLECTIONS RUB bln MOSCOW MOSCOW FY20 FY20 FY20 47 272 -10% +8% FY19 ST PETERSBURG 303 FY19 ST PETERSBURG 43 FY19 ST PETERSBURG 49 49 +7% 46 FY20 266 FY20 33 FY20 33 -19% -4% +4% 328 FY19 Source: Company data; change was calculated without rounding 34 FY19 32 FY19 A recovery in demand in 2H 2020 balanced out the decline in sales caused by COVID-19 in the first half of the year Total cash collections in FY 2020 rose year-on-year in both key regions#22INVESTOR PRESENTATION 1Q 2021 OPERATING RESULTS NEW CONTRACT SALES NEW CONTRACT SALES RUB bln ths sqm -22% 126 24 21 -10% TOTAL CASH COLLECTIONS RUB bln +2% 17.9 17.6 18.0 16.2 99 The number of new contracts amounted to 1,989 in 1Q 2021 Cash collections in escrow accounts amounted to RUB 4.9 bln in 1Q 2021, up by 23% year-on-year, making it possible to reduce the cost of project financing to preferential interest rates ranging from 0.01% to 3.5% • Deliveries in 1Q 2021 amounted to 3 ths sqm 1Q 2020 1Q 2021 1Q 2020 1Q 2021 1Q 2020 1Q 2021 Source: Company data; change was calculated without rounding#23INVESTOR PRESENTATION 1Q 2021 OPERATING RESULTS: BREAKDOWN BY REGIONS NEW CONTRACT SALES ths sqm MOSCOW NEW CONTRACT SALES RUB bln MOSCOW TOTAL CASH COLLECTIONS RUB bln MOSCOW " New contract sales in monetary terms decreased by only 13% in St Petersburg, due to a 40% increase in apartment prices in the region • Total cash collections in Moscow grew by 6% y-o-y 1Q 21 51.8 1Q 21 1Q 21 9.5 9.9 -13% -7% +6% 22 22 1Q 20 59.2 ST PETERSBURG 1Q 20 10.1 ST PETERSBURG 1Q 20 9.3 ST PETERSBURG 1Q 21 46.9 -30% 1Q 21 6.8 1Q 21 8.2 -13% -1% 1Q 20 66.8 7.8 1Q 20 Source: Company data; change was calculated without rounding 8.3 1Q 20#24INVESTOR PRESENTATION 23 AVERAGE PRICE AND DOWN PAYMENT PERFORMANCE AVERAGE PRICE RUB ths/sqm 142.4 122.0 AVERAGE APARTMENT PRICE AVERAGE DOWN PAYMENT RUB ths/sqm % 230.0 221.1 ▲ +11% 214.5 207.9 208.1 199.1 ▲ +26% 191.9 186.3 164.3 165.5 159.4 158.4 159.1 ▲ +15% 162.7 149.2 135.5 131.6 ▲ +40% 86% 85% 184.2 93% 92% 90% 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 Source: Company data; change was calculated without rounding Combined St Petersburg Moscow Average price for apartments increased by 26% year-on- year to a record high RUB 208.1 ths/sqm ■ Continued use of dynamic pricing in St Petersburg supported average apartment price growth of 40% year-on- year Average down payment remains at a high level of 90%, helped by mortgages, investment demand and a significant share of business class properties in the sales mix#25INVESTOR PRESENTATION MORTGAGE SALES NUMBER OF MORTGAGE CONTRACTS SIGNED -12% 24 830 730 MORTGAGE CONTRACTS AS A SHARE OF SALES AVERAGE MORTGAGE RATE IN RUSSIA(1) ■ Despite recent growth of the key rate by 0.25 p.p. mortgage rates in Russia are still at record lows, driven by the State support programme and a key rate of 4.5% Mortgage contracts as a share of apartment sales are at 63% amid low mortgage rates 63% 64% 65% 9.13% 63% 8.28% 52% 7.82% 47% 44% 44% 36% 37% 6.09% 5.93% 5.92% 3Q 19 4Q 19 1Q 20 2Q 20 3Q 20 Feb-21 1Q 2020 1Q 2021 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 -- Apartments Total Source: Company data; change was calculated without rounding (1) Weighted average interest