Summer Garden Investor Presentation

42 42 INVESTOR PRESENTATION CHANGING BUSINESS LANDSCAPE REQUIRES RETHINKING THE DEVELOPMENT STRATEGY 1 2 3 EXPENSIVE LAND IS THE NEW NORMAL, WITH A LIMITED PIPELINE OF GOOD QUALITY PROJECTS GROWING SOCIAL OBLIGATIONS ARE THE NEW NORMAL REDUCTION IN THE NUMBER OF SMALL PLAYERS, BUT GREATER COMPETITION AMONG THE TOP 20 IN MOSCOW AND ST PETERSBURG 45 67 RENOVATION PROGRAMME IN MOSCOW MAKES THE MASS MARKET SEGMENT THERE LESS ATTRACTIVE LIMITED UPSIDE POTENTIAL FOR HOUSEHOLD INCOME IN THE MEDIUM TERM, ALTHOUGH AFFORDABILITY IS AT RECORD HIGH GROWING CUSTOMER EXPECTATIONS GROWING INDUSTRY DIGITALISATION

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