Company Presentation for J.P. Morgan Credit and Equities

Emerging Markets Conference 2017, London

October 2017

Table of content

Section 2 Market Overview 7

Financial Performance

Appendix 29

2

Section 1 Summary 3

Section 5

Financial Statements

23

Section 3 Company Business Profile 14

Board and Shareholders Section 4 20

Appendix 33 Development Projects

Summary

Section 1:

Business Model

4

Active asset management

Focus on top tenants

Internal

growth

NOI

Occupancy

Retention Rate

Strong market fundamentals

Hub for International Tenants Moscow

Market

Dynamics

Market Rents

Valuation Yields

Development assets

Yielding assets Acquisitions

and Selective

Disposals

IRR Target: 15–20%

Min 90% of GAV

IRR Target: 20–25%

Max 10% of GAV

Strong coverage metrics

Healthy balance sheet Solid

Financial

Policies

Target LTV 60%

Target ICR >1.8x

~ 55/45

Leverage

100%

Moscow

100%

Office

~ 90/10*

Yielding/

Development

~ 60/40

Leverage

*GAV of development projects is approx. 4% of total Investment Properties as of CBRE 1H2017 valuation

O1 Properties at a Glance Key Statistics Sept 2017

NRA1

638k sqm total

524k sqm yielding

117k sqm development

Market Value1,2

$3,934m total

$3,761m yielding

$173m development

Occupancy Rate 86%

Average Net Rental Rate3 $584 sqm / year

WAULT to Expiry (years) 4.0

Credit Rating S&P B+/B, Moody’s B1/B1

Key Financials ($m)

1 2 3 4 5

6 7

8 9

10 11

Yielding Development

14 15 12 13

White Square Ducat III Legenda Tsvetnogo White Stone Silver City

Lighthouse

LeFort

ICube

Kutuzov Greendale Bolshevik Factory Zarechie

Krugozor

Stanislavsky Factory

Vivaldi

Avrasis

16

Notes: 1Assuming 100% share in each property belongs to O1 Properties. O1P owns 50.1% share in Bolshevik, which is not consolidated under IFRS. It also holds 85% stake in Greendale, 50.5% in

Legenda Tsvetnogo and 50.5% in ICube. 2 As per CBRE valuation as of 30 June 2017. 3 Rental rate post discounts and FX caps. 4 Net Debt is calculated as the sum of total borrowings less cash

and cash equivalents and finance lease liabilities.

5

$m 2015 2016 1H2017

Rental Revenue 368 316 165

Net Rental Income 325 284 137

EBITDA 321 290 140

Investment Property 3739 3702 3654

Total Assets 4282 4242 4238

Net Debt 2641 2787 2899

Book Equity 1075 995 963

ICR 1,62 1,38 1,38

Total LTV (%) 67% 70% 73%

Achievements over the last year

6

Operational update:

1) Vacancy level stabilized

2) Renegotiated with most tenants to bring their rent levels to market levels.

3) Start of residential projects (Bolshevik and A Residence apartments development)

Acquisitions:

1) In December 2016 we bought Avrasis Project (yielding office of 9,200sqm and residential project “A

Residence”

Debt portfolio optimization:

1) Eurobonds of $350mln issued in September 2016

2) New local bond issues ($335mln in Feb 2017, $150 mln in May 2017)

3) Partial senior debt repayment and extended maturity on most of senior loans

4) Interest rate on debt reduced from ~7% to 6.25%

Credit Rating:

1) New rating from Moody’s (B1) received in September 2016 with stable outlook

2) S&P confirmed B+ corporate rating in July 2017 and improved outlook from negative to stable. B

rating assigned to unsecured bond issues due to changes in S&P methodology.

3) Moody’s confirmed B1 rating in Sept.2017 with stable outlook.

Market Overview

Section 2:

Stabilization of macro - economy indicators

GDP growth indicates a gradual recovery in key sectors of

the economy. Estimated GDP growth is 2% in 2017

Russia sovereign spread reduced from 6% to almost 1.5%

Low inflation and consumer sector recovery are very

positive signs for Real Estate Market.

