Etalon Group Operating Results

MAINTAINING STRONG BALANCE SHEET STRONG LIQUIDITY POSITION UNCHANGED 19,414 18,054 12,017 BALANCED GROSS DEBT COMPOSITION (AS OF 31/12/2016) ■Local bonds 10,206 40% 60% ■ Bank loans 31.12.2015 31.12.2016 Debt, mln RUB ■Cash and cash equivalents, mln RUB (1) NET DEBT mln RUB 7,848 7,397 31.12.2015 Source: IFRS financial statements (1) Including bank deposits in ST Investments Etalon Group 31.12.2016 HIGHLIGHTS 100% of debt denominated in RUB Average cost of borrowings declined from 13.95% at the end of 2015 to 12.71% at the end of 2016 OPERATING RESULTS LANDBANK VALUATION FINANCIAL RESULTS SELECTED PROJECTS APPENDIX 21

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