Investor Presentaiton

EBITDA calculation mln RUB 2013 2014 2015 1H14 1H15 1H16 Comprehensive income 6,664 8,369 5,429 927 2,193 1,308 Income tax expense 1,833 2,026 2,002 302 795 117 Interest expense on loans and finance leases 233 295 19 140 15 6 Net foreign exchange loss 109 138 70 438 51 Interest income on bank deposits (583) (729) (1,089) (307) (686) (437) Interest income on loans and receivables (28) (94) (222) (35) (116) (143) Net foreign exchange gain (814) Bank fees and commissions 80 117 95 42 49 65 Interest in COS Depreciation 779 1,024 897 340 272 508 343 417 406 204 213 240 EBITDA 9,430 10,611 7,675 1,683 3,173 1,715 2013 2014 2015 1H14 1H15 1H16 + Depreciation to COGS (Note 13 PP&E) 292 271 284 160 167 183 Depreciation to selling expenses (Note 1 4 6 1 3 2 13 PP&E) Depreciation to G&A expenses (Note 13 PP&E) 39 94 24 63 19 19 29 Depreciation to Investment property 11 48 48 18 (Note 14 Investment property) 24 24 24 24 Depreciation to other non-current assets 5 2 Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 45

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