Investor Presentaiton

In 2016 Etalon Group plans to return to a growth trajectory While new sales in 2H 2015 were very strong, inventory of completed and available for sale property is up y-o-y +34% In possession of this valuable stock, the Company decided to decrease slightly 2016 deliveries -16% At the same time, total volume of property under construction will increase to -1 mln sqm on the back of new launches 581 502 432 321 220 212 259 2014 2015 ■Completed apartments eop, ths sqm ■Completed other premises eop, ths sqm Source: Company data Etalon Group Operating Results 728 422 +35% 984 2015A Actual deliveries, ths sqm Planned deliveries, ths sqm 2016F 2015 2016 ■NSA under construction bop, ths sqm Together, these factors are expected to enable Etalon Group to increase new sales by over 20% 35,080 2015A >20% 2016F Actual new contract sales, RUB mln Planned new contract sales, RUB mln Landbank Valuation Financial Results Around half of new sales are expected to come from sell-down of the inventory of completed and available for sale NSA as of 31.12.2015 Selected Appendix Projects 8

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