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Latest Investor Presentation INVESTOR PRESENTATION July 2019 DISCLAIMER IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING The text hereinafter contained applies to the presentation Presentation or undertake any duty or obligation to Company believes that these assumptions were reasonable (the “Presentation”) following this important notice, and supplement, amend, update or revise any information when made, these assumptions are inherently subject to you are, therefore, advised to consider it carefully before contained in this Presentation. significant uncertainties and contingencies which are reading, assessing or making any other use of the difficult or impossible to predict and are beyond its control. Presentation. In assessing the Presentation, you This Presentation contains certain unaudited half- and full- Neither the Company, nor any of its agents, employees or unconditionally agree to be bound by the following terms, year financial information which has been prepared based advisors undertake or have any duty or obligation to conditions and restrictions, including any modifications to on the Company’s reviewed management accounts supplement, amend, update or revise any of the forward- them any time that you receive any information from (hereinafter - Management accounts). If not specifically looking statements contained in this Presentation. ETALON GROUP PLC (“Etalon Group” or the “Company”). noted otherwise, this Presentation contains also certain This Presentation has been prepared by the Company for full- and half- year financial information based on the You may download Presentation only for your own informational purposes only and does not constitute or Company’s audited consolidated IFRS accounts. It also personal use, provided that all copyright and other form part of, and should not be construed as solicitation of includes certain non-IFRS financial information, such as proprietary notices are kept intact. You may not otherwise any offer to subscribe for or purchase any securities of Earnings before interest, taxes, depreciation and copy, reproduce, republish, upload, post, retransmit, Company in any jurisdiction or an inducement, an offer or amortization (“EBITDA”), EBITDA margin, Working capital distribute, commercially exploit or otherwise transfer the invitation to sell or issue, or any to enter into investment and free cash flow (“FCF”) which has not been audited or Presentation or any part of it without Company`s prior activity in any jurisdiction and under any applicable reviewed by the Company’s auditors. written consent. The burden of determining that use of legislation, including, but not limited to the United States, any Information is permissible rests with you. the UK, any member state of the European Union, Any „forward-looking statements”, which include all Australia, Canada, South Africa, Japan, Hong Kong Special statements other than statements of historical facts, This Presentation is not directed to, or intended for Administrative Region of the People`s Republic of China. including, without limitation, forecasts, projections and any distribution to or use by, any person or entity that is a statements preceded by, followed by or that include the citizen or resident located in any locality, state, country or This Presentation (i) is not intended to form the basis for words „targets”, „believes”, „expects”, „aims”, „intends”, other jurisdiction where such distribution, publication, any investment decision and (ii) does not purport to „will”, „may”, „anticipates”, „would”, „could” or similar availability or use would be contrary to law or regulation or contain all the information that may be necessary or expressions or the negative thereof, involve known and which would require registration of licensing within such desirable to evaluate the Company fully and accurately, unknown risks, uncertainties and other important factors jurisdiction. and (iii) is not to be considered as recommendation by the beyond the Company’s control that could cause the actual Company or any of its affiliates that any person (including results, performance or achievements to be materially By receiving and reading this Presentation, you agree to be a recipient of this Presentation) participate in any different from future results, performance or achievements bound by the restrictions in this disclaimer, and transaction involving the Company or its securities. expressed or implied by such forward-looking statements. acknowledge that you will be solely responsible for your Forward-looking statements include statements regarding: own assessment of the market, the market position of the The Company has prepared this Presentation based on our construction programme and future construction and Company and any securities of