Investor Presentaiton

Strong balance sheet ensures growth opportunities Strong liquidity position unchanged 18,516 19,414 12,007 12,017 30.06.2015 Debt, mln RUB Net debt, RUB mln 31.12.2015 ■Cash and cash equivalents, mln RUB (2) Gross debt composition (as of 31/12/2015)(1) Highlights 77% 23% ■Local bonds All debt denominated in RUB 7,397 6,509 30.06.2015 31.12.2015 Net debt/EBITDA below 1.0x (1) (1) Audited IFRS financial statements for 12M 2015 (2) Including bank deposits in ST Investments Bank loans Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 21

View entire presentation