#1ETALON MOSCOW EXCHANGE INTERNATIONAL FORUM 2021 23 NOVEMBER 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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Nothing in the foregoing is intended to or shall exclude any liability for, or remedy in respect of, fraudulent misrepresentation.#33 CONTENTS 1 OVERVIEW 2 MARKET TRENDS TRANSFORMATION AND RECENT DEVELOPMENTS 4 2 OPERATING RESULTS 5 FINANCIAL RESULTS 6 PROJECT PORTFOLIO 7 STRATEGY TO 2024 8 ESG INVESTOR PRESENTATION 9 SELECTED PROJECTS 41 53 59 3626222 9 16#4INVESTOR PRESENTATION 3 ETALON 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 2021 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 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 TRANSFORMATION AND RECENT DEVELOPMENTS 3#11INVESTOR PRESENTATION 10 NEW LAUNCHES IN 2021 LAUNCHES OF PROJECTS FROM THE CURRENT PORTFOLIO WILL DIVERSIFY ETALON'S OFFER AND BOOST SALES ZIL-YUG NAGATINO I-LAND (STAGE 2) VOXHALL (PROJECT ON LETNIKOVSKAYA ST.) Location MOSCOW NSA of 1,2 stages 285 ths sqm Launch of the 1st and 2nd stages April October 2021 Expected 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. Location MOSCOW NSA of the 2nd stage 109 ths sqm October 2021 Launch of the 2nd stage April 2021 Location Launch MOSCOW Expected income from sales NSA 66 ths sqm RUB 73 bln Based on the principle of integrated development, the project includes residential space, office centres, as well as social, medical, sports and commercial infrastructure. New acquisitions planned for 2021 through 2024 will further support sales dynamics Source: Colliers International estimate as of 31.12.2020; Company data, NSA was updated in accordance with received documentation Expected 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 Red Square and in close proximity to a business district.#12INVESTOR PRESENTATION 11 NEW ACQUISITIONS IN RUSSIAN REGIONS ETALON HAS ENTERED INTO TWO NEW REGIONS AND ADDED 1.7 MLN SQM TO ITS PORTFOLIO OMSK Total NSA 1.4 mln sqm Residential & commercial NSA 1.0 mln sqm Construction timeline 2021-2030 ST PETERSBURG MOSCOW Core cities New regions OMSK NOVOSIBIRSK NOVOSIBIRSK Total NSA 0.28 mln sqm Residential & commercial NSA 0.26 mln sqm Construction timeline 2022-2026#13INVESTOR PRESENTATION 12 NEW ACQUISITION PROGRAMME ACQUISITION PIPELINE FOR 2021 COMPRISES 2.7 MLN SQM, INCLUDING 1 MLN SQM IN CORE CITIES (1) BREAKDOWN BY STAGE NSA, mln sqm (1) Moscow and St Petersburg Source: Company data (1) Net sellable area 0.2 0.8 1.7 +2.7 mln sqm 1.7 New regional markets 1.0 Current regions Acquired Under negotiation Acquired in Russian regions 2021 pipeline PROJECT PIPELINE FOR ACQUISITION: YTD Etalon has acquired three projects in St Petersburg and entered into two new regions ⚫ YTD acquisitions in core cities and new regions amount to 1.9 mln sqm Estimated investments for acquisition of new projects to be made in 2021: up to RUB 30 bln • Acquisition financing: instalment payments, project financing, proceeds from SPO#14INVESTOR PRESENTATION 13 TRANSFORMATION TIMELINE Determination of target functional and organisational structures Transformation of treasury, procurement, and accounting functions Further improvement of motivation system Full Implementation of Group's revised organisational structure Test launch of "digital quarter" project (IoT systems) Acquired stake in QBT and chose test site for construction of a non- commercial modular project Reduction of number of legal entities by 30% Creating and reengineering of CJM • Roll-out and testing of Al systems for analysing the competitive environment Completion of development and first implementation of Etalon standard