Company presentation June 2016 Table of contents Section 1 - - PowerPoint PPT Presentation

Company presentation June 2016

Table of contents

Section 1 Summary 3 Section 2 Market Overview 8 Section 3 Resilient Operations 15 Section 4 Achievements and Plans 23 Section 5 Financial Performance 27

2

Section 6 Appendix: Financial Statements 31

Summary

Section 1:

Summary

4

O1 Properties owns 13 yielding assets situated in the main business districts of Moscow, Net Rentable Area - 501m²* Development ~ 2% of GAV Independent portfolio valuation as of 31 Dec 2015 - $3,739 Bln. High quality tenant base: 70% of NOI - international tenants with higher credit rating than O1 Properties Credit Rating: S&P B+ Boris Mints is a main shareholder – 69.7% of total capital, ICT Group

• 15.2%, Goldman Sachs – 9.6%, Minorities – 5.9%, 0.9% - top

management

100% Moscow 100% Office ~ 90/10 Yielding/ Development ~ 50/50 Leverage

*Includes Bolshevik phase 1 – 17 thousands m², which is not consolidated into O1P IFRS perimeter. Excl. Avion which was deconsolidated in Dec 2015 **NOI 2016 calculated excl. Bolshevik and potential deals effects

2012 2013 2014 2015 2016** NOI 144 292 351 325 307 G&A

• 31
• 32
• 33
• 15
• 14

EBITDA 113 260 318 310 293 Cash interest expenses

• 129
• 173
• 193
• 198
• 187

Operational Profit

• 16

87 126 112 106 Revaluation gain 4 90

• 282
• 363
• 75

Profit

• 12

177

• 156
• 251

31 Debt amortization (on schedule)

• 30
• 35
• 45
• 51
• 60

FFO (EBITDA-Interest-Debt Amortization)

• 46

52 81 61 46 Investment Property 2,640 4,172 4,020 3,742 3,667 Cash and equivalents 55 76 187 210 149 Assets 3,171 4,681 4,440 4,162 4,087 Equality capital 1,077 1,685 1,349 1,075 1,107 Financial Debt 1,684 2,798 2,801 2,852 2,661 Net debt 1,629 2,722 2,614 2,642 2,511 GAV (IP+ JV+ Loans issued) 2,674 4,202 4,071 3,916 3,841 LTV (Net Debt + Equity) 60.9% 64.8% 64.2% 67.5% 65.4% Net Debt\ (Net Debt+ Equity) 60.2% 61.8% 66.0% 71.1% 69.4% Net debt\ EBITDA 14 10 8 9 9 ICR 0.87 1.50 1.65 1.57 1.57 DSCR 0.71 1.25 1.34 1.25 1.19

Brief Description

Financial Parameters Business Model

O1 Properties Assets Value

Revaluation losses due to negative market conditions in 2014 and 2015 is more than $600M Effect from negative revaluation was partially reduced by new acquisitions (Icube and Zarechie $233M)

Changes in gross asset value (US$ MM)

5

318 318 1 001 52 52 416 416 82 82 114 114 274 274 119 119 75 75 363 363 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500

YE 2012 Olimpia park disposal White Square acquisition Greendale & Kutuzov acquisition Legend acquisition CAPEX & Valuation changes YE 2013 Icube acquisition Revaluation YE 2014 Zarechie acq. Avion sale Revaluation FY2015

Mln USD

2987 4220 4060 3739

NOI and EBITDA

NOI and EBITDA (US$ mln)

EBITDA Margin grew from 80% to 95% during 5 years; EBITDA for 2015 year was $310M and expected to be $293M in 2016; G&A expenses expected to decrease due to increased cost efficiency and ruble devaluation.

Notes: *NOI 2016 calculated on cash basis and doesn’t include Bolshevik NOI. Avion is sold in Dec 2015

6

144 292 351 325 307 31 32 33 15 14 113 260 318 310 293

50 100 150 200 250 300 350 400 2012 2013 2014 2015 F2016 NOI G&A EBITDA

Awards

7

The Moscow Times Awards Best Office Awards The Moscow Times Awards Best Office Awards CRE Awards

Business centre

• f the year

Bolshevik White Stone White Square Lighthouse Lighthouse

2015 2014 2013 2013 2013

Best Atrium Business centre

• f the year

Best Atrium Class A business centre Deal

• f the year

White Square Lighthouse Stanislavsky Factory Stanislavsky Factory Portfolio

2013 2012 2012 2012 2011

Highly commended Best renovation Business centre

• f the year

Deal

• f the year

CRE Awards European Property Awards Civic Trust Awards RIBA CRE Awards

Market Overview

Section 2:

Supply

Source: Colliers Research, 1Q 2016.