rate on mortgage loans given to residents of Russia for acquisition of apartments on the primary market during the month, based on CBR data#26INVESTOR PRESENTATION 25 PLANNED LAUNCHES IN 2021 LAUNCHES OF PROJECTS FROM THE CURRENT PORTFOLIO WILL DIVERSIFY ETALON'S OFFER AND BOOST SALES ZIL-YUG Location MOSCOW NAGATINO I-LAND (PHASE 2) Launch of the 1st phase 2Q 2021 Location MOSCOW PROJECT ON LETNIKOVSKAYA STREET Launch of the 2nd phase April 2021 Location MOSCOW Launch of the project 2021 NSA to launch in 2021 109 ths sqm Income from sales RUB 360 bln Zil-Yug is the largest project in Etalon Group's Moscow portfolio. The unique concept and attractive location make it an excellent contribution to Etalon's sales portfolio. NSA to launch in 2021 80 ths sqm Income from sales RUB 73 bln Presales of the 1st phase of Nagatino i-Land launched in November 2019 reached 75% of available NSA, even though the buildings have yet to be commissioned. New acquisitions planned for 2021 through 2024 will further support sales dynamics NSA to launch in 2021 53 ths sqm Income from sales RUB 20 bln This business-class project is located in a well-established and prestigious central neighbourhood, a 10-minute drive from the Red Square and in close proximity to a business district. Source: Colliers International estimate as of 31.12.2020; Company data.#27INVESTOR PRESENTATION GUIDANCE FOR FY 2021 NEW CONTRACT SALES ths sqm NEW CONTRACT SALES RUB bln TOTAL CASH COLLECTIONS RUB bln 26 538 +10% 538 88.0 82.0 79.9 +10% 90.0 FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021 Source: Company data; FY 2021 figures are the Company's guidance.#2822 27 INVESTOR PRESENTATION REGIONAL SALES PERFORMANCE SHARE OF REGIONAL BUYERS 34% 36% 31% 30% 30% REGIONAL POPULATION ACTIVELY BUYS APARTMENTS IN MOSCOW AND ST PETERSBURG O Murmansk Apatity Petrozavodsk ⚫ Severodvinsk⚫ O Arkhangelsk Kaliningrad Ukhta ⚫ Usinsk SPMA ⚫ Siktivkar • Tver 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 Krasnogorsk⚫ MMA ETALON GROUP'S REGIONAL SALES GEOGRAPHY(1) REGION Leningrad region Yamalo-Nenets AD Krasnodar Krai Krasnoyarsk Krai Volgograd region Sakha Khanty-Mansi AD Rostov region Pskov region Other Russian regions Foreigners TOTAL O Norilsk ● Salekhard O Noviy Urengoy ● Nadim ● Gubkinsky Kirov ● Cheboksary ◆ Noyabrsk Saransk⚫ Belgorod • Volgograd Rostov-on-Don ◆ Saratov ●Penza ⚫ Perm Izhevsk Ekaterinburg O ⚫ Ufa Khanty-Mansiysk ❤ O Surgut Nefteyugansk Tyumen O Nizhnevartovsk ●Samara ◆ Chelyabinsk ◆ Magnitogorsk • Orenburg Omsk ⚫ Krasnodar SHARE OF TOTAL ⚫ Sochi CONTRACTS 3.0% 1.6% 1.0% 1.0% 0.9% 0.8% 0.8% 0.7% 0.7% 18.6% 0.7% 30.1% (1) Company data for 1Q 2021; change was calculated without rounding O Etalon Group's sales offices / representatives Established relationships / partnerships with local sales agencies Petropavlovsk-Kamchatsky O O Magadan O Yakutsk Mirniy ● Neryungri Komsomolsk-on-Amur Elizovo O Uzhno-Sakhalinsk Birobidzhan O Khabarovsk ■ Etalon Group's sales force focuses on regions with the highest per capita income levels ■ Key markets: St Petersburg and Moscow ■ 59 cities covered by 29 sales offices nationwide ▪ External professional marketing and sales service agents engaged nationwide ⚫ Ust-Ilimsk