product in the mid-market segment Start of testing of new modular building technologies Roll-out of automated systems for analysing future demand 1Q 2021 2Q 2021 3Q 2021 4Q 2021 2Q 2022 TRANSFORMATION WILL CONTINUE UNTIL 2Q 2022#15INVESTOR PRESENTATION 14 ACQUISITION OF STAKE IN QB TECHNOLOGY ETALON. PARTNERSHIP DEAL OVERVIEW Modular construction of multi-storey buildings with finished and ready-to-assemble modules prepared at the factory. EXPECTED IMPACT 40% SHORTER CONSTRUCTION CYCLE >20% LOWER CONSTRUCTION COSTS LIMITED CAPEX FULLY FIT-OUT BETTER QUALITY ZERO WASTE PARTNERSHIP HIGHLIGHTS " Etalon Group acquired a 35% stake in QB Technology with an option to further increase its ownership share Technology used by the company enables the construction of buildings of various formats and functional purposes, including housing projects, build-to-rent housing, hotels and student FOCUS AREA Short-term Apartments (as developer) ■ Hotels (as general contractor) Mid-term Etalon. Start and Etalon.Comfort residential buildings for mass- and mid-market segment 844 371 564 Om A 01268 722300 QB.technology#16INVESTOR PRESENTATION 15 MODULAR CONSTRUCTION PRODUCTION ETALON. PARTNERSHIP METAL FRAME FINISHED MODULE FIT-OUT PRODUCTION 2 WEEKS PRODUCTION 3 WEEKS WORK 1 WEEK QB.technology#17INVESTOR PRESENTATION 16 ETALON OPERATING RESULTS#1817 INVESTOR PRESENTATION DELIVERIES IN 9M 2021 DELIVERIES ths sqm 193 184 9M 2020 Source: Company data. 9M 2021 9M 2021 DELIVERIES BY REGION ths sqm 49% Moscow 9M 2021 DELIVERIES BREAKDOWN ths sqm PROJECT Summer Garden 4 PROJECTS Etalon on the Neva Moscow Gates 51% St Petersburg Etalon City TOTAL NSA, ths sqm 87 76 18 3 184#19INVESTOR PRESENTATION 18 9M 2021 OPERATING RESULTS NEW CONTRACT SALES NEW CONTRACT SALES RUB bln ths sqm 371 -15% +11% TOTAL CASH COLLECTIONS RUB bln +14% 60.2 The number of new contracts amounted to 6,155 in 9M 2021 Cash collections in escrow accounts amounted to RUB 22.7 bln in 9M 2021, up by 64% year-on-year, making it possible to reduce the cost of project financing to preferential interest rates ranging from 0.01% to 3.5% 59.5 317 53.5 52.8 9M 2020 9M 2021 9M 2020 9M 2021 9M 2020 9M 2021 Source: Company data; change was calculated without rounding#20INVESTOR PRESENTATION 9M 2021 OPERATING RESULTS: BREAKDOWN BY REGION NEW CONTRACT SALES ths sqm MOSCOW NEW CONTRACT SALES RUB bln TOTAL CASH COLLECTIONS RUB bln • In Moscow new contract MOSCOW MOSCOW 9M 21 180.6 9M 21 -3% 39.2 9M 21 +25% 38.3 +27% 19 9M 20 ST PETERSBURG 186.0 9M 20 31.4 ST PETERSBURG 9M 20 30.2 ST PETERSBURG 9M 21 136.8 -26% 9M 21 20.4 -8% 9M 21 21.9 -3% 9M 20 185.5 22.1 9M 20 Source: Company data; change was calculated without rounding 22.5 9M 20 sales in monetary terms grew by 25%, while total cash collections increased by 27% y-o-y New contract sales in monetary terms decreased by 8% in St Petersburg. Lower sales were the result of a limited offering in the region Sales in St Petersburg are still under pressure due to limited inventory • Recovery of sales in St Petersburg is expected in 2022#2120 20 INVESTOR PRESENTATION 9M 2021 PERFORMANCE AGAINST FY 2021 GUIDANCE NEW CONTRACT SALES ths sqm NEW CONTRACT SALES RUB bln TOTAL CASH COLLECTIONS RUB bln 538 538 80 FY 2020 Actual performance Forecast performance Source: Company data 59% FY 2021 guidance FY 2020 +10% Actual performance Forecast performance 88 68% +10% 82 90 FY 2021 FY 2020 guidance Actual performance Forecast performance 67% FY 2021 guidance#22INVESTOR PRESENTATION 3Q 2021 OPERATING RESULTS NEW CONTRACT SALES NEW CONTRACT SALES RUB bln ths sqm 150.5 24 21 136.7 -36% 96.5 17.1 24.0 -23% TOTAL CASH COLLECTIONS RUB bln -9% 