9

New delivery, mln sq.m

Vacancy in CBD is the lowest among other submarkets while remains high in absolute value (CBD is the largest office submarket with about 5 mln sq.m of office premises). O1 Properties vacancy in CBD assets is in line with the market and stands at around 9%. Estimated new office delivery in 2016 is three times lower than in 2014. That leads to inevitable reduction in office vacancy in future.

0,5 1 1,5 2011 2012 2013 2014 2015 2016 F Q1 Q2 Q3 Q4 100 200 300 400 500 600 Class A Class B- Class B+ Vacant space,%

Office space supply by submarkets in 1Q2016

35% 30% 25% 20% 15% 10% 5% 0%

Demand

Source: Colliers Research, 1Q 2016.

10

Take-up by submarkets Vacancy dynamic by classes

In 2015 volume of deals in CBD was a little lower than in 2014 and comprises 25% of total take-up . T ake-up in CBD area is higher than new delivery due to restriction of the new office construction in CBD area. Vacancy in Class A overall stock is going down replicating market behavior after the previous crisis. Overall market vacancy including class B is 13.4% in 1Q2016 in comparison to 13.9% in FY2015. Vacancy in Moscow City reduced from 31% in FY 2015 to 17.6% due to closed major transactions in 1Q2016 (Eurasia Tower sale to VTB and Evolution tower sale to Transneft).

1,7% 6,6% 13,7% 25,3% 17,4% 12,5% 13,9% 14,9% 27,3% 21,9%

3,5% 3,4% 16,1% 13,6% 10,0% 9,3% 6,0% 7,2% 10,6% 10,9%

0% 5% 10% 15% 20% 25% 30%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

50 100 150 200 250 300

2014 2015

Class A Class B

$0,00 $200,00 $400,00 $600,00 $800,00 $1 000,00 $1 200,00 2012 2013 2014 2015 Q1 2016 Prime class A Class A CBD 700-800 700-800 900-1000 650-700 800-900 600-750 600-900

Rental rates and key market indicators

Prime Class A asking rental rates in the segment are at $600–900 /sq m/year, net of OpEx and VAT. Class A asking rental rates for office space in the city centre are at $400–650. The level of rental rates depends on quality of the building, its location and vacancy in the building.

11

Source: CBRE Q1 2016, Colliers Q1 2016

Key market indicators

Indicators Q1 2015 Q1 2016

Total stock, million sq m 16.0 16.8 Class A 3.5 3.8 Class B 12.5 12.9 Completions, thousand sq m 115.1 63.1 Take-up, thousand sq m 255.0 163.0 Vacancy rate, % 14.3 13.4 Class A 27.3 21.9 Class B 10.6 13.9 Weighted average rental rates in CBD, $/sq m/year 590 445 Class A 740 520 Class B 445 350 400-650

1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 5,5 6,0 6,5 7,0 7,5 8,0 сен.13 янв.14 май.14 сен.14 янв.15 май.15 сен.15 янв.16 май.16

Russian yield US yield

Real estate and bond yields

Source: Bloomberg, CBRE 1Q2016

12

Russian Eurobond yield reduced to lower than mid 2014 levels – 3.8%. This indicates that Capitalization rates should also go back to mid 2014 levels in the next several months, if macroeconomic situation is stable. Moscow office yield is two times higher than in Western Europe cities.

Russian vs USA sovereign 7 year Eurobond yields, %

Real Estate prime yields, %

Office Retail Industrial

Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016

14 13 12 11 10 9 8

Sept.13 Jan 14 May 14 Sept 14 Jan 15 May 15 Sept 15 Jan 16 May 16

Real Estate Investments

13

The investment volume in Q1 2016 amounted to USD 1.9 bn (or RUB 142 bn), being 4.5 times higher than Q1 2015 result, as deferred demand started to realize in Q1 2016. Average deal size increased to USD 142 mn with 13 deals closed in Q1 2016 compared to USD 52 mn with 8 deals in Q1 2015, explained by large deals closed in the beginning of 2016. Taking into account the volume of deals in Q1 2016 and current deals under negotiations, forecast was upgraded to USD 4.5 bn from previous USD 2.8 bn. The main driver for investors now is the potential of asset value recovery on the back of the market correction.

