Summer Garden Investor Presentation

INVESTOR PRESENTATION 7 4.8 5.4 6.0 2010 2020 2030 URBANISATION POPULATION GROWTH (mln citizens) Number of cities with population exceeding 1 mln. 2010 2020 2030 REAL ESTATE DEMAND DRIVEN BY CONSUMERS SEEKING BETTER HOUSING 11.5 12.9 (10) 12.7 11.8 2010 2020 2030 LIVING CONDITIONS HOUSING STOCK PER 35 HOUSING STOCK OLDER THAN 1990 (%) 16 CAPITA (sqm) 20.3 31 ▲ 19% 13 ▲ 35% 26 15.6 23 ▲ 63% 19 19 62% 61% 57% 26% GENERATIONAL CHANGES SHARE OF GENERATION Y AND Z (UNDER 40) 5% 53% Gen Z (below 25) Gen Y (25-40) St Petersburg Moscow over 1 mln cities(1) Moscow over 1 mln cities (average) (1) St Petersburg Eastern Europe St Petersburg Moscow The population of Moscow and St Petersburg, as well as cities with over 1 million residents will continue to grow in the next decade. Russia still needs to improve living conditions; average living space per person is 23 sqm in cities with populations over 1 mln. Source: Rosstat, Mosstat, Petrostat, Eurostat, National statistics bureau, Company's estimates (1) Excluding Moscow and St Petersburg over 1 min cities (average)(1) 62% of the housing stock in Russia was built before 1990 and does not meet modern standards in terms of comfort, quality of the living environment and infrastructure. Share of young people without privatised property increased more than two-fold. Millennials are becoming first-time buyers. Even the oldest segment of generation Z has started buying property. 2015 2020

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