21.2 19.3 18.4 16.1 " High base effect is caused by release of pent-up demand in 3Q 2020 after recovery following lifting of lockdown measures and launch of subsidised mortgage programme The number of new contracts amounted to 1,869 in 3Q 2021 ■ Cash collections in escrow accounts amounted to RUB 8.3 bln in 3Q 2021, up by 47% 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 3Q 2021 amounted to 181 ths sqm 3Q 2019 3Q 2020 3Q 2021 3Q 2019 3Q 2020 3Q 2021 3Q 2019 3Q 2020 3Q 2021 Source: Company data; change was calculated without rounding#2322 22 INVESTOR PRESENTATION AVERAGE PRICE AND DOWN PAYMENT PERFORMANCE AVERAGE PRICE RUB ths/sqm 164.3 159.4 158.4 AVERAGE APARTMENT PRICE RUB ths/sqm AVERAGE DOWN PAYMENT % 283.1 ▲ +32% 262.3 93% 92% 244.9 230.0. 236.3 ▲ +31% 90% 221.1 203.9 214.5 190.6 208.1 ▲ +20% 186.3 191.9 ▲ +35% 201.7 184.2 184.1 162.7 149.2 93% 88% Average price for all sold real estate declined in 3Q 2021 compared to 2Q 2021 due to higher share of parking spaces in total sales • Average price for apartments increased by 31% y-o-y to a record high RUB 244.9 ths/sqm Average price in St Petersburg was up by 35% to RUB 202 ths/sqm ■ The launches of ZIL-Yug and new stage in Nagatino i- Land pushed up the average price in Moscow. to 88% due to lower share of mortgage sales 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 Source: Company data; change was calculated without rounding Combined St Petersburg Moscow#24INVESTOR PRESENTATION 23 MORTGAGE SALES NUMBER OF MORTGAGE CONTRACTS SIGNED MORTGAGE CONTRACTS AS A SHARE OF SALES 1,260 67% 64% 65% 66% 63% 8.28% 7.82% 734 47% 47% 44% 39% 37% AVERAGE MORTGAGE RATE IN RUSSIA(1) 6.39% 6.10% 5.83% 5.91% 5.94% ■ Mortgage rates in Russia are still supported by the State programme for families with children in Etalon's core cites and by prolonged state subsidised programme in other regions ■ Despite the change in the subsided mortgage programme, mortgage contracts as a share of apartment sales are at 66%, up by 2 p.p. y-o-y Mortgage contracts as a share of total contracts decreased y-o- y due to higher number of parking spaces sold in 3Q 2021 5.48% 3Q 2020 3Q 2021 3Q20 4Q20 1Q21 2Q21 3Q21 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Aug-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#25INVESTOR PRESENTATION 24 SALES PORTFOLIO sqm(1) 3Q 2020 NEW CONTRACT SALES BY PROJECT Galactica 13% Other projects in St Petersburg 3Q 2021 NEW CONTRACT SALES BY PROJECT sqm (1) Wings Emerald Hills Nagatino i- Land Galactica Other projects in St Petersburg Wings Nagatino i- Land 12% 11% 7% Silver Fountain Other projects in Moscow Project on Normandy Chernigovskaya street 7% 6% 6% 5% Okhta House Summer Garden Etalon Domino on the Neva Botanica 10% 9% Zil-Yug Normandy 7% Other projects in Moscow 6% Etalon on Botanica Summer Garden Petrovskiy Landmark 2% Domino Nagatino-i-Land, Wings and ZIL- Yug reached a 23% share of sales volume ■ Launched in April, the ZIL-Yug project accounted for 7% of 3Q 2021 sales in sqm terms and 10% of sales in RUB terms. " The share of business class projects amounted to 41% and 58% in sqm and monetary terms, respectively New contract sales in St Petersburg and Moscow respectively amounted to 49% and 51% in sqm terms, and 39% and 61% in monetary terms 6% 19% 7% Emerald Hills Silver Fountain the Neva Okhta House 3% 4% 3% 2% 12% 6% 6% 4% Petrovskiy Landmark 1% 10% 6% 4% (1) Share calculated based on all sales. totals may not add up to 100%. Source: Company data; Total may not add up due to rounding Project on Chernigovskaya street 2% 2% 2%#26REGIONAL SALES PERFORMANCE SHARE OF REGIONAL BUYERS 36% 32% 