8

Source: RCB, Bloomberg

40

0-6

50

Russia GDP Growth Stabilizing Exchange rate dynamics, USD/RUB

Russia Sovereign Spread to US Treasuries

Source: Bloomberg

Real estate market has stabilized due to

macro-economy recovery

The level of rental rates highly depends on quality of the building, its location and vacancy in the building.

Oil prices stabilization and ruble appreciation lead to rental rates stabilization in dollar terms.

9

Source: CBRE, Colliers 2Q2017 Source: Colliers 2Q2017

40

0-6

50

Base rental rates for Class A offices stabilizing Key market indicators 2015 2016 1H2017

Total stock, mln m² 16.7 17.1 17.1

Class A 3.8 3.9 3.9

Class B 12.9 13.2 13.2

Completions, thousand m² 715.3 312 21.1

Take-up, thousand m² 962.2 850 548

Vacancy rate, % 13.9 12.4 11.2

Class A 25.3 18.4 15.8

Class B 10.5 10.6 9.9

Weighted average rental rates in CBD, $/m²/year

495 475 470

Class A 605 584 565

Class B 355 329 341

Signs of market recovery: vacancy is going down

10

Vacancy in CBD is the lowest among submarkets, though the highest supply in absolute value terms due to the

relative size of this market (CBD is the largest office submarket with about 5 Mln m² of office premises)

O1 Properties vacancy in CBD assets is in line with the market and stands at around 8%

Vacancy in Class A overall stock is going down replicating market behavior after the previous crisis

Overall vacancy remains relatively high mainly driven by properties in poor locations and low quality of construction.

Available supply is still characterized by a deficit in the segment of large ready-to-move-in premises. This shortage is

noticeable for requests over 5,000 m² in the CBD and over 10,000 m² outside the CBD in high-quality business

centers with a good location.

Vacant space distribution by submarkets as of YE2016

0%

5%

10%

15%

20%

25%

30%

35%

0

50

100

150

200

250

300

350

400

450

500

thousand s

q m

A B- B+ Average vacancy rate, %

Source: Colliers Research 2016 and 2Q2017.

Vacancy dynamic by classes

New delivery contracted by more than 4x times

Source: Colliers Research 1H2017.

11

Since the beginning of the year, demand for leases and purchase has maintained last year's trend. In Q2 2017, the

volume of transactions amounted to 258 ksqm of office space, while the total figure for H1 2017 reached 402

ksqm, which is comparable to H1 2016.

New office delivery in 2016 is four times lower than in 2014. Projected delivery in 2017 represents old projects

completion which is more likely to be postponed. In 1H2017 new delivery is only 21 ksqm.

Take-up, 000 m² New delivery, mln m²

Anticipated Cap Rate Compression

In 2Q2017 inflation kept the lowers levels in the history of modern Russia. The Ministry of Economics downgraded the

forecast for 2017 to 3.8%. Mid term inflation forecast is below 4%, which is the target for Central Bank.

Central Bank rate has decreased rate from 10% to 8,5% in 9m2017 and further cuts are expected in 4Q2017.

Sovereign USD and RUB bonds yields become lower as well. Economy is recovering, country and real estate risks

become lower. Therefore we anticipate moderate cap rates compression from current 9.0-9.5% for prime asset in one

year.

Low Inflation is a game changer in Russian real estate market.

12

40

0-6

50

Moscow CRE cap rates Russian Government Bonds Yields (USD & RUB)

Source: Bloomberg

0

2

4

6

8

10

12

14

16

18

Russian USD Bonds 10y Russian RUB Bonds 10y

Investor sentiment is improving

13

Real Estate Investments in Russia have

stabilized at around $4bln. Some growth

is expected in 2017-2019.

Office was the leading sector in

investment structure with 45% of

volume.

