Investor Presentaiton

Net debt and average cost of borrowing decreased in 1H 2016 Strong liquidity position maintained 19,414 12,017 31.12.2015 Debt, mln RUB 21,670 16,372 30.06.2016 ■Cash and cash equivalents, mln RUB Net debt, mln RUB -28% 7,397 31.12.2015 5,298 30.06.2016 Working capital(2), mln RUB -6% 54,036 50,662 31.12.2015 30.06.2016 Highlights 100% of debt denominated in RUB 0.7x Net debt/ EBITDA 2015 In June 2016, Etalon Group subsidiary LenSpetsSMU placed bonds in the amount of RUB 5 billion with a five-year maturity and a coupon rate of 11.85%. Demand exceeded the offering amount by 3.3 times Average cost of borrowings was 13.3% in 1H 2016, down from 14.2% in 1H 2015 (1) Including bank deposits in ST Investments (2) For detailed working capital calculation refer to slide 46 »Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 20 20

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