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 25 • Tver 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 Krasnogorsk⚫ MMA INVESTOR PRESENTATION ETALON GROUP'S REGIONAL SALES GEOGRAPHY(1) REGION Leningrad region Yamalo-Nenets AD Krasnoyarsk Krai Khabarovsk Krai Sakha Tatarstan Khanty-Mansi AD Krasnodar Krai Rostov 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 2.7% 1.7% 1.5% 1.3% 1.1% 1.0% 1.0% 0.8% 0.7% 18.3% 0.7% 30.9% (1) Company data for 3Q 2021; change was calculated without rounding O Etalon Group's sales offices / representatives Established relationships / partnerships with local sales agencies Elizovo Petropavlovsk-Kamchatsky O O Magadan O Yakutsk Mirniy ● Neryungri Komsomolsk-on-Amur ⚫ Ust-Ilimsk O Irkutsk Chita ◆ Krasnoyarsk ◆ Tashtagol O Uzhno-Sakhalinsk Birobidzhan O Khabarovsk Blagoveshchensk ● Ussuriysk Vladivostok O ■ Etalon Group's sales force focuses on regions with the highest per capita income levels ■ Key markets: St Petersburg and Moscow New regional markets: Omsk and Novosibirsk ■ 59 cities covered by 29 sales offices nationwide ■ External professional marketing and sales service agents engaged nationwide#27INVESTOR PRESENTATION 26 ETALON FINANCIAL RESULTS#2827 27 INVESTOR PRESENTATION 1H 2021 REVENUE ANALYSIS CONSOLIDATED REVENUE RUB mln RESIDENTIAL DEVELOPMENT REVENUE RUB mln RESIDENTIAL DEVELOPMENT REVENUE BY REGION RUB mln 30,868 1H 2020 +29% Source: IFRS Financial statements 39,884 1H 2021 +23% MOSCOW 1H 21 33,142 1H 20 14,137 26,848 ST PETERSBURG 21,061 +49% 1H 21 12,081 -5% 1H 20 12,711 Revenue increased by 29% year-on-year to RUB 39.9 bln, reaching a record high first half result ■ Residential development revenue showed strong double-digit growth in Moscow, while in St Petersburg it was impacted by decreased sales#29INVESTOR PRESENTATION 28 PRE-PPA GROSS PROFIT: STRONG GROWTH IN PROFITABILITY PRE-PPA (1) CONSOLIDATED GROSS PROFIT RUB mln PRE-PPA (1) RESIDENTIAL DEVELOPMENT GROSS PROFIT RUB mln PRE-PPA(1) RESIDENTIAL DEVELOPMENT GROSS PROFIT, MOSCOW RUB mln PRE-PPA(1) RESIDENTIAL DEVELOPMENT GROSS PROFIT, ST PETERSBURG RUB mln 8,931 +72% 15,320 8,634 +46% 12,611 5,769 +45% 8,353 +49% 38.4% 38% 28.9% +9 p.p. 32% +6 p.p. 41% 40% 4,258 2,865 +13 p.p 35% 23% 1H 20 1H 21 1H 20 Pre-PPA gross profit Pre-PPA gross profit margin 1H 21 Pre-PPA gross profit Pre-PPA gross profit margin 1H 20 1H 21 Pre-PPA gross profit Pre-PPA gross profit margin 1H 20 1H 21 Pre-PPA gross profit Pre-PPA gross profit margin Source: IFRS Financial statements, y-o-y change was calculated without rounding (1) Purchase price allocation#3029 29 INVESTOR PRESENTATION CONSOLIDATED GROSS PROFIT: TARGET PROFITABILITY LEVEL IS ACHIEVED 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 +84% 13,798 +53% 11,089 +56% +49% 7,518 7,236 35% 33% 6,831 +10 p.p 27% +7 p.p. 24% 4,371 4,258 32% +2 p.p. 2,865 +13 p.p 35% 31% 23% 1H 20 1H 21 1H 20 1H 21 1H 20 1H 21 1H 20 Gross profit Gross profit margin Gross profit Gross profit margin Gross profit Gross profit margin Gross profit 1H 21 Gross profit margin Source: IFRS Financial statements, y-o-y change was calculated without rounding#31INVESTOR PRESENTATION ETALON ACHIEVED THE HIGHEST GROSS MARGIN GROWTH AMONG ITS PEERS CONSOLIDATED GROSS PROFIT MARGIN 1H 2020 1H 2021 ETALON GROUP PIK GROUP 30 28.9% 38.4% CHANGE +9.5 p.p. 25.2% 24.3% -0.9 p.p. LSR GROUP 29.4% 37.9% SAMOLET SETL GROUP +8.4 p.p. 25.3% +0.2 p.p. 25.1% 34.9% Source: IFRS Financial statements, y-o-y change was calculated without rounding/ Pre-PPA gross margin is provided for Etalon Group -0.3 p.p. 34.7%#32INVESTOR PRESENTATION 31 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES GENERAL AND ADMINISTRATIVE