Q3 2015 Investor Presentation by AFI Development

9M 2015 IR Presentation FINANCIAL & BUSINESS RESULTS November 2015

Disclaimer This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of AFI Development Plc (the "Company") or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This communication is only being distributed to and is only directed at (1) qualified institutional buyers (within the meaning of Rule 144A of the United States Securities Act of 1933, as amended (the "Securities Act") or (2) accredited investors (as defined in Rule 501(a) of Regulation D adopted pursuant to the Securities Act). Any person who is not a "qualified institutional buyer" or "accredited investor" should not act or rely on this document or any of its contents. This document contains "forward-looking statements", which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. The information contained in this document is provided as at the date of this document and is subject to change without notice.

Company Overview SECTION 1

AFI Development at a glance Market Cap, as of 21 November 2015 Mkt price GDR, as of 21 November 2015 Mkt price B share, as of 21 November 2015 NAV (Equity), as of 30 September 2015 NAV per share, as of 30 September 2015 Portfolio Value*

US$0.26 bn US$0.14 US$0.17 US$1.25 bn US$1.19 US$ 2.0 bn

BUSINESS

•Full cycle real estate developer •Focus on unique large scale commercial and residential projects •Primary market: Moscow, Russia

HISTORY

•14 years on the market •Admitted to LSE in 2007 •Premium listing from 2010 •Free float – 35.12%

BRAND

•Strong global brand •Subsidiary of Africa Israel Group (64.88% owner) , an international conglomerate with global focus on real estate, construction and infrastructure

PORTFOLIO VALUE*

*Gross Asset Value of Portfolio based on C&W Valuation as for 30 September 2015 and BSV of Land Bank projects, Trading Properties and Hotels (inc. JV)

FINANCIAL STABILITY

• Liquidity position: US$62.5 million as at 30 September, 2015 • Secured financing for on-going projects • 31% Debt to Total Assets ratio**

TRACK RECORD

•14 completed projects with total c. 0.6 mln sqm of space •Impeccable credit history •Market reputation for high quality and professional property management

PORTFOLIO

• Substantial income generating portfolio. Major project AFIMALL • 8 Development Projects & land bank

** Bank loans only

Key Projects in Moscow Yielding Projects (retail, offices and hotels) US$1.4 bn

Value** (C&W, 30 September 2015): Plaza II, Plaza Ib

Riverside Station Riverside St-n

AFIMALL

194K sqm

GLA (excl. hotels), sqm: NOI stab.

US$185 mn

( excl. hotels): PLAZA SPA Kisl* PLAZA SPA Zhel*

Aquamarine III

* Outside of Moscow * * Hotels presented at cost value Aquamarine Htl

Paveletskaya I

H2O

Projects Under Development Value**

US$584 mn

( C&W, Sep 30 2015): Odinburg**

Paveletskaya II

Plaza IIa

KOSSINSKAYA Kossinskaya

Plaza Ic

B. Pochtovaya

Botanic Garden

Plaza IV

GLA, sqm:

235.0K

GSA, sqm:

708.6K

NOI stab. (C&W, Sep 30 2015):

US$105 mn

** Odinburg and Botanic Garden presented at cost value

Land Bank Yielding Projects Projects under Development Completed Assets

Value (BSV):

US$8 mn

Note: the NOI projections are â&#x20AC;&#x153;forward looking statementsâ&#x20AC;? based on C&W valuation assumptions and Company estimations and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions

Project Update. Yielding Projects SECTION 2

AFIMALL City Update

Ownership:50%

(as of September 2015)

Total GBA, sqm

283.2K

Total GLA(shops, offices, storage), sqm

107.2K

Occupancy (as part of GLA total)

76%

Parking lots, numbers

2,075

Terminal NOI (C&W est.)

US$134.5 mn

MV (C&W est.)