While the total 1H2017 investments is

30% lower than in 1H2016, investment

deals (excluding end-user purchases) rose

from $440M to $1.5Bn.

$402.6 million, or 23%, was the share of

the total investment volume formed by

foreign investors in H1 2017, while last

year we mainly observed activity from

Russian investors. It is worth noting that

the share of foreign investors increased

for the first time since 2014, when it

constituted a quarter of the total annual

investment volume in commercial real

estate.

The main driver for investors now is the

potential of asset value recovery on the

back of the market correction.

Total investment volume in Russian CRE

Source: Cushman&Wakefield

Gorbuskin Dvor Retail Alexei Khotin, Yuriy Khotin Victor Kharitonin

Section 3

Company Business Profile

O1 is a Leading Player in Moscow Office Market

O1 Properties Investment Portfolio

Source: Company data

As of 1H2017 O1 has 524 thousands sq. meters of completed and yielding Class A and B Office

Space Estimated O1 share in Moscow class A office market is about 12%.

15

Moscow office stock

3.9

9.1

4.9

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

Class B- offices, mln m²

247 275

393 411 430 450 453

74 74

74 89 71

71 71

0

100

200

300

400

500

600

2011 2012 2013 2014 2015 2016 1H2017

NRA, class A/A+ NRA, class B/B+

Solid Tenant Base

16

Well-Diversified Tenants Base by NRA

# Tenant Leased NRA (sqm) % of Total Yielding NRA

1 24,474 5.5 %

2 23,875 5.3 %

3 15,517 3.5 %

4 13,452 3.0 %

5 13,050 2.9 %

6 12,045 2.7 %

7 11,054 2.6 %

8 10,690 2.4 %

9 9,770 2.2 %

10 7,277 1.6 %

Top-10 Tenants 141,652 31.6%

Top-10 Tenants List

Other Notable Tenants

Sectors

Type of Tenant

NRA

Concentration

O1P has a base of over 250 tenants consisting of leading Russian and international corporations, with exceptionally low credit risks

(non-payments at less than 1% of NRI)

Lease expiration profile and new lease-up

17

Lease expiration profile improved since June 2016

Expiration profile was improved since June 2016 with only about 15% of NRA expiring in the next 2 years

In 2016-1H2017 we singed lease contracts for about 110 thousand m² (including new leases and renewals), 3x

times more than in 2015.

Current WAULT – 4.0 years

2,7%

7,8% 8,7%

22,4%

20,3%

16,0%

13,0%

8,6% 9,1%

10,9%

20,3% 20,6% 21,6%

7,8%

2,2%

8,0%

2017 2018 2019 2020 2021 2022 2023 2024-2026

30 August 2017 30 June 2016

O1P Major Lease Transactions in 2H2016-1H2017

18

Project TenantRented

Area, m²

Krugozor 1 390

Stanislavsky 1 012

Vivaldi 515

Avrasis 526

Ducat 1 068

White Stone 981

Lefort 1 702

Lefort 1 304

Bolshevik 2 691

Icube 2 084

Project TenantRented

Area, m²

Aurora

(under

management)

10 333

White Stone 1 219

White Square 1 020

Vivaldi 1 380

Silver City 3 175

Ducat 2 400

White Square 1 867

Silver City 1 192

Icube 2 084

Vivaldi 2 250

Project TenantRented

Area, m²

White Square 2 200

Vivaldi 562

Bolshevik ph I 255

Bolshevik ph I 1 579

Bolshevik ph I 3 135

White Square 432

Avrasis 1 215

White Stone 2 687

Ducat 1297

Silver City 1930

Diversified Portfolio of High Quality Properties

19

FX capped and ruble lease agreements comprise 60% of total signed NRA at 62 Rub/$ average cap

Due to high WAULT ratio (4 years as of August 2017) we expect the average rental rate to match ERV levels by

2018 (Class A CBD ERV 2017 is $565 per sqm according to Colliers 2Q2017 report).

