Investor Presentaiton

Positive working capital developments Inventory of completed and available for sale apartments, ths sqm 321 123 -28% 34 232 . . 9M 2016 Highlights 36% of inventory on books as of 31 December 2015 sold down during 9M 2016 Completed and available for sale apartments accounted for 49% of all apartments contracted in 9M 2016 31.12.2015 inventory contracted new inventory 30.09.2016 • in 9M 2016 Average down payment Average down payment 69% 66% 66% 59% 58% 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 Source: Company data amounted to 69% in 3Q 2016, up from 59% in 3Q 2015 → Etalon Group Operating Results Landbank Valuation Financial Results Selected Projects Appendix 9

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