O Irkutsk Chita ◆ Krasnoyarsk ◆ Tashtagol Blagoveshchensk ● Ussuriysk Vladivostok O#29INVESTOR PRESENTATION Etalon Group 28 PROJECT PORTFOLIO & ACQUISITION PIPELINE#3029 29 INVESTOR PRESENTATION ETALON GROUP PORTFOLIO OVERVIEW MARKET VALUE OF PROJECTS PORTFOLIO bln RUB +28% +30% +24% +17% 0% +11% +10% +39% 0% +8% 127 116 104 104 89 72 55 43 191 177 176 33 144 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■Share of Etalon Group Non-controlling interest (¹) LANDBANK BY STAGE (2) REGIONAL BREAKDOWN (2) (2) LANDBANK BY SEGMENT 35% Construction 74% Moscow 13% Completed 0 52% Design 26% St Petersburg 27% Comfort 71% Business 1% Premium 2% Upper economy COMPLETED AND AVAILABLE FOR SALE PROPERTY The current portfolio includes 411 thousand sqm of completed and available for sale property at projects that are completed or still under construction. Completed and available for sale apartments at projects currently under construction amounted to 130 thousand sqm. Colliers International estimates potential income from the sale of all completed and available for sale property at RUB 35.6 billion, including RUB 21.4 billion from the sale of completed and available for sale apartments Source: Colliers International estimate as of 31.12.2020 (1) Sistema's 49% stake in Leader-Invest as of 2018 valuation publication date. Later in August 2019 Etalon Group consolidated 100% of Leader-Invest. (2) As % of Unsold NSA, in sqm terms. Percentages may not add up to exactly 100 due to rounding.#3130 INVESTOR PRESENTATION OPERATIONS IN ST PETERSBURG AND MOSCOW ST PETERSBURG O 000 10 O O MOSCOW 03 О Under construction Design stage Completed#3231 INVESTOR PRESENTATION PORTFOLIO REPLENISHMENT TO SUPPORT SALES PROJECTED PORTFOLIO REPLENISHMENT IN 2021 Source: Company data. ANALYSED LAND PLOTS 6 MLN SQM UNDER NEGOTIATION 3.5 MLN SQM TO BE ACQUIRED IN 2021 up to 1 min sqm • REGIONAL BREAKDOWN ACQUISITION BY ZONING ACQUISITIONS BY SEGMENT 79% St Petersburg 91% Unzoned land D 21% Moscow 9% Zoned land 29% Mid-market 68% Mass-market PROJECT PIPELINE FOR ACQUISITION: • Acquisition criteria: in line with strategic goal of 35% gross profit margin by 2024 3% High-end • • Estimated investments for acquisition of new projects to be made in 2021: up to RUB 30 bln Acquisition financing: instalment payments, project financing, SPO • Pipeline includes new cornerstone project in St Petersburg region to replace Galactica after its completion In addition, we will also consider regions with high economic potential and low entry costs#33PIPELINE OF PROJECTS FOR ACQUISITION # REGION DISTRICT PROJECTS READY TO BE ACQUIRED IN SEGMENT LAND ZONING (1) NSA, THS SQM (1)(2) EXPECTED DEVELOPMENT EXPECTED ACQUISITION PERIOD (¹) TIMING (1)(3) 2021 1 St. Petersburg Moskovsky mid-market not required 24 2021-2025 3Q 2021 2 St. Petersburg Primorsky mid-market not required 52 2021-2024 3Q 2021 3 St. Petersburg Petrogradsky high-end not received 49 2021-2026 3Q 2021 4 St. Petersburg Kalininsky mid-market not received 128 2021-2025 3Q 2021 32 5 St. Petersburg Admiralteysky mid-market not required 54 2022-2025 3Q 2021 6 St. Petersburg 7 St. Petersburg 8 St. Petersburg 9 St. Petersburg Vasileostrovsky Pushkinsky Vsevolozhsky, Leningrad