82% of property by GAV located in Moscow Central Business District. Top quality prime A+ assets comprise 41% of

yielding GAV; class A prime and Class A – 92% of the Portfolio

*Bolshevik is not consolidated under O1Properties perimeter.

IFRS IFRS Estimated

NOI 2015 NOI 2016cash NOI

2017

White Square 76 407 64 113 802 877 833 73 67 63 84% 4,5 896 73 29 489 1 428 48% 730

Ducat 33 482 32 775 494 362 343 28 27 26 98% 4,0 780 64 6 635 2 649 28% 730

Legend 40 193 35 675 401 357 356 28 34 27 89% 4,3 687 58 14 061 892 42% 720

Krugozor 50 965 35 259 765 259 262 27 21 19 69% 4,5 430 61 11 042 18 040 82% 360

Vivaldi 48 202 48 202 771 373 367 39 29 30 100% 3,1 556 66 28 943 4 209 69% 600

Silver City 41 966 36 672 402 262 269 25 21 19 87% 3,0 498 61 7 570 19 003 72% 460

White Stone 39 698 38 473 352 250 257 26 23 21 97% 3,0 516 60 8 593 12 392 55% 500

Stanislavsky 34 556 31 573 335 205 206 22 17 16 91% 3,5 463 63 18 437 10 771 93% 460

Lighthouse 27 426 27 227 367 235 229 19 20 19 99% 3,2 659 60 10 208 1 001 41% 625

Icube 19 164 9 146 206 79 81 9 0 2 48% 4,8 414 - - 9 146 100% 440

Bolshevik phase I 31 368 22 812 677 167 184 3 7 10 73% 6,5 505 59 4 115 4 464 38% 550

Avrasis 9 260 7 877 168 64 66 0 0 5 85% 4,6 499 88 728 3 855 58% 600

LeFORT 55 366 42 459 746 172 179 18 11 11 77% 2,9 246 49 6 369 32 779 92% 280

Zarechye 15 517 15 517 91 123 129 6 13 13 100% 7,8 769 - - - 0% 420

Total Yielding 523 571 447 779 6 577 3 785 3 761 323 291 281 86% 4,00 584 62 146 191 120 629 60% 538

Bolshevik Phase II 40 380 600 114 96

Greendale 35 157 414 25 26

Avrasis development 21 600 250 47 38

Kutuzov 19 600 296 12 12

Total Developement 116 737 1 560 198 173

Total 640 308 8 137 3 983 3 934

(RUB+FX

cap) / Total

Signed

ERV by

CBRE

1H2017

$ $M

RUB agmt

NRA

Average

FX cap

FX capped

NRA (August

2017)

Signed

Occupancy

August 2017

WAULT as of

August 2017

%(sq.m.)Rub/$$M$M (sq.m.)

Average Rental

Rate August

2017

Property Name CBRE GAV

FY2016

Signed

NRA

(in years)lots $M(sq.m.)

CBRE GAV

1H2017

$M %

Total NRAParking

Spaces

(sq.m.)

Section 4:

Board and Shareholders

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

All INEDs 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

of ICT Group Joined in

April 2014

Dmitriy

Mints

Chairman

of the

Board

Timothy

Fenwick

Former Head of Jones

Lang LaSalle, Russia

Joined in July 2011

Chairman of

Remuneration

Committee

Richard

Gregson

Former Real Estate Leader

of PWC, Russia

Appointed to the Board in

June 2012

Chairman of Audit

Committee

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

21

Alexander

Erdman

Chief

Investment

Officer

Co-owner of Forum

Properties

Appointed to the

Board in April 2016

Andrey

Barinsky

Conversion of two share classes into one

22

In order to simplify the capital structure O1P shareholders decided to combine A and B shares into one

share class. O1P shares distribution after proposed transaction presented above.

Boris Mints remains control with the total share in equity capital at ~71%.

ICT Group and Goldman Sachs’ share 2.8% and 4.3% respectively.