Source: CBRE 1Q2016

Major Investment Transactions in 2015-IQ2016 # Name Type Value, $M Vendor Purchaser

1 Eurasia Tower Office\Retail/Residential ~ 650 Nafta VTB 2 Evolution Office part ~ 950 Snegiri Development Transneft 3 Oruzheyny BC (49.9%) Office 282 Glanbury Investments Megafon 4 Modny Sezon Gallery (93.4%) Retail 250-270 Nafta CDS Group 5 PNK-Chekhov 1 Industrial 220-250 PNK Group BIN Group 6 Platforma Portfolio Retail 170-200 Platforma Investment BIN Group 7 Four Seasons Hotel Moscow Hotel 170-200 Nafta CDS Group 8 Metropolis III BC Office 170-190 Capital Partners PPF Real Estate/Hines 9 Metropolis I BC Office 120-130 Capital Partners PPF Real Estate/Hines 10 PNK-Chekhov 3&PNK North Sheremetevo Industrial 120 PINK Group Mubadala/RFPI 11 Mercedes-Benz Plaza Office 90-100 ASKK Region 12 Zarechye BC Office 100 ICT Group O1 Propeties 13 Sheraton Palace Moscow Hotel Hotel 80-90 Kotrill Limited BIN Group 14 Yupiter BC Office 80 Warimpex Blagosostoyanie NPF 15 Bakrushin House and SolnecniyII SC Office\Retail 35 Sponda Horizon Properties

Total investment volume in Russian CRE

2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Investment volume, USD bn Investment volume, RUB bn 2016 forecast, USD bn 2016 forecast, RUB bn Foreign capital share, % 73% 73% 24% 14% 38% 25% 23% 33% 15% 4% 4,8 5,5 1,7 4,3 7,8 6,3 8,4 4,4 3,0 1,9 268 165 181 2,6 142 164 4,5 306

Section 3:

Resilient Operations

Stability of Operations

Over 98% of Portfolio Yielding Cash (2% of GAV is development) High-Quality Credit-Rated T enants Triple Net Lease Structure O1 Rental Rates for New Tenants and Renewals are in Line with Market

15

Yielding Assets make up 98% of Portfolio Value

Assets Portfolio

Notes: 1. O1 owns 85% of Greendale Project, 100% of Kutuzov Project and 50% of Bolshevik which is not consolidated under O1P IFRS.

100% Moscow Office Current Portfolio Development Projects

NRA: 45 000 NRA: 33 000 NRA: 22 000

Value*, Dec 2015: $170 mln O1 share: $97mln *GAV doesn’t include Bolshevik phase 1, which is already yielding asset

12

Lighthouse

7

Krugozor

10

Vivaldi Plaza White Square 1 Ducat Place III 2 Stanislavsky 8 White Stone

4

Silver City

5 9

Legend

3 11

Greendale1 Kutuzov

15

Bolshevik ph2 1 13

Value, Dec 2015 (US$ Bn.): 3.71 NRA* (thous. sq.m.): 501 WAULT (years): 4.1 Occupancy: 86%

• 2. Valuation based on Cushman & Wakefield preliminary valuation report as of 31 Dec 2015.

LeFORT Factory

Yielding Assets

16

*NRA includes Bolshevik phase 1 GAV doesn’t include Bolshevik project

1 2 3 4 6 7 8 9

10 11 15 14 13 12

5

Bolshevik ph1 Zarechye

13

iCUBE2

6 14

The Leading Player in Moscow Office Market

O1’s Investment Portfolio

Source: JLL 4Q 2015 Report

As of YE 2015 O1 has 501 thousands sq. meters of completed and yielding Class A and B Office Space Estimated O1 share in Moscow class A office market is about 1 1%.

17

321 349 467 500 501 2 012 2 639 4 172 4 060 3,739

• 500

1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500

• 100

200 300 400 500 600 2011 2012 2013 2014 2015 NRA, '000 m² GAV, $ mln

3,8 9,1 4,9

Class А/А+ offices, mln m² Class B/B+ offices, mln m² Class B- offices, mln m²

Moscow office stock

High Quality Cash-Generating Asset Portfolio of O1

18

Assets Location by GAV Asset Classes by GAV

Almost half of the total yielding portfolio is trophy assets (Class A+) and three quarters of assets are located in Central Business District of Moscow.

