Investor Presentaiton

Dividend payments increased by 118% in 2015 EBITDA, RUB mln Net income, RUB mln 10,611 9,430 7,675 6,664 8,369 814 5,429 -109 2013 2014 2015 2013 2014 -138 2015 Net income, mln RUB ■FX gain/loss, mln RUB Operating cash flow (1), RUB mln 1,585 514 141 -3,438 1H 2014 2H 2014 1H 2015 2H 2015 Source: IFRS financial statements (1) Operating cash flow less interest paid Etalon Group Dividends paid, RUB mln +118% 2,452 1,124 2014 2015 Operating Results Landbank Valuation Financial Results Selected Projects Appendix 20 20

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