71,0%

12,8%

5,6%

5,6%

4,3% 0,6%

Boris Mints ICT Holding Andrey Barinsky

Vladimir Zubrilin Goldman Sachs Top management

Section 5:

Financial Performance and

Risk Profile

Resilient financial performance underpinned by

asset quality

24 *Annualized 1H2017

Changes in Investment Property Value($m) IFRS Net Rental Income by Property ($m)

2013 2014 2015 2016 2017*

White Square 52.6 80.3 73.0 66.7 64.6

Ducat III 27.7 32.6 28.1 27.0 27.0

Legenda Tsvetnogo 2.5 28.1 27.9 33.6 26.8

Krugozor 35.0 31.5 26.8 21.3 19.2

Vivaldi 29.9 43.5 38.7 29.4 31.1

Silver City 35.8 30.7 24.5 20.8 18.6

White Stone 30.0 26.5 25.8 23.3 20.8

Stanislavsky 23.9 24.6 22.0 17.4 17.0

Lighthouse 17.8 18.3 17.9 17.2 15.3

LeFort 25.6 25.5 12.3 11.5 11.3

Subtotal 280.7 341.5 296.9 268.2 251.7

ICube - 1.4 9.1 0.0 1.1

Zarechie - - 6.2 13.2 13.3

Avion 8.5 7.3 5.6 - -

Olympia Park 3 - - - -

Avrasis - - - - 4.9

Other - 1.1 1.4 2.3 3.2

Total 292.2 351.3 325.2 283.8 274.2

Investment Property Revaluation 2013-1H2017

25 .

Negative revaluation due to adverse market conditions in 2014-1H2017 comprises almost $820M which is 19% of GAV.

GAV, $M 2013 2014 2015 2016 1H2017 Revaluation

2013-1H2017 Change, %

1H2017 valuation exit cap rate

1H2017 valuation discount rate

Krugozor 371,1 328,9 297,7 259,1 261,7 - 109,4 -29% 9,00% 11,25%

Stanislavsky 252,3 234,3 217,6 204,9 206,1 - 46,2 -18% 9,50% 11,75%

Lefort 265,8 228,3 183,2 172,4 179,4 - 86,4 -33% 10,25% 12,50%

Avion (sold in 2015) 97,7 83,7

White Stone 293,6 272,5 255,9 249,5 257,1 - 36,5 -12% 8,75% 11,00%

Lighthouse 259,4 246,1 229,9 235,3 229,4 - 30,0 -12% 8,50% 10,25%

Vivaldi 444,5 410,9 377,6 372,8 367,0 - 77,5 -17% 8,75% 11,00%

Silver City 354,8 329,2 288,2 262,3 268,5 - 86,3 -24% 8,75% 11,00%

Ducat 412,5 397,5 365,6 362,2 342,7 - 69,8 -17% 8,25% 10,00%

White square 1000,6 965,8 913,8 876,6 833,2 - 167,4 -17% 8,25% 10,00%

Legend 415,5 399,3 360 356,9 356,3 - 59,2 -14% 8,75% 11,00%

ICube - 123,4 100,3 79,4 81,0 - 42,4 -34% 9,00% 11,50%

Zarechie - - 118,7 122,9 128,6 9,9 8% 9,25% 12,00%

Kutuzov 18,2 13,9 10,4 11,9 12,5 - 5,7 -31% 20,00%

Greendale 33,5 27,1 20,2 24,67 26,4 - 7,1 -21% 20,00%

Avrasis 110,88 103,9 - 6,9 -6% 8,75% 11,00%

GAV 4219,5 4060,9 3739,1 3701,75 3 653,8 - 821,0 -19% 8,73% 10,91%

Bolshevik ph I&II 137,9 191,6 254,4 281,4 280,2 9,00% 11,25%

Total GAV 4357,4 4252,5 3993,5 3983,15 3 933,9 - 821,0

385

904 1 038

53 138 32 71

77

79 19

5 1

2H16 2017 2018 2019 2020 2021 2022

Diversification and Maturity Extension

26

Debt Repayment Schedule Extension

Debt Sources Diversification

Debt Maturities Before Eurobonds (30 June 2016), $M Debt Maturities (31 August 2017), $M

