Etalon Group Operating Results

FCF CALCULATION mln RUB Comprehensive income 2014 2015 2016 1H15 2H15 1H16 2H16 8,369 5,429 4,902 2,193 3,236 1,308 3,594 Adjustment for: Depreciation 417 406 434 213 193 240 194 Loss/(gain) on disposal of PP&E (52) (65) (52) 20 (85) (7) (45) Impairment loss on investment property 280 215 (41) 166 49 27 (68) Impairment loss on inventory 466 514 430 30 484 290 140 Loss on disposal of subsidiaries Finance income, net Income tax expense Income tax paid Interest paid (1,164) (1,182) (1,538) (405) (777) (739) (799) (Increase)/Decrease in working capital (Increase)/Decrease in invested capital FCF 2,026 2,002 (1,645) (2,146) (1,588) (2,516) (6,598) (8,470) 795 (587) (181) (66) 1,654 (1,960) (1,605) (2,603) (1,180) (1,336) 480 (4,845) (3,625) (618) 1,207 117 1,537 (541) (1,070) (890) (1,278) (1,325) 3,942 (3,462) (115) (173) (445) (76) (5,994) 1,088 (4,684) (1,310) 2,657 (1,569) (Increase)/Decrease in working capital based on CF 2014 2015 2016 1H15 2H15 1H16 2H16 statement + Change in inventories Change in accounts receivable Change in accounts payable (6,890) (8,255) (1,780) (1,427) (3,958) (3,746) 1,184 2,369 7,814 (2,418) (366) (1,461) (5,837) (502) (1,278) (3,592) (2,381) (1,365) 3,830 8,519 (705) Change in provisions 594 1,315 (1,808) (600) 1,915 (1,694) (114) Change in other current assets (59) 59 59 Working capital change (6,598) (8,470) 480 (4,845) (3,625) 3,942 (3,462) + (Increase)/Decrease in invested capital based on CF 2014 2015 2016 1H15 2H15 1H16 2H16 statement Acquisition of PP&E (653) (369) (711) (95) (274) (218) (493) Proceeds from disposal of non-current assets 66 188 93 29 159 45 48 Invested capital change (587) (181) (618) (66) (115) (173) (445) OPERATING LANDBANK FINANCIAL SELECTED Etalon Group RESULTS VALUATION RESULTS PROJECTS APPENDIX 46

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