region Pushkinsky mid-market not received 69 2022-2027 3Q 2021 mass-market not received 1,871 2023-2035 4Q 2021 mass-market received 134 2022-2026 4Q 2021 mass-market received 69 2022-2024 4Q 2021 " 10 St. Petersburg Pushkinsky mass-market not received 306 2022-2026 3Q 2021 INVESTOR PRESENTATION 11 St. Petersburg Moskovsky mid-market not received 25 2021-2025 4Q 2021 12 12 Moscow Preobrazhenskoye mid-market not received 439 2022-2027 3Q 2021 13 Moscow Meshchansky high-end not received 71 2022-2025 3Q 2021 Krasnogorsky, 14 Moscow mid-market not received 230 2022-2028 4Q 2021 Moscow region TOTAL 3,520 (1) Based on the information available on 26.04.2020 (2) Net sellable area of residential and commercial properties (3) In case of phased acquisition, the expected date of first payment Attractive location within St. Petersburg and Moscow • The considered projects should support the Company's goal of achieving the target profitability level IRR for project > WACC for the Group Prioritizing mid and largescale projects providing substantial base for long-term cash-flow generation Projects are ready to be acquired in 2021#34INVESTOR PRESENTATION 33 Etalon Group STRATEGY TO 2024 9#35INVESTOR PRESENTATION 34 CHANGING BUSINESS LANDSCAPE REQUIRES RETHINKING THE DEVELOPMENT STRATEGY 1 2 3 EXPENSIVE LAND IS THE NEW NORMAL, WITH A LIMITED PIPELINE OF GOOD QUALITY PROJECTS GROWING SOCIAL OBLIGATIONS ARE THE NEW NORMAL REDUCTION IN THE NUMBER OF SMALL PLAYERS, BUT GREATER COMPETITION AMONG THE TOP 20 IN MOSCOW AND ST PETERSBURG 45 67 RENOVATION PROGRAMME IN MOSCOW MAKES THE MASS MARKET SEGMENT THERE LESS ATTRACTIVE LIMITED UPSIDE POTENTIAL FOR HOUSEHOLD INCOME IN THE MEDIUM TERM, ALTHOUGH AFFORDABILITY IS AT RECORD HIGH GROWING CUSTOMER EXPECTATIONS GROWING INDUSTRY DIGITALISATION#3635 INVESTOR PRESENTATION THE STRATEGY TO 2024 AIMS TO REINVENT EACH STEP OF THE VALUE CHAIN 96 SALES END - TO LANDBANK MANAGEMENT END DIGITAL ARCHITECT CONSTRUCTION DESIGN PARTNERS AND SUPPLIERS NETWORK EASY TO SCALE FULLY-DIGITAL END-TO-END ARCHITECTURE 2 3 4 LESS CAPITAL-INTENSIVE APPROACH BASED ON ESTABLISHED RELATIONSHIPS WITH PARTNERS AND SUPPLIERS LONG-TERM FOCUS ON LANDBANK REPLENISHMENT TO ACHIEVE LEADERSHIP IN CORE REGIONS (MOSCOW AND ST PETERSBURG) AND EXPAND BUSINESS TO NEW REGIONS LEADERSHIP IN THE USE OF NEW DESIGN AND HOUSEBUILDING TECHNOLOGIES TO SUPPORT PROFITABILITY AND CASH FLOW GENERATION 5 CUSTOMER-CENTRIC APPROACH TO PRODUCT, SALES AND SERVICES#37INVESTOR PRESENTATION 36 END-TO-END DIGITAL ARCHITECTURE SAVES TIME, MONEY AND MATERIALS PARTNERS Joint ventures Share participation Long-term exclusive agreements UNIFIED CLOUD-BASED DIGITAL PLATFORM End-to-end data transfer across the entire value chain 99% ACCURACY WITH MASTER PLANNING STAGE PRICING AND PRODUCT INPUT LIMITATIONS MARKET ANALYSIS Big Data system for real-time and forecasted data analysis (price, demand, supply and competition level for any location) Automated screening for appropriate land plots GIS Land scanning with drones and transfer to automated master planning solution Deep integration with third party GIS services GO/NO GO DECISION MASTER PLANNING AND CONCEPT Express master plan and budget Automated data transfer to