Investor Presentaiton

Mortgage market rebounded after launch of State support programme Share of mortgage sales, % 15% 22% 3Q 2015 3Q 2016 Number of mortgage contracts 376 3Q 2015 +19% 449 3Q 2016 Average mortgage rate dynamics in Russia (1) Highlights . • • • • Basic terms of the subsidised mortgage programme: minimum down payment: 20% loan amount: up to RUB 8 million maturity: up to 30 years maximum interest rate: 12% Etalon Group works with major domestic banks that offer subsidised mortgage programmes, including Sberbank, VTB24, Rosbank, Bank St. Petersburg and Absolut Bank Apartments at Etalon Group development projects in the Moscow and St. Petersburg Metropolitan Areas are eligible for the Russian government's subsidised mortgage programme 15.0% 14.5% 14.04% 13.93% 14.5% 13.68% 13.33% 14.0% 13.5% 12.22% 13.0% 12.5% 12.0% 11.5% 11.0% Source: Company data (1) CBR data »Etalon Group Operating Results Landbank Valuation Financial Results Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 12% subsidised mortgage interest rate Sep-15 Oct-15 Selected Projects Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Appendix 8

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