Etalon Group Operating Results

LOWER DELIVERIES ENABLE INVENTORY RELEASE AND HIGHER CASH FLOW GENERATION, BUT NEGATIVELY IMPACT IFRS REVENUE RECOGNITION DELIVERIES ths sqm 502 2015 -16% 420 2016 RESIDENTIAL REAL ESTATE DEVELOPMENT REVENUE mln RUB 32,474 +3% 33,499 2015 2016 CONSTRUCTION SERVICES EXTERNAL REVENUE mln RUB TOTAL REVENUE mln RUB 4,877 +75% 8,526 2015 2016 Source: IFRS financial statements 42,404 2015 +16% 49,022 Etalon Group OPERATING RESULTS LANDBANK VALUATION FINANCIAL RESULTS SELECTED PROJECTS 2016 APPENDIX 18

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