Investor Presentaiton

Strong operating cash flow generated in 1H 2016 General and administrative expenses, mln RUB 2,021 -3% General and administrative expenses as % of revenue Operating cash flow (1), mln RUB 1,958 1,585 514 11% 10% 141 4,108 1H 2015 1H 2016 1H 2015 1H 2016 1H 2014 2H 2014 -3,438 1H 2015 2H 2015 1H 2016 EBITDA, mln RUB 3,173 1,715 Net income, mln RUB 2,193 1,308 • • Highlights Operating cash flow amounted to RUB 4,108 mln in 1H 2016, free cash flow (2) reached RUB 2,657 mln Board of Directors will consider 1H 2016 dividends on its meeting in mid-November Source: IFRS financial statements Operating cash flow less interest paid For detailed free cash flow calculation refer to slide 47 (1) (2) 1H 2015 1H 2016 1H 2015 1H 2016 Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 19

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