Debt Maturity Debt Amortisation

30 5 -

408

1 175

443 717

14 38 47

54

56

51

51

2H2017 2018 2019 2020 2021 2022 2023

Debt Portfolio Breakdown (30 June 2016) Debt Portfolio Breakdown (31 August 2017)

Sberbank 33%

Bonds 30%

Aareal Bank 11%

VTB 10%

Unicredit 8%

Gazprombank 6%

PPF Bank 2%

Debt breakdown

27

Hedged / floating interest rate debt breakdown PropCo / HoldCo level debt breakdown

Currently 72% of debt is fixed interest debt or hedged via interest rate SWAPs.

Unsecured holdco debt increased from 9% to 30% during last three years.

91% 87% 76%

70%

9% 13% 24%

30%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2014 2015 2016 1H2017

PropCo debt share HoldCo debt share

Plans

28

Operational:

1) Vacancy reduction

2) FFO and credit metric improvement

Acquisitions and sales:

1) Potential JV with reputable Investor

2) Potential diversification into other classes of CRE

Development Pipeline

1) Bolshevik Phase II

2) Avrasis Apartments

Debt portfolio optimization:

1) Further refinance of senior loans to get better conditions

Credit Rating:

1) Confirmation or improvement of rating levels from S&P and Moody’s

Appendix

Financial Statements

Profit and Loss Statement

30

Adjustments description:

Because of the currency of IFRS presentation is USD but the

functional currency of O1 Properties is Ruble, USD/Rub exchange

rate fluctuations substantially affects the following lines in P&L:

•Net gain/loss from fair value adjustment on investment property

•Foreign exchange translation losses less gains – this item linked

to rub debt revaluation on PropCo level

•Translations effects

Average USD/Rub exchange rate 32 38 61 67 58

P&L 2013 2014 2015 2016 1H2017

Rental revenue 342 412 368 316 165

Operating expenses -50 -61 -43 -32 -28

NOI 292 351 325 284 137

Net proceeds from apartments sale

G&A -32 -32 -15 -21 -12

Net other income and costs 10 1 11 28 16

EBITDA 270 320 321 290 140

Cash interest expenses -178 -198 -198 -211 -102

Cash income tax -15 -4 -3 -4 -3

"Cash" profit 77 118 120 75 36

Results of JV 6 23 7 -3 0

Property revaluation 54 -282 -363 -91 -48

Deffered income tax accrual (non-cash) -51 -311 -27 9 11

Currency effects and other non-cash items 24 125 87 -71 -31

Comprehensive profit 110 -329 -177 -80 -32

Debt amortisation -35 -45 -51 -60 -13

FFO ("Cash" Profit - Interest - Debt Amortisation) 42 72 69 15 23

Dividends to O1 shareholders -53 -85 -59 0 -5

Dividends to projects minority shareholders 0 -24 -8 -5 -3

Balance Sheet: Assets

31

Balance Sheet, USD (thousands) 2012 2013 2014 2015 2016 1H2017

Derivative financial instruments - 14,043 5,139 2,092 1,369 2,622

Inventories 336 1,245 - - - -

Loans issued 504 1,564 - 1594 644 719

Prepayments and deferred expenses 6,340 33,798 10,745 18,610 5,508 6,510

VAT receivable 17,131 1,314 2,530 1,997 2,510 696

Trade and other receivables 37,653 61,810 74,792 49,260 42,111 65,069

Current income tax prepayments 399 11,716 6,678 1,453 778 2,115

Cash and cash equivalents 54,769 300,881 186,958 210,639 107,988 104,258

Non-current assets classified as held for sale 343,285 16,025 - - - -

Total current assets 460,417 442,396 286,842 285,645 160,908 181,989

Property, plant and equipment 23,336 24,630 22,866 21,261 22,091 21,223

Investment property 2,639,912 4,172,500 4,020,665 3,698,590 3,674,942 3,634,481

Investment in associate and joint venture 10,199 11,484 7,099 13,081 10,103 9,698