BIM Revit DESIGN Automated project documentation Online permitting process Automated generation of working documentation Full integration with BIM Revit CONSTRUCTION BIM 360 Build model for construction coordination and control Dashboard for real-time cost control SERVICE BIM model for ongoing maintenance and building repairs Inputs for further product improvement Proposal request Tendering best price PRE-DEVELOPMENT STAGE: LIMIT COSTS AND REDUCE TIME REQUIRED BY UP TO 6 MONTHS SUPPLIERS Selection of best value solution SALES Materials and components supply at contracted price Collecting feedback from residents REAL-TIME MONITORING OF COSTS AND TIMING of Etalon properties FEEDBACK ON PRODUCT#38INVESTOR PRESENTATION 37 ETALON AIMS TO BE A LEADER IN NEW CONSTRUCTION TECHNOLOGIES CAST-ON-SITE 2.0 Monolithic buildings to be standardised based on segment in Etalon Group's new product offering First building to be launched in 2021 Development and improvement of own expertise MODULAR Fully-finished prefabricated modules in new Etalon Group product offering In cooperation with UK-based Q. B. Technology First QBT building already completed / first Etalon Group planned launched in 2022 CLT Hybrid and fully cross-laminated timber (CLT) buildings First building is planned to be launched by the end of 2021 In cooperation with Segezha Group TRADITIONAL ON-SITE PLUS NEW INDUSTRIAL " MODERN PREFABRICATION Modern prefabrication technology First building to be launched around 2022 Etalon is considering different partnership options to implement this technique#39REINVENTED RESIDENTIAL DEVELOPMENT PROJECT LIFECYCLE TECHNOLOGY PROJECT IMPLEMENTATION CAST-ON-SITE Longer presale period of up to " GROUND WORKS ON-SITE CONSTRUCTION & PREPARATION TRANSFER TO SERVICE COMPANY 12 months Same months 3 shorter 38 INDUSTRIAL GROUND WORKS & PREPARATION months 1-2 longer ON-SITE CONSTRUCTION 6 months shorter PRODUCTION up 9 months INVESTOR PRESENTATION PRE-SALES SALES to 50% 3-6 longer months c. 30-40% 3-6 months CONSTRUCTION PERMIT GRANTED TRANSFER TO SERVICE COMPANY SALES POST- COMPLETION c. 20 % 20% C. BUILDING COMPLETION AND DELIVERY ■ On-site construction time " decreased by 3 months for traditional cast-on-site technology thanks to standardisation Construction time decreased by 6 months due to new industrial construction methods Simultaneous on-site construction and production of elements for industrial housing construction Higher level of funding on escrow accounts before construction starts will make it possible to secure the lowest project finance rate of c. 0%, lowering overall finance costs ■ Faster release of funds from escrow#40INVESTOR PRESENTATION LANDBANK STRATEGY WILL SHIFT TO LONG-TERM PLANNING TO ENSURE SUSTAINABLE NEW SALES GROWTH 1 FOCUS 2 PERMITTING STAGE NOW STRATEGY Moscow, St Petersburg Preferably zoned with project documentation Moscow, St Petersburg plus new regions Unzoned with and without landlord guarantee of receipt of planning permission, plus zoned to compensate for deficit in core regions 39 3 TIME TO LAUNCH SALES 6-12 months 4 PERMITTING RISK Low 5 INVESTMENT HORIZON Short 6 ACQUISITION COST High 24-36 months Moderate Long Moderate 7 IMPACT ON PROFITABILITY Negative