Etalon Group Operating Results

MORTGAGE RATES CONTINUE TO DECLINE PROVIDING ADDITIONAL SUPPORT TO NEW SALES SHARE OF MORTGAGE SALES AVERAGE MORTGAGE RATE IN RUSSIA (1) 15.00% 20% 22% 14.50% 14.00% 14.16% 14.46% 14.54% 14.23% 13.79% 13.50% 13.00% 13.44% 12.50% 12.00% 1Q 2016 11.50% 1Q 2017 11.00% ■ HIGHLIGHTS Etalon Group offers mortgage programmes with major banks, including Sberbank, VTB Group, Gazprombank, Raiffeisen Group and Absolut Bank ■ Joint programmes established with 26 banks and special mortgage agencies to offer flexible financing options: minimum down payment: 10 - 20% maturity: 1 30 years - interest rate: from 9.9% DECLINE IN AN AVERAGE INTEREST RATE SUPPORTED GROWTH IN PRIMARY MARKET MORTGAGE LOANS (2) 1,169 13.36% +27% 1,481 12.49% Jan-15 Mar-15 May-15 Jul-15 Sep-15 12.51% 12.24% Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 12.48% 12.70% 12.74% 12.68% 12.49% 11.84% Source: Company data (1) Weighted average interest rate on mortgage loans given to Russia residents during the month for acquisition of apartments on the primary market. Source: CBR data (2) Volume of and weighted average interest rate on mortgage loans given to Russia residents during the year for acquisition of apartments on the primary market. Source: CBR data Etalon Group OPERATING RESULTS LANDBANK VALUATION 2015 Volume of mortgage loans, bln RUB FINANCIAL RESULTS SELECTED PROJECTS 2016 -Average interest rate, % APPENDIX 8

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