EXPENSES RUB mln SELLING EXPENSES RUB mln 3,081 +6% -4% 2,453 2,319 2,356 2,038 1,964 8% 8% 6% -1.4 p.p. 7% 6% 5% -2 p.p. 1H 19 1H 20 1H 21 G&A G&A as % of revenue Source: IFRS Financial statements, y-o-y change was calculated without rounding 1H 19 1H 20 Selling expenses 1H 21 Selling expenses as % of revenue ■ Following Company's efforts to increase cost- effectiveness, G&A expenses as percent of revenue declined by 1.4 p.p., while their growth in RUB terms remained in line with inflation Selling expenses in RUB terms were down by 4%, even after new contract sales in monetary terms grew by 39% y-o-y#33INVESTOR PRESENTATION 32 PRE-PPA EBITDA AND NET INCOME ANALYSIS LTM PRE-PPA(1) EBITDA RUB mln PRE-PPA NET INCOME (2) RUB mln 10,871 +108% 22,659 26% +11 p.p. 14% 1H 20 1H 21 Pre-PPA EBITDA EBITDA margin Source: IFRS Financial statements, y-o-y change was calculated without rounding (1) Purchase price allocation (2) Purchase price allocation adjusted for tax effect (20% income tax rate) 2,513 LTM pre-PPA EBITDA includes Pre-PPA 1H 2021 EBITDA of RUB 11,136 mln ■ Recovery in profitability and efficiency helped achieve twofold growth in LTM pre-PPA EBITDA, which reached RUB 22.7 bln ■ Pre-PPA EBITDA margin also increased significantly by 11 p.p. and amounted to 26% • Pre-PPA net income returned to positive territory and reached RUB 2.5 bln in 1H 2021 (641) 1H 20 1H 21#34INVESTOR PRESENTATION 33 EBITDA AND NET INCOME ANALYSIS LTM EBITDA RUB mln 8,111 +130% 18,669 21% +11 p.p. 11% 1H 20 EBITDA 1H 21 EBITDA margin Source: IFRS Financial statements, y-o-y change was calculated without rounding NET INCOME RUB mln 1,295 (1,771) 1H 20 1H 21 LTM EBITDA includes 1H 2021 EBITDA of RUB 9,614 mln LTM EBITDA increased by 130% to RUB 18.7 bln ■ EBITDA margin also increased significantly by 11 p.p. and amounted to 21% Net income improved from minus RUB 1.8 bln to RUB 1.3 bln#35INVESTOR PRESENTATION CASH FLOW ANALYSIS OPERATING CASH FLOW(1) RUB mln 34 7,226 +26% 9,109 FREE CASH FLOW(1) RUB mln 4,570 +59% 7,267 ■ Operating cash flow adjusted for cash collections on escrow increased by 26% to RUB 9.1 bln Free cash flow adjusted for cash collections on escrow increased by 59% to 7.3 bln in 1H 2021 In 1H 2021, cash collections on escrow accounts amounted to RUB 14.3 bln, with a cumulative balance of RUB 37.9 bln at 30 June 2021 (924) (5,212) (3,580) 1H 20 1H 21 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. 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 1H 20 (7,054) 1H 21 Cash collections on escrow accounts ■Free cash flow (FCF) (2)#36INVESTOR PRESENTATION 35 ROBUST FINANCIAL POSITION AFTER 1H 2021 TOTAL DEBT RUB bln Q+19% CASH AND CASH EQUIVALENTS RUB bln NET DEBT (CASH) RUB bln 1.8x 0.03x +57% 77.9 19.6 60.3 37.9 50.5 49.5 19.6 5.0 23.6 0.6 4.7x 1.9x 45.5 40.7 40.0 25.9 (18.6) (18.3) Net corporate debt to LTM pre-PPA EBITDA ratio Coverage ratio for project finance debt PROJECT LEVEL CORPORATE LEVEL Net corporate debt to LTM pre-PPA EBITDA decreased from 1.8x to 0.03x as of 30.06.2021 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 8.3% at the end of 2020 to 6.7% at 30.06.2021 31.12.2020 Project debt Corporate debt 30.06.2021 31.12.2020 30.06.2021 Cash in escrow accounts Cash & cash equivalents(1) Source: IFRS Financial statements, Company data; y-o-y change and net debt level were calculated without rounding (1) Including bank deposits over 3 months; excluding cash collections in escrow accounts (2) Project finance debt less cash on escrow accounts (3) Projects debt used in calculation of coverage ratio includes escrow adjustments 31.12.2020 Net project debt (cash)(2) Net corporate debt 30.06.2021 Net corporate debt to LTM pre-PPA EBITDA ● X.Xx Coverage ratio for project finance debt(3)#37INVESTOR PRESENTATION 36 ETALON PROJECT PORTFOLIO 6#38INVESTOR PRESENTATION 37 48 ETALON GROUP PORTFOLIO OVERVIEW MARKET VALUE OF PROJECTS PORTFOLIO bln RUB +28% +30% +24% +17% 0% +11% +10% +39% 0% +8% 191 177 176 33 127 116 104 104 89 72 55 43 2010 2011 2012 144 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.