Etalon Group Operating Results

TYPICAL PROJECT COST STRUCTURE MATERIALS COST STRUCTURE(1) (RUB 12,000 18,000 PER SQM OF NSA) Bricks Sand 2% Crushed granite 3% 8% Cement 15% Metal products 23% CONSTRUCTION COST STRUCTURE (1) (RUB 29,000 - 39,000 PER SQM OF NSA) Machinery VAT accrued 5% Materials 16% ΤΟ 49% Other 43% 19% TOTAL COST STRUCTURE(1) (RUB 59,000 72,000 PER SQM OF NSA) Other Project management 1% 2% 17% Wages Construction 56% Design Interest expense 5% 6% Sales costs 8% 8% Infrastructure 14% Land acquisition TYPICAL PROJECT LIFECYCLE (1) Overhead expenses (2) Task Share,% Start, month Duration, months Predevelopment 3 Zero cycle works 7 02 8 10 Construction works 43 Facade works 11 Fit out works MEP systems 14 Engineering facilities 15 15 Urban landscaping 2 5667 315 52 20 16 10 18 10 21 24 23 6 0 5 Construction timeline, months (1) Source: Company estimates for typical project based on current portfolio average. Actual breakdown per project is subject to significant variation due to a number of factors. (2) including payroll tax Etalon Group OPERATING RESULTS LANDBANK VALUATION FINANCIAL RESULTS 10 15 20 25 SELECTED PROJECTS 30 30 APPENDIX 39

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