US$990 mn

Loan balance as for September, 2015

US$436 mn

 The occupancy level was at 76% at the end of September 2015, a 1% decrease compared to end of Q2 2015.  Despite of the average decrease of footfall in shopping centres, footfall in AFIMALL continues to demonstrate positive dynamics. The average monthly footfall in September 2015 was 17% higher than in September 2014  A number of new tenants opened their outlets in AFIMALL City in Q3 2015, including the US bakery café Upside Down Cake and Portuguese accessories brand Parfois. A lease with Detsky Mir was signed for 900 sqm., to be opened in December 2015 ITEM, US$ million (1) Revenue (2) Operating expenses (3) NOI

Q1 2015 Q2 2015 Q3 2015 19.1 19.4 16.2 (5.4) (4.0) (4.2) 13.7 15.4 12.0

9M 2015 54.7 (13.7) 41.0

Note: the NOI projections are “forward looking statements” based on C&W valuation assumptions and Company estimations and they can be realized or not realized due to factors beyond the Company's control including, among others, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the Russian economic, political and legal environment, volatility in stock markets or in the price of our shares or GDRs, financial risk management and the impact of general business and global economic conditions

9M 2014 82.7 (18.5) 64.2

Yielding Properties

Building

AFIMALL

Ozerkovskaya III* Berezhkovskaya

Tverskaya Plaza II

Tvesrkaya Plaza Ib

Paveletskaya I

Aquamarine Hotel

Moscow

Moscow City

CBD

Moscow

CBD

Retail

Office A & Street Retail

Office B

Office & Street Retail

Office B

GBA, sqm

283 182

61 772

11 612

5 913

2 338

16 246

GLA, sqm

107 208

46 247

10 250

5 856

2 054

2 075

466

140

76%

3%***

78%

134.5

38.9

990

293

Location Class

Parking lots (total), # Ocupancy rate (30.09.2015), % NOI stab. (C&W est.), US$ mn MV**, US$ mn

Moscow

H2O Moscow

Plaza SPA Kislovodsk

Moscow

Plaza SPA Zheleznovodsk

TOTAL

Caucasus region

Hotel

10 698

8 931

25 000

11 701

438K

13 412

8 991

159 keys

275 keys

134 keys

194K

126

82%

64%

86%

76%

72%

3.5

2.3

0.8

3.3

1.9

185

21.3

14.1

4.7

16.6

10.3

14.5

12.7

10.1

1 387

CBD

* GBA and GLA presented after disposal of Bld. 1. ** MV based on C&W valuation as for 30.06.2015. Hotels presented by cost value *** Total signed area as for September 2015: 1,447 sqm

Project Update. Development Projects SECTION 3

Odinburg Residential GBA, 767.1K sqm GSA residential, sqm 453,0K STATUS: Construction Bld#1, Bld.#2 SALE STATUS: Bld#1, Bld#2 are on sale Ownership:50%

Other 10

Odinburg Residential OVERVIEW  The ODINBURG residential district is located in the town of Odintsovo, a modern area considered to be one of the best and most environmentally clean towns in the Moscow region. (11 km from MKAD).  New highway to Moscow is in close proximity to the complex.  The entire residential district takes up an area of 33 hectares, which will host eight 8-to-25 story buildings. The residential element will offer 9,139 apartments and a total sellable area of 453K sq.m. (Including City share).

Ownership:50%

CONSTRUCTION STATUS and SALES  As of today 780 (41.7K sqm) apartments have been signed  Construction of Bld.#2 is ongoing. Bldg#1 to be completed by year end.  Construction is funded with proceeds from sales.

(as of September 2015) Type

Residential

GBA, sqm

767,1K

GSA, sqm/GSA commercial total: GSA resi (Phase I), sqm: GSA resi (Phase II), sqm: GLA commercial, sqm: Apartments, total : Phase 1: • Stage 1 • Stage 2 Parking units:

453,0/19,6K 145,1K 307,9K 16,8K

9,059 2,652* 723 (Sold 695) 706 (Sold 85) 3,399

* Including City Share * Including City share Other 11

Development Projects - Residential POCHTOVAYA

PAVELETSKAYA II

Botanic Garden

(as September 2015) (as of September 2015) Type

Resi

GBA, sqm

151.4K

GSA/GLA, sqm

48.2/26.1K

Parking

1,760 pp

Status

Construction permit received. Construction to be launched in Q4 2015

MV, US$

Pochtovaya

Type

Resi

GBA, sqm

170.3K

GSA/GLA, sqm

56.9/34.2K

Parking

1,771 pp

Status

Launch of construction in H2 2016

MV, US$

108.3 mil

Paveletskaya

BOTANIC GARDEN

69.3 mil

(as of September 2015)