to Moderate Positive#4140 40 INVESTOR PRESENTATION LANDBANK STRUCTURE BALANCED BY REGION AND PROJECT SIZE REGIONAL BREAKDOWN OF LANDBANK mln sqm LANDBANK STRUCTURE BY PROJECT SIZE IN CORE REGIONS 1 flagship project >6.0 10% 40% (¹) 2.8 50%(1) 26% 74% 2020 2024 mid size projects small size business and premium REPLENISHMENT PRINCIPLES Deficit compensation up to 1 mln sqm in 2021 Annual landbank replenishment by at least the same amount as Etalon Group plans to sell during the period Acquisition of new unzoned land in Moscow and St Petersburg to ensure market share growth by 2023-2024 Only value-creative regional expansion with limited entry cost Targeting presence in at least 5 regions by 2024 Target balanced portfolio of large-scale, mid- and small-sized projects to ensure diversified product offering Moscow St Petersburg New regions Up to 1 min sqm 50-300 ths sqm 5-30 ths sqm (1) Including 20%-30% of unzoned land for potential development#42INVESTOR PRESENTATION 41 MOST COMPETITIVE IN LAND ACQUISITION DUE TO COST LEADERSHIP STRATEGY LANDBANK REPLENISHMENT PRICE CALCULATION UPPER LIMIT FIXED for each location FIXED by new strategy commitment to shareholders MANAGEABLE component: key focus area LIMITED FOR EACH LOCATION 35% GROSS MARGIN Higher construction cost with same land acquisition cost makes the Company less profitable than competitors SWEET SPOT Aim to minimise to a level more than competitors have OFFER BEST PRICE for land vs competitors ACCEPTABLE COST ■ Cost leadership strategy enables Etalon to be more competitive for new land acquisition while also earning a higher profit margin ■ A lower purchasing price for unzoned land creates additional upside potential for profitability ■ Automated land screening " system provides Etalon faster access to attractive new land for potential development Offer a variety of instalment and profit-sharing schemes to decrease pressure on the balance sheet APARTMENT SELLING PRICE REQUIRED GROSS MARGIN Higher construction cost with same profitability makes the Company less competitive for land acquisition CONSTRUCTION COST FINAL ACQUISITION COST PROFITABILITY UPSIDE LAND COST#43INVESTOR PRESENTATION 42 BALANCED APPROACH TO REGIONAL EXPANSION SUPPORTED BY LONG TRACK RECORD WORKING IN RUSSIAN REGIONS REGION POPULATION C. 1 mln people Or candidates with strong population growth trends backed by both natural growth and migration TARGET PROFITABILITY SAME AS CORE REGIONS Backed by lower land acquisition price and appropriate market conditions to guarantee reasonable selling price AFFORDABILITY At least 20-30% Of a region's population who can afford at least Etalon.Start product (mass-market) using mortgage financing to ensure sustainable demand (1) Company data for 1Q 2020 ENTRY STRATEGY PARTNERSHIP OR PILOT WITH FURTHER EXPANSION Cooperation with local player or limited size pilot project with option for further expansion if successful ESTABLISHED TRACK RECORD IN REGIONAL MARKETS O Murmansk Petrozavodsk Severodvinsk ❤ ◆ Kaliningrad SPMA Krasnogorsk⚫ MMA ●Belgorod ⚫ Tver Saransk ●Penza • Volgograd Rostov-on-Don ● Saratov ⚫ Krasnodar ⚫ Sochi Apatity ● Arkhangelsk Ukhta Siktivkar • Usinsk Salekhard O Norilsk O Noviy Urengoy Nadim ◆ Gubkinsky