Investor Presentaiton

Strong corporate governance and shareholder structure Corporate governance structure General Shareholders Meeting Board of Directors • Chairman (V. Zarenkov) Shareholder structure 1.0% 30.8% 44.1% Board Committees • 4 Executive Directors • 5 Non-Executive Directors, including 3 Independent Directors I | Strategy Committee Remuneration & Nomination Committee 16.4% 7.7% Zarenkov family Management Baring Vostok Free float Etalon Development Ltd Management Team Audit Committee As of 31 December 2015 Source: Company data Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 37

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