Other

Type

Resi

GBA, sqm

255.0K

GSA/GLA, sqm

107.5/5,1K

Parking

1,334 pp

Status

Construction permit received. Project concept being reviewed

MV, US$

21.6 mil 12

Development Projects - Commercial PLAZA IC

KOSSINSKAYA

(as of September 2015) Type GBA, sqm GLA, sqm Parking

Office A 61.8K 37.0K 467 pp

Status

Ready for construction launch 87.7 mil

MV, US$

(as of September 2015)

Plaza IV Plaza IC

Kossinskaya

Type GBA, sqm GLA, sqm Parking MV, US$

Mixed use 108.0K 70.0K 1,200 pp 45.5 mil PLAZA IV*

(as of September 2015)

Other

Type GBA, sqm GLA/GSA, sqm

Office A 108.0K 58.6/2.7K

Parking Status

1,210 pp

MV, US$

Preparing for construction 107.2 mil

Financial update SECTION 4

Consolidated P&L ITEM, US$ million (1) (2) (3)

USD=62 USD=53 USD=63 Construction consulting/management services 0.0 0.0 0.0 Rental income 24.4 26.0 21.0 Sale of residential and trading property 0.6 0.1

(4) TOTAL REVENUE Ownership:50%

(5) (6) (7) (8) (9)

24.4

Other income Operating expenses Administrative expenses Cost of sales of residential and trading property Other expenses

(10) TOTAL EXPENSES (11)

Actual Actual Actual Q1 2015 Q2 2015 Q3 2015

Share of profit of equity-accounted investees

26.6

21.1

Actual 9M 2015

Actual 9M 2014

USD=59 0.1 71.4 0.7

USD=35 0.1 109.8 1.6

72.2

111.5

1.1 (11.4) (2.7) (0.4)

0.3 (9.7) (2.2) (0.6) (0.6)

1.2 (9.3) (2.3) 0.0 (0.2)

2.6 (30.4) (7.2) (0.6) (1.2)

3.1 (48.8) (18.2) (1.0) (6.0)

(13.4)

(12.9)

(10.5)

(36.8)

(70.9)

(1.6)

(0.6)

(0.7)

0.1

0.9

(12) GROSS PROFIT

11.2

14.6

9.0

34.8

39.8

(13) (14)

21.4 (0.7)

(63.8) (0.0)

98.5 0.0

56.1 (0.7)

134.8 (17.5)

(15) RESULTS FROM OPERATING ACTIVITIES

32.0

(49.2)

107.4

90.2

157.2

(16) (17) (17) (18) (19)

1.5 (11.3) (16.2)

1.2 (12.1) 19.9

0.1 0.7 (11.4) (78.2)

0.1 3.4 (34.9) (74.4)

0.1 5.3 (43.6) (78.8)

(26.0) 6.0

9.1 (40.1)

(88.9) 18.6

(105.9) (15.5)

(117.1) 40.1

(0.2) 0.3

(0.2) 1.0

(0.2) (6.0)

(0.6) (4.7)

(0.8) (11.4)

Valuation gains on investment property Impairment loss for trading property and hotels Profit on sale/disposal of properties/investment Profit on sale of Investment property Finance income Finance expenses FX Gain/(Loss)

(20) Net finance income/(costs) (21) PROFIT BEFORE INCOME TAX (22) (23)

Current income tax Deferred income tax

(24) PROFIT FOR THE PERIOD

6.0

(39.2)

12.5

(20.7)

27.9

Other 15

Balance Sheet as of 30 September 2015 #

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (25) (26) (27) (28) (29) (30) (31) (32) (33)

