Investor Presentaiton

Emerald Hills May 2016 December 2015 Moscow region Total NSA 859 ths sqm Open Market Value* RUB 17,866 mln Income from sales* RUB 63,905 mln » Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix *JLL estimate as of 31.12.2015 27 22

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