#3938 INVESTOR PRESENTATION OPERATIONS IN ST PETERSBURG AND MOSCOW ST PETERSBURG O 000 10 O O MOSCOW 03 О Under construction Design stage Completed#40ETALON GROUP ASSETS VALUE (1/2) # PROJECT CURRENT PROJECTS: TOTAL NSA UNSOLD NSA STATUS ('000 SQM) ('000 SQM)(1) CONSTRUCTION INCOME FROM BUDGET (MLN RUB) SALES (MLN RUB)(2) (MLN RUB) (3) UNSOLD PARKING, OMV (LOTS) OUTSTANDING BUDGET (MLN RUB)(3) ST PETERSBURG 1 Galactica Construction 764 245 1,916 21,620 77,863 49,017 20,103 2 Project on Chernigovskaya street Construction 110 68 972 5,359 18,383 8,939 6,557 3 Petrovskiy Landmark Construction 89 40 322 4,941 15,316 6,716 4,222 4 Etalon on the Neva Construction 77 35 374 3,233 9,349 4,520 1,412 5 Domino Construction 39 33 312 2,696 7,199 3,262 2,965 TOTAL ST PETERSBURG 1,078 420 3,896 37,849 128,111 72,454 35,259 INVESTOR PRESENTATION 39 1 MOSCOW METROPOLITAN AREA (MMA) (4) ZIL-Yug 2 Emerald Hills 3 Nagatino-i-Land 4 Summer Garden 5 6 Wings 7 8 9 Silver Fountain Normandy Letnikovskaya street Mytishinskiy District 10 Fotievoi 5 11 Bolshaya Cherkizovskaya 12 Electrozavodskaya 60 13 Zorge 3 14 Schastye na Semyonovskoi (Izmailovskoe shosse 20) 15 Schastye na Lomonosovskom Design 1,403 1,307 10,113 64,121 360,185 166,078 165,473 Construction 857 28 290 1,519 60,209 39,799 3,614 Construction 329 301 1,467 23,237 73,177 31,493 29,981 Construction 278 36 270 1,494 31,812 17,409 4,022 Construction 226 121 1,587 17,973 45,493 18,745 6,719 Construction 184 48 483 2,769 30,947 16,087 7,782 Construction 124 29 198 3,029 15,989 7,002 880 Design 63 63 717 6,814 20,315 8,980 8,405 Design 93 82 322 1,256 7,678 4,469 4,469 Design 11 11 72 1,533 4,243 1,640 1,639 Design 7 7 46 714 1,526 556 556 Design 9 9 63 676 2,382 1,192 1,147 Design 12 12 99 392 2,881 1,941 1,905 Construction Construction 6 5 34 868 1,517 729 463 6 3 37 860 2,092 1,217 689 TOTAL MMA 3,609 2,062 15,798 127,255 660,446 317,337 237,743 TOTAL CURRENT PROJECT 4,687 2,482 19,694 165,104 788,558 389,791 273,002 Source: Colliers International estimate as of 31.12.2020 (1) Including parking. Parking area in launched projects with partially sold parking lots is calculated as 30 sqm per 1 parking space. (2) Income from sales includes potential and received incomes as of 31.12.2020. (3) Excluding land acquisition costs. (4) Moscow, New Moscow and Moscow region within 30 km from Moscow Ring Road.#4140 40 INVESTOR PRESENTATION ETALON GROUP ASSETS VALUE (2/2) # PROJECT COMPLETED PROJECTS: Residential property in completed projects Completed stand-alone commercial properties TOTAL COMPLETED PROJECTS TOTAL ETALON GROUP PROJECTS PRODUCTION UNIT Production Unit's business and properties TOTAL ASSETS VALUE Source: Colliers International estimate as of 31.12.2020 CONSTRUCTION TOTAL NSA STATUS ('000 SQM) UNSOLD NSA ('000 SQM)(1) UNSOLD PARKING, OMV INCOME FROM BUDGET (LOTS) (MLN RUB) SALES (MLN RUB)(2) (MLN RUB) (3) 3,332 350 6,799 25,195 283,567 8 8 55 591 3,340 358 6,854 25,786 283,567 OUTSTANDING BUDGET (MLN RUB)(3) 8,027 2,840 26,548 190,890 1,072,125 389,791 273,002 12,640 18 12,640 8,027 2,858 26,548 203,530 1,072,125 389,791 273,002 (1) Including parking. Parking area in launched projects with partially sold parking lots is calculated as 30 sqm per 1 parking space. (2) Income from sales includes potential and received incomes as of 31.12.2020. (3) Excluding land acquisition costs.