Investor Presentaiton

Strong balance sheet secures growth opportunities Strong liquidity position unchanged 18,516 19,414 12,007 12,017 30.06.2015 Debt, mln RUB Net debt, RUB mln 31.12.2015 ■Cash and cash equivalents, mln RUB (2) Gross debt composition (as of 31/12/2015)(1) Highlights 77% 23% All debt denominated in RUB 7,397 6,509 30.06.2015 31.12.2015 Net debt/EBITDA below 1.0x (1) (1) Audited IFRS financial statements for 12M 2015 (2) Including bank deposits in ST Investments ■Local bonds Bank loans Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 21

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