Investor Presentaiton

Mortgage market rebounded after launch of State support programme Number of mortgage contracts 167 115 526 519 376 Share of mortgage sales, % 11% 20% 20% 15% 15% 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 • • • Highlights Apartments at Etalon Group development projects in the Moscow and St. Petersburg Metropolitan Areas are eligible for the Russian Government's subsidised mortgage programme Etalon Group works with major domestic banks that offer subsidised mortgage programmes, including Sberbank, VTB24, Rosbank, Bank St. Petersburg and Absolut Bank Basic terms of the subsidised mortgage programme: • • • minimum down payment: 20% loan amount: up to RUB 8 million maturity: up to 30 years maximum interest rate: 12% Source: Company data Average mortgage rate in Russia (1) 15.0% 14.5% 14.2% 14.0% 14.4% 13.93% 13.58% 13.33% 12.59% 12.22% 13.5% 12% 13.0% 12.5% 12.0% 11.5% 11.0% Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 subsidised mortgage interest rate Sep-15 (1) CBR data Selected Projects Appendix Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Etalon Group Operating Results Landbank Valuation Financial Results 11

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