Financial Results

Strong balance sheet despite the market cool-down Liquidity position, mln RUB(1) 16,291 15,655 18,516 12,007 31.12.2014 30.06.2015 (2) ■Debt ■Cash and cash equivalents Debt maturity profile (as of 30/06/2015; mln RUB) 2,423 2015 5,635 905 18,516 2,120 7,433 2016 2017 2018 2019-2021 Total Gross debt composition (18,516 mln RUB as of 30/06/2015) (1) By type of facility By currency 73% 3% 27% ■Local bonds ■ Bank loans 97% RUB ■ EUR Highlights Company estimates that only c. 15% of total construction costs linked to USD Foreign currency denominated cash to debt ratio is 2.2 (as of 30 June 2015) 0.5x Net debt/LTM EBITDA (3) (as of 30 June 2015) (1) IFRS financial statements (2) Including bank deposits in ST Investments (3) LTM EBITDA: 1H 2015 + 2H 2014 EBITDA USD/RUB fx rate as of 30 June 2015 EUR/RUB fx rate as of 30 June 2015 55.52 61.52 ✓ Etalon Group Operating Results Financial Results Landbank Valuation 2015 Deliveries Appendix 14

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