#4241 44 INVESTOR PRESENTATION ETALON STRATEGY TO 2024#4342 42 INVESTOR PRESENTATION 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#44INVESTOR PRESENTATION 43 THE STRATEGY TO 2024 AIMS TO REINVENT EACH STEP OF THE VALUE CHAIN LANDBANK MANAGEMENT END 95 ΤΟ - TO - END DIGITAL SALES 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#45INVESTOR PRESENTATION 44 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#46INVESTOR PRESENTATION 45 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 In cooperation with Segezha Group " MODERN PREFABRICATION Modern prefabrication technology Etalon is considering different partnership options to implement this technique TRADITIONAL ON-SITE PLUS NEW INDUSTRIAL#47REINVENTED 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 46 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#4847 47 INVESTOR 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 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#49INVESTOR PRESENTATION 48 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 2.8 >6.0 10% 40% (¹) 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#50INVESTOR PRESENTATION 49 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#51INVESTOR PRESENTATION 50 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)#52INVESTOR PRESENTATION STRATEGY 2024 FINANCIAL TARGETS 51 3 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 6 REPORTED OCF 2024 Strong double digit >35% 10% > Revenue growth 2x-3x Positive#5362 52 INVESTOR PRESENTATION TRANSFORMATION TIMELINE Determination of target functional and organisational structures Transformation of treasury, procurement, and accounting functions Further improvement of motivation system Full Implementation of Group's revised organisational structure Test launch of "digital quarter" project (IoT systems) Acquired stake in QBT and chose test site for construction of a non- commercial modular project Reduction of number of legal entities by 30% Creating and reengineering of CJM • Roll-out and testing of Al systems for analysing the competitive environment Completion of development and first implementation of Etalon standard product in the mid-market segment Start of testing of new modular building technologies Roll-out of automated systems for analysing future demand 1Q 2021 2Q 2021 3Q 2021 4Q 2021 2Q 2022 TRANSFORMATION WILL CONTINUE UNTIL 2Q 2022#5453 3 INVESTOR PRESENTATION ETALON ESG 8#5554 54 INVESTOR PRESENTATION CORPORATE GOVERNANCE AT ETALON BOARD OF DIRECTORS COMPOSITION 11 BOARD OF DIRECTORS MEMBERS R C E Chairman 3 Representatives of Sistema PJSFC 2 Executive Directors SERGEY EGOROV OLEG R R MUBARAKSHIN DENNIS VINOKOUROV GENNADIY R E SHCHERBINA ① 6 Independent Directors MAXIM E BERLOVICH ALEXANDR VOLOSHIN MARINA OGLOBLINA MARTIN COCKER BORIS SVETLICHNY CHARALAMPOS AVGOUSTI GANNA KHOMENKO 4 BOARD COMMITTEES 1. Strategy Committee 2. Remuneration & Nomination Committee 3. Audit Committee 4. IR and Information Disclosure Committee#56INVESTOR PRESENTATION 55 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#57INVESTOR PRESENTATION 56 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#58INVESTOR PRESENTATION 57 40 2020: ACTIONS AND RESULTS ACTIONS 3 GOOD HEALTH AND WELL-BEING Enhanced safety monitoring system and trained 225 employees in operational health and safety W RESULTS ZERO FATALITIES or accidents leading to disabilities ACTIONS 11 SUSTAINABLE CITIES AND COMMUNITIES Delivered five educational institutions for children RESULTS ACTIONS 7 AFFORDABLE AND