Investment property Investment property under development Investment in Joint Ventures Property, plant and equipment Long-term loans receivable VAT recoverable Inventory of real estate Total non-current assets Trading property Trading properties under construction Inventory Short-term loans receivable Trade and other receivables Current tax assets Cash, cash equivalents and tradable securities Total current assets TOTAL ASSETS Equity Share capital Share premium Translation reserve Capital reserve Retained earnings Minority interest TOTAL EQUITY Long-term loans and borrowings Deferred tax liabilities Deferred income Total non-current liabilities Short-term loans and borrowings Trade and other payables Advances from customers Income tax payable Total current liabilities

(34) TOTAL LIABILITIES (35) TOTAL EQUITY AND LIABILITIES

30.09.2015 US$ mn 1 351.9 355.9 0.0 29.2 14.8 0.0 18.3 1 770.2 2.1 211.2 0.4 0.1 37.8 1.5

30.06.2015 US$ mn 1 351.9 425.2 0.0 35.1 15.8 0.0 21.6 1 849.7 2.6 143.9 0.4 0.1 43.7 1.4

31.12.2014 Change US$ mn US$ mn % 1 375.4 0.0 0% 431.5 (69.3) -16% 0.0 0.0 35.1 (5.9) -17% 18.1 (1.0) -7% 0.0 (0.0) -11% 20.1 (3.3) -15% 1 880.2 (79.5) -4% 3.0 (0.4) (17%) 133.0 67.3 47% 0.6 0.0 7% 0.0 (0.0) (16%) 39.0 (5.9) (13%) 1.3 0.1 8%

62.5

78.6

93.3

315.7 2 085.8

270.6 2 120.3

270.2 2 150.4

45.1 (34.4)

1.0 1763.4 (328.6) (9.2) (178.6) (0.6) 1 247.5 593.2 115.0 9.2 717.5 48.0 19.9 53.0 0.0 120.8

1.0 1763.4 (311.1) 0.0 (190.8) (8.8) 1 253.7 629.7 100.9 11.3 741.9 46.1 23.2 55.4 0.0 124.7

1.0 1763.4 (314.9) 0.0 (159.0) (8.8) 1 281.8 455.1 102.6 13.0 570.7 231.7 28.2 38.0 0.0 297.9

(0.0) 0.0 (17.4) 6% (9.2) 12.2 (6%) 8.2 -93% (6.2) 0% (36.5) (6%) 14.1 14% (2.1) (18%) (24.4) -3% 1.8 4% (3.3) (14%) (2.4) (4%) 0.0 (3.8) -3%

837.7

857.8

859.8

(20.1)

(2%)

2 085.2

2 111.5

2 141.6

(26.2)

(1%)

Comments: (2) (10) Paveletskaya II project was reclassified from Investment property under development to Trading property under construction

(16.1) (20%) 17% -2%

(25) (29) Prolongation of Ozerkovskaya loan

Loans and cash position as of 30 September 2015  Gross balance of the bank loan portfolio (as of 30 September 2015): US$631 million  Total cash balance and deposits (as of 30 September 2015): US$62.5 million (including marketable securities)

Project

Bank

Historical debt limit

VTB VTB TOTAL AFIMALL

TOTAL/AVERAGE RATE

Available (US$ mn)

Nominal Interest rate

Currency

$146

9.5%

RUB

$290

3m Libor + 5.02%

USD

$436

6.74%

3m Libor + 8% from 24.01.15 to 20.03.15 3m Libor + 7% from 21.03.15 to 26.01.18

RUR 21 bn

AFIMALL

Ozerkovskaya III

Balance as of September 30, 2015 (US$ mn)

VTB

$220

Maturity

01.04.2018

$195

$631

USD

26.01.2018

6.90%

Financial covenants AFIMALL Liquidation Value of the property should be higher than sum of the outstanding principal and six months interest Q3 Revenue: not less than RUR 1 037 million (including VAT), or US$ 15.7 million at USD/RUR=66.2367. Ozerkovskaya III Loan-To-Value (“LTV”) ratio for Ozerkovskaya III project 65%, starting from Q1 2015. Debt Service Coverage Ratio (“DSCR”) should be at least 1.2 starting from Q4 2015. In November 2015 the Company received a notice from VTB Bank on decision of the Bank to postpone the applicability of covenants in the loan agreement of Krown Investments Limited (“Krown”) for the Ozerkovskaya III project. According to the decision, the LTV covenant and the DSCR covenant shall be both applicable starting from Q2 2017 onwards. AFI Development subsidiary owning and operating AFIMALL City, Bellgate Construction Limited, will provide a surety for the full amount of the loan of Krown, and AFIMALL City premises will be mortgaged in a secondary mortgage as additional collateral for the loan by Krown. This decision by the Bank will become legally binding with execution of addendum to the loan agreement and related documents. 17

