Investor Presentaiton

Swallow's Nest September 2016 St. Petersburg Total NSA 335 ths sqm *JLL estimate as of 31.12.2015 December 2015 Open Market Value* RUB 6,700 mln Income from sales* RUB 23,431 mln Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 25

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