42% 50% 8%

Class A+ Class A Class B/B+

81% 4% 15%

CBD CBD - ТТR TTR-MKAD

81,2% 12,8% 6,1%

Bolshevik phase 2 Greendale Kutuzov

Portfolio Well Diversified

19

Low Asset Concentration Underpins Stable Cash-flow

Total value: $3.82Bn

Notes:

• 1. Valuation based on Cushman & Wakefield valuation report as of 31 Dec 2015. Bolshevik project is not consolidated under O1P IFRS.
• 2. White Square Project legally consists of two separate buildings, each of them is located on its own land plot. Valuation divided between the buildings proportionally based on NRA.

Total value: $170M*

* O1 share is $97M

12,9% 11,0% 9,9% 9,6% 9,5% 7,8% 7,6% 6,7% 6,0% 5,7% 4,8% 2,9% 3,1% 2,6%

White square bld 1 White square bld 2 Vivaldi Ducat Legend Krugozor Silver City White_Stone Lighthouse Stanislavsky Lefort Bolshevik phase 1 Zarechie ICube

Yielding assets incl. Bolshevik phase 1 Development assets

Secure Cash Flows Due to High Quality Tenants

Mostly Multinational T enants or Russian Large Corporations

20

Tenant structure

21

Tenant type ownership Top Tenants contribution to NOI Tenant type by industry

Large multinational companies contribute 68 68% % of total NOI. Therefore O1 cashflows are generally backed by “investment grade” tenants / credit quality. The tenant base is well diversified across industries. Relatively low tenant concentration. PwC, Eurasian Economic Community and Deloitte are the only tenants accounting for more than 4% % of total NOI.

Multinational Rest Top 10

68% 23% 7% 2% Multinational Russian private Government Russian publicly listed

19% 19% 24% 14% 11% 11% 2%

Consumer/Retail Industrial Consulting/Legal services Other Finance TMT Natural resourses 29% 12% 9% 50% Top 1-10 Top 11-20 Top 21-30 Others

Lease expiration profile

22

Lease expiration profile, WAULT - 4.1 years

10 30 47 80 84 99 34 17 29 39 81 89 80 77 27 11 8

• 20

40 60 80 100 120 2016 2017 2018 2019 2020 2021 2022 2023 2024-2025 April 2016 expirtaion profile NRA, '000 sq.m April 2015 expirtaion profile NRA, '000 sq.m

Expiration profile was significantly improved since April 2015 Current WAULT – 4.1 years

Achievements 2015 and Plans for 2016 year

Section 4:

68% 68% 20% 20% 11% 11% 1% 1% Boris Mints ICT Group Goldman Sachs Top management

Shareholder structure

Having such strong shareholders as ICT Group and Goldman Sachs creates additional advantages to O1 in comparison with other Commercial Real Estate companies.

24

As of April 2016

• Mr. A. Barinsky

and

• Mr. V. Zubrilin

70% 70% 14% 14% 9% 9% 3% 3% 3% 3% 1% 1%

Boris Mints ICT Group Goldman Sachs Barinsky Zubrilin Top management

As of September 2015

In 2015 we made two rounds of equity capital increase: ICT Group and new minority shareholders – A. Barinsky and V. Zubrilin

Shareholder Class A share Class B share Share in total capital Book Value FY2015, $M Boris Mints 94,12% 54,70% 69,71% 720 ICT Group 0,00% 23,29% 14,42% 149 Goldman Sachs 0,00% 14,78% 9,15% 94 Barinsky 2,94% 2,94% 2,94% 30 Zubrilin 2,94% 2,94% 2,94% 30 Top management 0,00% 1,35% 0,83% 9 Total ex minority interest 100,00% 1032

Board

Independent Non-Executive Directors Corporate Governance

The composition of the Board of Directors: 4 out of 9 Board members are independent non-executive directors, and all are active industry participants with significant experience in real estate and finance. All three committees (audit, nomination and remuneration, strategy and development) are headed by independent directors.

Strong Alignment of Shareholder Interests

Founding shareholder (Boris Mints) remains committed to the ongoing business strategy.

Executive Directors ICT representative

Alexander Ostrovskiy

Chief Executive Officer

Tomasz Zamiara

Chief Financial Officer

Konstantin Yanakov

Vice-President

• f ICT Group

Joined in April 2014

Dmitriy Mints

Chairman

• f

the Board

Norbert Kickum

Former Head of Real Estate Lending at Aareal Bank. In 2011 was appointed by the German Government to FMS Wertmanagement Joined in Jan 2015

Strong Board: Two New Directors added

Timothy Fenwick

Former Head of Jones Lang LaSalle, Russia Joined in July 2011 Chairman of Remuneration

