Investor Presentaiton

Summary 12.9 bln RUB new sales +238% y-o-y 104.4 bln RUB open market In 2H 2015 Etalon Group delivered double-digit year-on-year increases in new sales. 1Q 2016 operating results showed even stronger growth, with new contract sales up 238% year-on-year to RUB 12.9 bln Etalon Group's portfolio value remains stable at RUB 104.4 bln, with 2.72 mln sqm of net sellable area value 31% consolidated gross margin 7.4 bln RUB net debt Consolidated gross profit margin remained unchanged at a high level of 31% Balance sheet remains very strong, with net debt of only RUB 7.4 bln, and net debt/EBITDA staying below 1.0x Etalon Group 3

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