Investor Presentaiton

Etalon Group's portfolio value remains stable, with 2.72 mln sqm of net sellable area Open market value, RUB mln Breakdown by region 104,286 104,384 89,253 71,934 55,185 43,171 43% ■ SPMA ■MMA 57% 2010 2011 2012 2013 2014 2015 • Market value of Etalon Group's portfolio as of 31 December 2015 remained stable at RUB 104.4 million • • • As Etalon Group's new sales in 2015 outperformed both the Company's own and market expectations, unsold NSA declined to 2.72 million sqm The Company launched sales for two projects in 2015: Golden Star in Moscow (24% of launched premises sold after three months), and Landyshi in St. Petersburg (56% of launched premises sold after three months) The portfolio includes 581 thousand sqm of completed & available for sale property at projects that are completed or still underway, out of which completed & available for sale apartments account for 321 thousand sqm. JLL estimates potential income from the sale of these properties at RUB 44,731 million and RUB 35,142 million, respectively Source: JLL estimate as of 31.12.2015 → Etalon Group Operating Results Landbank Financial Valuation Results Selected Projects Appendix 11

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