Committee

Alexander Erdman

Chief Investment Officer

Co-owner of Forum Properties Appointed to the Board in April 2016

Andrey Barinsky Richard Gregson

Former Real Estate Leader of PWC, Russia Appointed to the Board in June 2012 Chairman of Audit Committee

25

Achievements 2015 and plans for 2016

New bonds issue for 15Bln rubles in Oct 2015 Credit rating remains on the same level B+ Zarechie acquisition in June 2015 Two new shareholders for 5.88% of capital with $85M fresh equity capital

26

Vacancy reduction from current 14% level Cash-flow improvement: Bank debt restructuring: maturity extension Reduce dividends to shareholders First ruble bonds issue repayment in Aug 2016 Achievements 2015 Plans for 2016

Section 5:

Financial Performance

Capital structure

28

Book equity as of 2015 year end is $1075M (incl. non-controlling interest)

1 459 1 604 2 012 2 105 2 508 2 984 3 665 4 060 4 167 4 021 3 946 3 742 37 71 60 72 73 69 79 68 135 132 193 254 197 173 224 97 83 127 129 417 373 287 274 286 661 749 775 850 901 1 078 1 295 1 545 1 540 1 349 1 230 1 075 195 201 291 142 137 200 191 203 335 268 352 376 836 897 1 230 1 282 1 626 1 902 2 388 2 798 2 800 2 822 2 830 2 831 54% 54% 53% 53% 58% 58% 60% 60% 63% 63% 62% 62% 63% 63% 60% 60% 61% 61% 64% 64% 64% 64% 66% 66% 0% 10% 20% 30% 40% 50% 60% 70%

500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 31.12.2010 30.06.2011 31.12.2011 30.06.2012 30.09.2012 31.12.2012 30.06.2013 31.12.2013 30.06.2014 31.12.2014 30.06.2015 31.12.2015 Investment property Other non-current assets Current assets Equity Other liabilities Financial Debt LTV

Debt Maturity

Repayment Profile

In 2014 4 we significantly improved maturity profile and decreased interest rates Weighted average interest rate on the debt is 7.0% % including cost of hedging 10% of total debt (Bonds 6Bln + 15Bln) denominated in rubles; 13.5% of debt unhedged (Libor floating rate) Debt weighted average maturity is 4 years

111

• 297

932 860 64 137 211 60 66 75 85 72 72 72

• 200

400 600 800 1 000 1 200 Cash FY2015 2016 2017 2018 2019 2020 2021 2022 Debt amortisation Debt Maturity

6 Bln Rub bonds repayment

29

Note: Bolshevik is not consolidated in O1 financial statements.

NOI by Projects

NOI 2016 projections presented at 65 Rub/$ exchange rate Avion was sold in Dec 2015

Project Class FY2015 GAV, $M NRA,’000 m2 NOI 2014 NOI 2015 NOI 2016 WAULT (years) White Square A+ 914 76 80 73 73 4.51 Ducat A+ 366 33 33 28 28 4.43 Legend A+ 360 40 28 28 31 4.21 Vivaldi A 378 48 43 39 36 3.99 Silver City A 288 42 31 24 21 2.71 White Stone A 256 40 26 26 23 3.43 Stanislavsky A 218 35 25 22 21 3.52 Lighthouse A 230 27 18 19 20 4.78 Krugozor A 298 51 31 27 24 4.47 Zarechye B+ 119 16 6 11 9.18 iCUBE B+ 100 19 2 9 4 5.59 Lefort B 183 56 26 18 15 3.87 O1 Properties yielding assets 3.709 484 344 320 307 4.1 Avion (Sold) 7 6

• SubTotal

351 325 307 Bolshevik Phase I

• 3

4 8.38 Total 351 328 311

30

Section 6:

Appendix: Financial Statements

• Appendix. P&L 2015 (Adjusted by FX effects)

In thousands of US Dollars Note 2015 2014 Rental revenue 16 368 166 412 475 Operating expenses of investment property 16 (42 928) (61 193) Net rental income 16 325 238 351 282 Net gain from fair value adjustment on investment property 8 654 599 1 991 603 General and administrative expenses 17 (15 050) (32 433) Other operating expenses 17 (4 940) (8 342) Other operating income 2 032 3 404 Net loss from disposal of subsidiaries and joint venture, including reclassification of exchange difference on disposal of the investments from other comprehensive income/loss to the profit or loss 27 (336 514) (21 875) Finance income 18 13 532 6 115 Finance costs 18 (276 006) (318 960) Share of result of joint venture 9 6 929 22 703 Foreign exchange translation losses less gains 2 (719 098) (1 690 102) (Loss) profit before income tax (349 278) 303 395 Income tax expense 19 (30 139) (315 783) Loss for the period (379 417) (12 388) Other comprehensive income (loss): Items that may be reclassified subsequently to profit or loss: Effect of translation to presentation currency of the financial statements

