Investor Presentaiton

Typical project cost structure Materials cost structure* (RUB 12,000 18,000 per sqm of NSA) Sand Bricks 2% Crushed granite 3% 8% Cement 15% Metal products 23% Typical project lifecycle* Construction cost structure* (RUB 29,000 39,000 per sqm of NSA) Machinery VAT accrued 5% Materials 16% 49% Other 43% 19% Total cost structure* (RUB 59,000 - 72,000 per sqm of NSA) Project management Other 1% 2% 17% Wages Construction 56% Overhead expenses** Task Share,% Start, month Duration, months Predevelopment 3 0 8 Zero cycle works 7 2 10 Construction works 43 5 20 Facade works 11 16 10 Fit out works LO 5 18 10 MEP systems 14 7 21 Engineering facilities 15 5 23 Urban landscaping 2 24 6 0 *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. **including payroll tax Etalon Group Operating Results Landbank Valuation Financial Results Design Interest expense 5% 6% Sales costs 8% Construction timeline, months 8% Infrastructure 14% Land acquisition 5 10 15 20 25 30 Selected Projects Appendix 40

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