CLEAN ENERGY Increased operational efficiency, further optimised logistics routes at construction sites ACTIONS 12 RESPONSIBLE CONSUMPTION AND PRODUCTION RESULTS -5% year-on-year reduction in fuel consumption during construction in 2020(1) QO RESULTS 9 INDUSTRY, INNOVATION AND INFRASTRUCTURE (1) Production unit data 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)#59INVESTOR PRESENTATION 58 ETALON SELECTED PROJECTS#6059 59 INVESTOR PRESENTATION GALACTICA TOTAL NSA 764 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 21,620 mln SEPTEMBER 2021 DECEMBER 2020 INCOME FROM SALES (1) REGION RUB 77,863 mln St Petersburg#61INVESTOR PRESENTATION 60 PROJECT ON CHERNIGOVSKAYA STREET TOTAL NSA 110 ths sqm (1) Colliers International estimate as of 31.12.2020. SEPTEMBER 2021 OPEN MARKET VALUE(1) RUB 5,359 mln INCOME FROM SALES (1) REGION RUB 18,383 mln St Petersburg DECEMBER 2020 THEAT#62INVESTOR PRESENTATION 99 61 PETROVSKIY LANDMARK TOTAL NSA 89 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 4,941 mln SEPTEMBER 2021 DECEMBER 2020 INCOME FROM SALES (1) REGION RUB 15,316 mln St Petersburg#6362 62 INVESTOR PRESENTATION ETALON ON THE NEVA TOTAL NSA 77 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 3,233 mln wwwwwwww SEPTEMBER 2021 DECEMBER 2020 INCOME FROM SALES (1) REGION RUB 9,349 mln St Petersburg#6463 INVESTOR PRESENTATION DOMINO XXX TOTAL NSA 39 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 2,696 mln SEPTEMBER 2021 VISUALISATION INCOME FROM SALES (1) REGION RUB 7,199 mln St Petersburg#65INVESTOR PRESENTATION 99 64 ZIL-YUG POT AN TOTAL NSA 1,403 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 64,121 mln SEPTEMBER 2021 VISUALISATION INCOME FROM SALES (1) REGION RUB 360,185 mln Moscow O#66INVESTOR PRESENTATION 65 EMERALD HILLS TOTAL NSA 857 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 1,519 mln SEPTEMBER 2021 DECEMBER 2020 INCOME FROM SALES (1) REGION RUB 60,209 mln Moscow region#67INVESTOR PRESENTATION 66 NAGATINO I-LAND TOTAL NSA 329 ths sqm (1) Colliers International estimate as of 31.12.2020. SEPTEMBER 2021 DECEMBER 2020 O OPEN MARKET VALUE(1) INCOME FROM SALES (1) REGION RUB 23,237 mln RUB 73,177 mln Moscow#68SUMMER GARDEN 67 INVESTOR PRESENTATION TOTAL NSA 278 ths sqm (1) Colliers International estimate as of 31.12.2020. SEPTEMBER 2021 DECEMBER 2020 00000 DODO ロ OPEN MARKET VALUE(1) RUB 1,494 mln #888888 100 INCOME FROM SALES(1) REGION RUB 31,812 mln Moscow#69INVESTOR PRESENTATION 68 SILVER FOUNTAIN BRANE PACE TOTAL NSA 226 ths sqm (1) Colliers International estimate as of 31.12.2020. OPEN MARKET VALUE(1) RUB 17,973 mln SEPTEMBER 2021 DECEMBER 2020 INCOME FROM SALES (1) REGION RUB 45,493 mln Moscow#70INVESTOR PRESENTATION 69 WINGS TOTAL NSA 184 ths sqm (1) Colliers International estimate as of 31.12.2020. SEPTEMBER 2021 DECEMBER 2020 OPEN MARKET VALUE(1) INCOME FROM SALES (1) REGION RUB 2,769 mln RUB 30,947 mln Moscow#71INVESTOR PRESENTATION 70 NORMANDY TOTAL NSA 124 ths sqm (1) Colliers International estimate as of 31.12.2020. Aum T-PH SEPTEMBER 2021 DECEMBER 2020 OPEN MARKET VALUE(1) RUB 3,029 mln INCOME FROM SALES(1) REGION RUB 15,989 mln Moscow#72INVESTOR PRESENTATION 71 SCHASTYE NA LOMONOSOVSKOM TOTAL NSA 6 ths sqm (1) Colliers International estimate as of 31.12.2020. SEPTEMBER 2021 DECEMBER 2020 wwww OPEN MARKET VALUE(1) RUB 860 mln INCOME FROM SALES (1) REGION RUB 2,092 mln Moscow#73SCHASTYE NA SEMYONOVSKOY 12 72 INVESTOR PRESENTATION TOTAL NSA 6 ths sqm (1) Colliers International estimate as of 31.12.2020. SEPTEMBER 2021 DECEMBER 2020 OPEN MARKET VALUE(1) RUB 868 mln INCOME FROM SALES (1) REGION RUB 1,517 mln Moscow O#74ETALON INVESTOR PRESENTATION