• f foreign operations

261 822) (404 881) Reclassification of exchange difference on disposal of the investments from other comprehensive income/ loss to the profit or loss 27 449 561 106 805 Share of other comprehensive loss of joint venture 9 (17 451) (27 840) Reclassification of exchange difference on disposal of joint venture from

• ther comprehensive income/ loss to the profit or loss

27 448

• Items that will not be reclassified to profit or loss:

Revolution of property, plant and equipment 7 5 813 13 095 Deferred tax liabilities on the property revaluation reserve 19 (969) (3 343) Total other comprehensive income/ loss for the period 202 580 (316 164) Total comprehensive loss for the period (176 837) (328 552) P&L adjuste ted for currenc ency y effec ects ts, $M 2014 2014 2015 2015 NOI 351 325 G&A

• 32
• 15

Net other income and costs

• 5
• 3

EBITDA 319 319 310 310 Finance income 6 14 Cash interest expenses

• 198
• 198

Result of JV 23 7 “Cash” profit 150 150 133 133 Property revaluation

• 282
• 363

Currency effects and other non-cash item

• 196

54 Total al profit fit

• 329

329

• 177

177

32

• Appendix. Balance Sheet: Assets

Balance Sheet at Year End, USD (thousands) 2012 2013 2014 2015 Derivative financial instruments — 14 043 5 139 2 092 Inventories 336 1 245

• Loans issued

504 1 564

• 1 594

Prepayments and deferred expenses 6 340 33 798 10 750 18 610 VAT receivable 17 131 1 314 2 530 1 997 Trade and other receivables 37 653 61 810 74 792 49 260 Current income tax prepayment 399 11 716 6 678 1 453 Cash and cash equivalents 54 769 300 881 186 958 210 639 Non-current assets classified as held for sale 343 285 16 025

• Total current assets

460 417 442 396 286 842 285 645 Property, plant and equipment 23 336 24 630 22 866 21 261 Investment property 2 639 912 4 172 500 4 020 665 3 698 590 Investment in associate and joint venture 10 199 13 028 7 099 13 081 Loans issued 23 032 16 615 44 243 174 871 Prepayments and deferred expenses 7 157 4 093 3 773 11 883 VAT receivable 6 984 9 469 257

• Deferred income tax assets

53 845 76 315 Total non-current assets 2 710 620 4 240 335 4 152 748 3 996 001 Total assets 3 171 037 4 682 731 4 439 590 4 281 646

33

• Appendix. Balance Sheet: Liabilities and Capital

Balance Sheet at Year End, USD (thousands) 2012 2013 2014 2015 Borrowings 1,403,507 2,664,705 2,597,615 2,691,930 Tenant deposits 34,315 53,375 56,958 48,712 Deferred income tax liability 41,929 94,885 214,331 107,400 Total Non-Current liabilities 1,479,751 2,812,965 2,868,904 2,848,042 Borrowings 281,096 133,107 224,640 176,374 Derivative financial instruments 16,033 8,931 6,680 40,288 Tenant deposits 11,234 6,195 6,952 5,266 Deferred rental income 71,413 87,781 88,395 75,469 Current income tax liability 2,964 1,916 696 1,752 Trade and other payables and other liabilities 67,935 41,901 59,486 59,048 Liabilities classified as held for sale 229,117

• Total current liabilities

679,792 279,831 386,849 358,197 Total liabilities 2,159,543 3,092,796 3,255,753 3,206,239 Class A stock 167,900 369,900 369,900 369,900 Class B stock 471,914 702,245 706,727 824,458 Non-controlling interest 86 86,125 52,126 43,146 Property revaluation reserve

• 3,619

13,371 18,215 Retained earnings 394,053 540,090 552,835 11,946 Translation reserve

• 22,459
• 113,589
• 511,122
• 192,258

Total equity 1,011,494 1,588,390 1,183,837 1,075,407 Total equity + net deferred tax 1,053,423 1,683,275 1,344,323 1,106,492 Total liabilities and equity 3,171,037 4,681,186 4,439,590 4,281,646

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26, Valovaya Str., Moscow, Russia, tel: +7 495 788 5575, info@o1properties.com www.o1properties.com

Contacts