Gross/Net Asset Value PROJECT

Book Value

Book Value Bank Loan

Net Company Share

31.12.2014

30.09.2015

AFI Mall Berezhkovskaya (100%) Paveletskaya I Plaza H20 Ozerkovskaya III Plaza Ib Plaza II Sadovaya -Samotechnaya TOTAL INVESTMENT PROPERTY: Plaza Ic Plaza II a Plaza IV (100%) Kossinskaya Bolyshaya Pochtovaya Paveletskaya II Ruza

1 000 21 20 12 300 5 15 2 1 375 88 4 107

990 21 17 10 293 5 14 2 1 352 88 4 107

(436)

554 21 17 10 98 5 14 2 721 88 4 107

54 108 67 4

46 108 0 4

TOTAL INVESTMENT PROPERTY UNDER DEVELOPMENT: Ozerkovskaya Phase II (26) 4Winds residential TOTAL TRADING PROPERTY: Aquamarine Hotel Plaza SPA Zheleznovodsk Pyatigorskaya (Park Plaza Kislovodsk) Plaza Spa Kislovodsk (Tirel) (50%) TOTAL PROPERTY PLANT AND EQUIPMENT: Odinburg Botanic Garden Paveletskaya II

431 2 1 3 17 12 4 14 48 133 20

356 2 0 2 15 10 4 13 41 142 20 70

TOTAL TRADING PROPERTY UNDER DEVELOPMENT:

153

232

2 011

1 982

(631)

1 351

TOTAL PORTFOLIO: CASH AND CASH EQUIVALENTS DEFFERED TAX LIABILITY TOTAL OTHER ASSETS AND LIABILITIES

TOTAL EQUITY:

(195)

(631)

Loans To Assets Value = 31% (LTV ratio)

Loans To Equity (LTE ratio)

= 50%

46 108 0 4

356 2 0 2 15 10 4 13 41 142 20 70

36 (115) (24)

1 248

Market Update SECTION 5

Macro Overview and RE Investment Market RUSSIAN MACROECONIMIC OVERVIEW • Russian economic growth: According to the Federal State Statistics Beaurau, the Russian YY GDP growth rate was -4.1% on quarterly basis • Exchange rates: During Q3, the spot RUR/USD rate fluctuated between 55.5 and 70.8, following significant fluctuations in the oil prices. Currently the rouble has been stable in the range 6266 roubles per dollar. The rate at 30.09.2015 was RUR66.2357 • In its decision on 30th October, Central Bank of Russia (“CBR”) left the key lending rate unchanged at 11%. Although keeping the borrowing costs at a relatively high level, the decision is expected to help the regulator to keep inflation under control

RUSSIAN REAL ESTATE INVESTMENT MARKET • In 9 months 2015, about US$2.0 billion were invested by domestic and foreign investors in Russian commercial real estate • 45% of the volume was invested in the office segment, which remains the most attractive. 28% was invested in the retail and 24% in the warehouse segments respectively (the biggest transactions were the acquisition of Hermitage Plaza by EPH, of Metropolis by PPF/Hines, of Modny Sezon SC by Kompleksnye Investitsii, the disposal of three PNK warehouses) Forecast of Investment Volume in 2015 (USD billion)

JLL

CBRE

C&W

3.0

2.5

• Inflation: The CBR estimates consumer prices inflation for 2015 at 15.6%

Consumer inflation, RUR (Rosstat)

Source: Rosstat, CBR, Focus Economics, C&W, JLL, CBRE

Office and Retail Markets Overview OFFICE MARKET OVERVIEW

RETAIL MARKET OVERVIEW

• The take up in Q3 2015 demonstrates positive market dynamics. 211,400 sqm of quality office premises were taken up in Q3 (47% higher than in Q1 and 13% higher than in Q2). 240,600 sqm of quality space were delivered to the market in Q3, 54% of them being in Class A.

