Etalon Group Operating Results

EBITDA CALCULATION mln RUB 1H14 1H15 1H16 2014 2015 2016 Comprehensive income 927 2,193 1,308 8,369 5,429 4,902 Income tax expense 302 795 117 2,026 2,002 1,654 Interest expense on loans and finance leases 140 15 6 295 19 12 Net foreign exchange loss 70 438 51 138 78 Interest income on bank deposits (307) (686) (437) (729) (1,089) (839) Interest income on loans and receivables (35) (116) (143) (94) (222) (314) Net foreign exchange gain (814) Bank fees and commissions 42 49 65 117 95 133 Interest in COS Depreciation 340 272 508 1,024 897 1,241 204 213 240 417 406 434 EBITDA 1,683 3,173 1,715 10,611 7,675 7,301 1H14 1H15 1H16 2014 2015 2016 + Depreciation to COGS (Note 13 PP&E) 160 167 183 271 284 321 Depreciation to selling expenses (Note 13 PP&E) 1 3 2 4 6 4 Depreciation to G&A expenses (Note 13 PP&E) 19 19 29 94 63 62 52 Depreciation to Investment property 24 24 24 48 48 42 (Note 14 Investment property) Depreciation to other non-current assets 2 5 5 Etalon Group OPERATING RESULTS LANDBANK VALUATION FINANCIAL RESULTS SELECTED PROJECTS APPENDIX 44

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