Financial Results

Balance sheet mln RUB 2012 2013 2014 1H13 1H14 1H15 mln RUB 2012 2013 2014 1H13 1H14 1H15 Assets Equity and Liabilities Non-current assets Equity PP&E 2,380 1,962 2,503 1,853 2,326 2,349 Share capital Investment property 1,142 808 638 1,052 618 Retained earnings 14,967 14,967 14,983 14,967 14,983 22,688 29,332 36,537 25,771 30,259 37,011 14,983 Other long-term investments 60 275 1,036 241 684 684 Total equity attributable to equity holders of the Company 37,655 44,299 51,520 40,738 45,242 51,994 Trade and other receivables 433 1,332 2,521 390 756 2,164 Non-controlling interest 408 387 351 394 387 170 Deferred tax assets 434 560 885 433 710 1,040 Total equity 38,063 44,686 51,871 41,132 45,629 52,164 Other non-current assets 11 10 10 10 10 10 Non-current liabilities Total non-current assets 3,318 5,281 7,763 3,565 5,538 6,865 Current assets Inventories 41,522 Trade and other receivables Short-term investments Cash and cash equivalents 10,716 50,057 57,525 11,058 15,078 15,074 6,870 5,008 1,221 14,631 8,139 44,056 57,132 61,131 14,387 17,746 15,926 3,824 5,493 2,122 8,559 9,635 10,042 Loans and borrowings Trade and other payables Provision 12,811 10,176 12,411 10,750 10,050 13,375 980 785 2,854 1,041 678 4,024 65 89 114 61 91 112 Deferred tax liabilities 226 826 Total non-current liabilities 14,082 11,876 1,456 16,835 402 650 1,249 12,254 11,469 18,760 Current liabilities Other current assets 32 7 66 20 18 66 Total current assets 70,198 Total assets 73,516 83,570 78,289 88,517 96,280 70,846 90,024 89,287 74,411 95,562 96,152 Loans and borrowings Trade and other payables Provisions Total current liabilities Total equity and liabilities 3,825 3,043 3,880 2,359 4,689 16,966 22,300 21,460 18,399 32,436 18,451 580 1,665 2,234 267 1,339 1,636 21,371 27,008 27,574 21,025 38,464 25,228 73,516 83,570 96,280 74,411 95,562 96,152 5,141 Source: IFRS financial statements for 2012, 2013, 2014, 1H13, 1H14, 1H15 Etalon Group Operating Results Financial Results Landbank Valuation 2015 Deliveries Appendix 39

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