Kirov ● Cheboksary ◆ Noyabrsk ♦ Perm Izhevsk Ekaterinburg O ⚫Ufal Khanty-Mansiysk ● O Surgut • Nefteyugansk Tyumen O Nizhnevartovsk ●Samara ● Chelyabinsk ◆ Magnitogorsk Omsk ⚫ Orenburg O Etalon Group's sales offices/ representatives Established relationships / partnerships with local sales agencies Petropavlovsk-Kamchatsky O O Magadan Elizovo O Yakutsk ● Mirniy ● Neryungri Komsomolsk-on-Amur ● O Uzhno-Sakhalinsk ⚫ Ust-Ilimsk O Irkutsk ⚫ Chita ◆ Krasnoyarsk ◆ Tashtagol Birobidzhan O Khabarovsk Blagoveshchensk ⚫ Ussuriysk Vladivostok O 59 CITIES COVERED >19 YEARS ON THE REGIONAL MARKET >30% OF ANNUAL SALES FROM REGIONAL BUYERS(1)#44STRATEGY 2024 FINANCIAL TARGETS 43 43 3 INVESTOR PRESENTATION 6 5 1 NEW CONTRACT SALES GROWTH 2 ADJUSTED GROSS MARGIN SG&A TO REVENUE 4 ADJUSTED (PRE-PPA) EPS GROWTH NET CORPORATE DEBT TO ADJUSTED EBITDA REPORTED OCF 7 DIVIDENDS 2024 Strong double digit >35% 10% > Revenue growth 2x-3x Positive min. RUB 12 per GDR + net profit growth upside#45INVESTOR PRESENTATION 44 Etalon Group ESG#4645 45 INVESTOR PRESENTATION CORPORATE GOVERNANCE AT ETALON BOARD OF DIRECTORS COMPOSITION 11 BOARD OF DIRECTORS MEMBERS R Chairman 2 Representatives of Sistema PJSFC C E 2 Executive Directors SERGEY EGOROV OLEG R R MUBARAKSHIN GENNADIY SHCHERBINA MAXIM E Ε BERLOVICH ① 6 Independent Directors ALEXANDR VOLOSHIN BORIS SVETLICHNY MARINA OGLOBLINA DENNIS MARTIN VINOKOUROV COCKER CHARALAMPOS AVGOUSTI GANNA KHOMENKO 4 BOARD COMMITTEES 1. Strategy Committee 2. Remuneration & Nomination Committee 3. Audit Committee 4. IR and Information Disclosure Committee#47INVESTOR PRESENTATION 46 GOALS OF THE UN GLOBAL COMPACT UN SUSTAINABLE DEVELOPMENT GOALS ■ Etalon Group is not a party to the UN Global Compact, but it does support the UN's sustainability goals and principles. ■ We have identified six Sustainable Development Goals (SDGs) related to our operations and our ability to make a significant contribution to their achievement. The SDGs that we contribute to may change as we improve our strategy on corporate and social responsibility and as we develop specific measurable goals. 3 GOOD HEALTH AND WELL-BEING W 4 QUALITY EDUCATION 5 GENDER EQUALITY 7 AFFORDABLE AND CLEAN ENERGY 8 DECENT WORK AND ECONOMIC GROWTH 9 AM INDUSTRY, INNOVATION AND INFRASTRUCTURE 11 SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION 13 CLIMATE ACTION 14 LIFE BELOW WATER 15 ON LAND LIFE 16 PEACE, JUSTICE AND STRONG INSTITUTIONS AND PRODUCTION QO#48INVESTOR PRESENTATION 47 NEW STRATEGIC INITIATIVES AND ESG GOALS CLT BUILDING CONSTRUCTION LIMITED NOISE for people living in CLT buildings due to the material's natural sound insulation NEUTRAL CARBON FOOTPRINT over the lifetime of a CLT building (1) BEST ECO INDEX 3 for solid timber construction material (influence on the environment) (2) 3 GOOD HEALTH WELL-BEING 11 SUSTAINABLE CITIES 7 AFFORDABLE AND CLEAN ENERGY 13 CLIMATE ACTION MODULAR BUILDING CONSTRUCTION -50% IN SITE CO2 EMISSIONS for a modular building comparing to a standard building (3) -30% SITE WATER CONSUMPTION ZERO WASTE GENERATED ON SITE 3 GOOD HEALTH 11 7 AFFORDABLE AND CLEAN ENERGY 13 CLIMATE ACTION LANDBANK STRUCTURE CREATING OF EDUCATIONAL AND SOCIAL INFRASTRUCTURE Due to the