the Company and that you information available to it as at the date of this development projects (information concerning which is will conduct your own analysis and be solely responsible Presentation, including information derived from public being provided solely on an indicative basis for information for forming your own view of the potential future sources that have not been independently verified. The purposes only and is subject to change without notice); performance of the Company`s business. information contained in this document may be updated, strategies, outlook and growth prospects; future plans and amended or superseded by subsequent disclosures, or may potential for future growth; liquidity, capital resources and become outdated and inaccurate over time and is subject capital expenditures; growth in demand for products; to change without notice. Neither the Company nor any of economic outlook and industry trends; developments of its directors, officers, employees, shareholders, affiliates, markets; the impact of regulatory initiatives; and the advisors or representatives shall have any liability strength of competitors. Such forward-looking statements whatsoever (in negligence or otherwise) for any loss are based on numerous assumptions by management howsoever arising from any use of this Presentation or its regarding present and future business strategies and the contents or otherwise arising in connection with the environment operating in the future. Although the ETALON GROUP 1 CONTENTS INTRODUCTION AND CORPORATE 1 GOVERNANCE 3 6 1Q19 OPERATING RESULTS 42 2018 OPERATING RESULTS AND 2 2019 OUTLOOK 12 7 MARKET REGULATION 51 3 LEADER-INVEST ACQUISITION 17 8 NEW STRATEGY HIGHLIGHTS 56 4 PORTFOLIO OVERVIEW 26 9 SELECTED PROJECTS 68 5 LEADER-INVEST INTEGRATION 37 10 APPENDIX 90 INTRODUCTION ETALON GROUP AT A GLANCE AS OF END OF 2018 Etalon Group is one of Russia's largest development and construction corporations. The Company focuses on residential real estate for the middle class in the Moscow metropolitan area and St Petersburg. KEY FACTS of experience in in Russia >30 construction & 58 covered by sales YEARS development CITIES network commissioned since 6.3 inception 5 THS employees MLN SQM St Petersburg and Moscow ETLN GDRs listed on the London 2 metropolitan area – two capital Stock Exchange since 2011 MARKETS cities with steadily growing LSE ticker population and high concentration of middle class customers INTRODUCTION ETALON GROUP 4 HOW ETALON GROUP CREATES VALUE INTRODUCTION ETALON GROUP 5 IMPRESSIVE NEW CONTRACT SALES SALES PERFORMANCE GROWTH, WITH CAGR OF 22% SINCE IPO NEW CONTRACT SALES bln RUB +30% +30% +27% +32% -12% +35% +6% +37% 68.7 47.4 50.2 40 35.1 30.2 23.7 18.3 14.1 2010 2011 2012 2013 2014 2015 2016 2017 2018 INTRODUCTION ETALON GROUP 6 BOARD OF DIRECTORS REPRESENTS INTERESTS OF ALL INVESTOR GROUPS NON-EXECUTIVE EXECUTIVE INDEPENDENT NON-EXECUTIVE DIRECTORS DIRECTORS DIRECTORS OLEG KIRILL GANNA BORIS CHARALAMPOS MUBARAKSHIN BAGACHENKO KHOMENKO SVETLICHNY AVGOUSTI Chairman of the Chief Financial Independent Non- Independent Non- Independent Non- Board of Directors Officer, Executive Executive Director Executive Director Executive Director Director EXPERIENCE AND AWARDS EXPERIENCE AND AWARDS EXPERIENCE AND AWARDS EXPERIENCE AND AWARDS EXPERIENCE AND AWARDS • More than 20 years of experience in corporate law • 12 years’ experience in corporate finance and asset • 20 years of experience in management, • Over 27 years of experience in finance and • 10 years of legal experience in the real estate, and investment management management consultancy and strategy positions in the legal senior management with international and corporate and banking sectors EDUCATION • Previously held position of senior equity portfolio and finance fields Russian companies • Founder and Managing Director of Ch. Avgousti • Moscow State Academy of Law manager at TKB BNP Paribas Investment Partners EDUCATION • Recent experience included CFO position at & Partners LLC (Advocates & legal consultants) • Finance Academy under the Government of the • In 2013 voted one of the top-3 portfolio managers • Keele University, degree in law and Orange in Russia, VP for Finance at Vimpelcom • Board member at Cyprus Telecommunication Russian Federation in Russia by Thomson Reuters Extel Survey international politics and CFO at Golden Telecom Authority (CYTA), member of the Advisory EDUCATION • College of Law in Chester, UK (completed a • EDUCATION council of Limassol for the Central Cooperative • St Petersburg State University of Economics Legal Practice Course) • University of Massachusetts (BBA in Bank and Finance Accounting), Carnegie-Mellon University (MBA) EDUCATION • Northumbria University Newcastle (LLM in International Commercial Law),
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