Investor Presentaiton

INVESTOR PRESENTATION LANDBANK STRATEGY WILL SHIFT TO LONG-TERM PLANNING TO ENSURE SUSTAINABLE NEW SALES GROWTH 1 FOCUS 2 PERMITTING STAGE NOW STRATEGY Moscow, St Petersburg Preferably zoned with project documentation Moscow, St Petersburg plus new regions Unzoned with and without landlord guarantee of receipt of planning permission, plus zoned to compensate for deficit in core regions 39 3 TIME TO LAUNCH SALES 6-12 months 4 PERMITTING RISK Low 5 INVESTMENT HORIZON Short 6 ACQUISITION COST High 24-36 months Moderate Long Moderate 7 IMPACT ON PROFITABILITY Negative to Moderate Positive

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