Etalon Group Operating Results

INCOME STATEMENT mln RUB Revenue 1H14 1H15 1H16 2014 2015 2016 14,539 18,148 19,742 51,481 42,404 49,022 Cost of sales (10,759) (12,584) (15,685) (35,685) (29,405) (36,813) Gross profit 3,780 5,564 4,057 15,796 12,999 12,209 General and administrative expenses (1,957) (2,021) (1,958) (4,178) (4,348) (4,454) Selling expenses (577) (619) (918) (1,474) (1,411) (1,984) Other expenses, net (166) (341) (495) (913) (991) (753) Results from operating activities 1,080 2,583 686 9,231 6,249 5,018 Finance income 391 998 891 1,717 1,686 1,857 Finance costs Net finance income Profit before income tax Income tax expense Profit for the period Profit attributable to: Owners of the Company Non-controlling interest Profit for the period (242) (593) (152) (553) (504) (319) 149 405 739 1,164 1,182 1,538 1,229 2,988 1,425 10,395 7,431 6,556 (302) (795) (117) (2,026) (2,002) (1,654) 927 2,193 1,308 8,369 5,429 4,902 927 2,188 1,307 8,345 5,399 4,902 5 1 24 30 927 2,193 1,308 8,369 5,429 4,902 Source: IFRS financial statements for 1H14, 1H15, 1H16, 2014, 2015, 2016 Etalon Group OPERATING RESULTS LANDBANK VALUATION FINANCIAL RESULTS SELECTED PROJECTS APPENDIX 41

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