Etalon Group Operating Results

POSITIVE WORKING CAPITAL DEVELOPMENTS INVENTORY OF COMPLETED AND AVAILABLE-FOR-SALE APARTMENTS ths sqm 244 31.12.2016 AVERAGE DOWN PAYMENT -33 ths sqm -33 211 inventory contracted in 1Q 2017 31.03.2017 74% 71% 69% 66% ° 66% 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 Source: Company data. • HIGHLIGHTS 14% of inventory on books as of 31 December 2016 sold down during 1Q 2017 Completed and available-for-sale apartments accounted for 45% of all apartments contracted in 1Q 2017 Average down payment amounted to 74% in 1Q 2017, up from 66% in 1Q 2016 Etalon Group OPERATING RESULTS LANDBANK VALUATION FINANCIAL RESULTS SELECTED PROJECTS APPENDIX 9

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