Etalon Group Operating Results

DESPITE ACTIVE ACQUISITIONS, ETALON GENERATED OVER RUB 4 BLN OF OPERATING CASH FLOW, WHICH WILL FUND UPGRADED DIVIDEND POLICY ANNUAL OPERATING CASH FLOW (1) CHANGES AND ACQUISITION PIPELINE 0 682 4,040 (3,297) 2015 2016 NSA of projects acquired, ths sqm Operating cash flow(1), mln RUB DIVIDEND BASE COMPARISON mln RUB +11% 3,594 3,236 2H 2015 2H 2016 Net income, mln RUB Source: IFRS financial statements (1) Operating cash flow less interest paid Etalon Group HIGHLIGHTS Operating cash flow turned positive despite acquisition of eight new projects in 2016 On 20 May 2016, the Board of Directors increased the Company's target dividend payout range to 30%-50% of consolidated IFRS net income Board of Directors will consider a final dividend at its meeting on 28 April 2017 DIVIDEND PAYOUT RATIO INCREASED UNDER NEW DIVIDEND POLICY 50% 30% 30% 15% OLD OPERATING RESULTS LANDBANK VALUATION FINANCIAL RESULTS SELECTED PROJECTS NEW APPENDIX 20 20

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