Financial Results

Strong profit generation supported by good cost control General and administrative expenses, mln RUB 1,957 +3% General and administrative expenses as % of revenue Selling expenses, mln RUB 2,021 13% 11% 577 +7% Selling expenses as % of revenue 619 4% 3% 1H 2014 1H 2015 1H 2014 1H 2015 1H 2014 1H 2015 1H 2014 1H 2015 EBITDA, mln RUB 1,683 +89% 3,173 EBITDA margin, % Net income, mln RUB Net income margin, % +137% 2,193 17% 12% 927 6% 12% 1H 2014 1H 2015 1H 2014 1H 2015 1H 2014 1H 2015 1H 2014 1H 2015 Source: IFRS financial statements Etalon Group Operating Results Financial Results Landbank Valuation 2015 Deliveries Appendix 13

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