• No new shopping centres were opened in Moscow in Q3 2015.

• The vacancy rates in class A and B continue to increase: In Class A the vacancy in Q3 was recorded at 26.8% (vs 25.8% in Q2) and in Class B at 14.5% (vs 13.9% in Q2). Vacancy in the Moscow-City submarket is estimated at 30%. • In Q3 2015 the rents remained relatively stable. Asking rents for Class A non-prime central premises were at US$600750 psqmpa. Asking rents for off-centre Class A office buildings were US$450-550 and for Class B $250-400. Rouble denominated rents prevail now in vacant Class B space (for 94% of offered B class premises) Base Rent, US$ psqmpa

Key indicators Base rent Class A (Prime), US$ psqmpa

Units

• The vacancy rate in Q3 2015 remained at 7%. Analysts expect it to increase to 8-9% by the year-end. • The rent discounts and fixed exchange rates provided to tenants in 2014 remain largely in force. Currently the rents in the majority of leases have a fixed exchange rate for a short-term period, and discounts for dollar rents of 15-20% are widespread.

C&W Prime rental rate indicator, US$ psqmpa

Key indicators

Units

Prime rent, US$ psqma

1,6503,800

800-900

Base rent Class A, US$ psqmpa

450-550

Base rent Class B, US$ psqmpa

250-400

(prime shopping centre gallery)

Base rent, US$ psqma

1,450

Vacancy rate,%

Overall vacancy,%

17.0%

Vacancy rate, Class A, %

26.8%

Source: CBRE Marketview Moscow Office Q3 2015, C&W MarketBeat Q3 2015

• According to Cushman&Wakefield Research, the footfall in Moscow shopping centres is at the lowest level since 2011.

Source: C&W MarketBeat Q3 2015, Colliers International Q3 Retail market report, JLL Moscow Shopping Centre Market Q3 2015 21

Residential Market Overview RESIDENTIAL MARKET MOSCOW AND MOSCOW REGION

MOSCOW:

• According to the Moscow Statistics Agency, the volume of commissioned residential construction in Moscow for the nine months of 2015 amounted to 2.4 million sqm., which is 3% higher than in the same period of 2014 (about 0.6 million sqm were delivered in Q3 2015). • At the end of Q3 2015 the supply at the Moscow primary residential market (excluding “apartments”) was about 1.44 million sqm (about 19,950 residential units), and increase of 14% compared to the end of Q2 2015. • By the end of September 2015 the weighted average asking price in the newly built business class residential market in Moscow amounted to 248 thousand roubles per sqm (US$3,936, USD/RUB = 63). Compared with the end of June 2014, prices decreased in average by 4% in roubles. Similar price decreases are recorded in the comfort class as well. MOSCOW REGION (< 30 km from MKAD):

• At the end of Q3 2015, the primary market supply (newly built residential units) in the Moscow region amounted to about 11,900 residential units. • As of September 2015 the weighted average price per sqm in Moscow region was RUR86,000 (US$1,365 USD/RUB= 63) Source: Blackwood Q3 2015 Moscow Residential Market Overview, Peresvet 3Q 2015 Moscow Region Primary Residential Market Overview

Average weighted asking price in primary residential market of “old” Moscow, by districts, end of Q3 2015 (USD/RUR ‘000 psqm)

NORTHERN USD

2,699 178.6

RUR ‘000

NORTH-EASTERN USD RUR ‘000

EASTERN

NORTH-WESTERN

USD

2,969 196.6

USD RUR ‘000

WESTERN USD RUR ‘000

2,708 179.3

RUR ‘000 CENTRAL USD

5,307

RUR ‘000

351.3

3,110 205.9

3,450 228.4

SOUTH-EASTERN USD RUR ‘000

2,124 140.6

SOUTH-WESTERN USD RUR ‘000

3,001 198.7

SOUTHERN USD RUR ‘000

2,533 167.7

Source: Blackwood Q3 2015 Moscow Residential Market Overview 22