presence of one big anchor and several medium-sized integrated development projects in each core city, we will create education and social infrastructure for new residents SUSTAINABLE CITIES ::::: B2B SERVICES, PARTNERSHIP FOR BUILDING ALLIANCES By creating different partnership alliances and offering other companies access to our technologies via B2B services, we will expand our know-how to other companies, PROMOTING SUSTAINABLE INDUSTRIALISATION AND FOSTERING INNOVATION (1) Source: Royal Institution of Chartered Surveyors (2) Source: Ökoindex3 (3) Source: Royal Institution of Chartered Surveyors, estimated data for modular building created under Design for Manufacture and Assembly method (DfMA) SUSTAINABLE CITIES 11 AND COMMUNITIES 9 INDUSTRY, INNOVATION 11 AND INFRASTRUCTURE SUSTAINABLE CITIES AND COMMUNITIES 12 RESPONSIBLE CONSUMPTION AND PRODUCTION Q#492020: ACTIONS AND RESULTS ACTIONS 3 GOOD HEALTH AND WELL-BEING W RESULTS Enhanced safety monitoring system and trained 225 employees in operational health and safety ZERO FATALITIES or accidents leading to disabilities ACTIONS 11 SUSTAINABLE CITIES AND COMMUNITIES Delivered five educational institutions for children RESULTS 48 ACTIONS 7 AFFORDABLE AND CLEAN ENERGY Increased operational efficiency, further optimised logistics routes at construction sites ACTIONS 12 RESPONSIBLE CONSUMPTION AND PRODUCTION RESULTS INVESTOR PRESENTATION 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE (1) Production unit data RESULTS -5% year-on-year reduction in fuel consumption during construction in 2020(1) QO ACTIONS Implemented advanced digital solutions to create an even more efficient design system ACTIONS 13 CLIMATE ACTION RESULTS Company project underwent a completely digital state expert review-a first for Russia 7 THS SQM total area of the built pre-schools, with another preschool of 3 THS SQM delivered in 1Q 2021 Used lean approach and BIM technologies to improve environmental footprint -17% year-on-year reduction in produced solid waste in 2020(1) Invested in waste management, disposed of all recyclable construction waste RESULTS RUB 13.5 MLN spent on waste management, 233 TONNES of construction waste recycled in 2020(1)#5049 49 INVESTOR PRESENTATION Etalon Group SELECTED PROJECTS#51INVESTOR PRESENTATION 50 GALACTICA TOTAL NSA 764 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 21,620 mln APRIL 2021 DECEMBER 2020 INCOME FROM SALES (1) REGION RUB 77,863 mln St Petersburg#5251 54 INVESTOR PRESENTATION PETROVSKIY LANDMARK TOTAL NSA 89 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 4,941 mln APRIL 2021 DECEMBER 2020 INCOME FROM SALES (1) REGION RUB 15,316 mln St Petersburg#5362 52 INVESTOR PRESENTATION SILVER FOUNTAIN APRIL 2021 DECEMBER 2020 OPEN MARKET VALUE(1) INCOME FROM SALES (1) REGION RUB 45,493 mln Moscow TOTAL NSA 226 ths sqm (1) Colliers International estimate as of 31.12.2020. RUB 17,973 mln#5433 53 INVESTOR PRESENTATION NORMANDY 11 121 11 AV AL 41 TW TT 20 2 B APRIL 2021 DECEMBER 2020 OPEN MARKET VALUE(1) INCOME FROM SALES(1) REGION RUB 15,989 mln Moscow TOTAL NSA 124 ths sqm (1) Colliers International estimate as of 31.12.2020. RUB 3,029 mln#55Etalon Group SBERCIB "RUSSIA: THE INSIDE TRACK" CONFERENCE