Investor Presentaiton

Etalon Group maintained healthy profitability levels Residential real estate development adjusted gross profit (1), RUB mln 15,080 11,964 12,619 40% 40% 39% 2013 Construction services gross profit(2), RUB mln 829 337 9% 219 5% 5% 2014 2015 2013 Residential real estate development adjusted gross profit, mln RUB Adjusted gross profit margin, % Consolidated gross profit, RUB mln 2014 2015 Construction services gross profit, mln RUB Gross profit margin, % Consolidated adjusted gross profit(1), RUB mln 15,796 16,820 12,368 12,999 13,896 13,147 31% 31% 31% 33% 33% 33% 2013 Source: IFRS financial statements Etalon Group 2014 Consolidated gross profit, mln RUB Gross profit margin, % Operating Results 2015 Landbank Valuation Financial Results 2013 2014 2015 Consolidated adjusted gross profit, mln RUB Adjusted gross profit margin, % (1) Adjusted for interest in cost of sales (2) Long-term external contracts (Note 7 to Consolidated IFRS financial statements) Selected Projects Appendix 19

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