Loans issued 23,032 16,615 44,243 174,871 289,105 296,240

Prepayments and deferred expenses 7,157 4,093 3,773 11,883 4,792 8,151

VAT receivable 6,984 9,469 257 - - -

Deferred income tax assets - - 53,845 76,315 79,587 86,446

Total non- current assets 2,710,620 4,238,791 4,152,748 3,996,001 4,080,620 4,056,239

Total assets 3,171,037 4,681,187 4,439,590 4,281,646 4,241,528 4,238,228

Balance Sheet: Liabilities and Equity

32

Balance Sheet, USD (thousands) 2012 2013 2014 2015 2016 1H2017

Borrowings 1,403,507 2,664,705 2,597,615 2,691,930 2,850,177 2,966,884

Tenant deposits 34,315 53,375 56,958 48,712 47,022 38,465

Deferred income tax liability 41,929 94,885 214,331 107,400 88,171 83,298

Total Non-Current liabilities 1,479,751 2,812,965 2,868,904 2,848,042 2,985,370 3,088,647

Borrowings 281,096 133,107 224,640 176,374 67,477 59,206

Derivative financial instruments 16,033 8,931 6,680 40,288 7,942 4,188

Tenant deposits 11,234 6,195 6,952 5,266 4,558 4,985

Deferred rental income 71,413 87,781 88,395 75,469 85,979 68,131

Current income tax liability 2,964 1,916 696 1,752 1,290 2,462

Trade and other payables and other liabilities 67,935 41,901 59,486 59,048 93,731 47,660

Liabilities classified as held for sale 229,117 - - - -

Total current liabilities 679,792 279,831 386,849 358,197 260,977 186,632

Total liabilities 2,159,543 3,092,796 3,255,753 3,206,239 3,246,347 3,275,279

Class A stock 167,900 369,900 369,900 392,891 392,891 392,891

Class B stock 471,914 702,245 706,727 801,467 801,467 801,467

Non-controlling interest 86 86,125 52,126 43,146 44,991 46,265

Property revaluation reserve - 3,619 13,371 18,215 15,898 14,963

Retained earnings 394,053 540,090 552,835 11,946 -200,004 -287,002

Translation reserve -22,459 -113,589 -511,122 -192,258 -60,063 -5,636

Total equity 1,011,494 1,588,390 1,183,837 1,075,407 995,181 962,949

Total equity + net deferred tax 1,053,423 1,683,275 1,344,323 1,106,492 1,003,765 959,801

Total liabilities and equity 3,171,037 4,681,186 4,439,590 4,281,646 4,241,528 4,238,228

Development Pipeline

Appendix:

Bolshevik Apartments Development: Phase I

34

bld. #9 bld. #28 bld. #35

GBA sqm 3 962 8 063 2 856

GBA (total) sqm 14 882

NSA sqm 2 735 6 652 1 845

Number of apartments apt 43 119 25

Number of apartments apt (total) 187

Average Sale Price Krub/m² 375

Sales Revenue Bn Rub 4.65

Development Budget Bn Rub 1.25

NSA (total) sqm 12 389

Land Plot sqm 6 500

Land Lease agrmt. year 05.07.2050

Project completion year 4Q 2017

Key Data

Bolshevik apartments phase 1 is beautiful and exquisite facility

located next door to Bolshevik Factory business center, in the

heart of Moscow's historic quarters, consisting of three buildings

and housing 187 apartments.

The Project includes comprehensive renovation of the mansion

with due regard to time and history.

Apartments in building 9, 35 will be delivered with fit-out.

Mortgage program from CEB – approved.

Description

Bolshevik Phase I Apartments Visualization

35

Bolshevik Office, Building 10

36

Key Data

GBA – 19 390 sqm

NRA – around 17 450 sqm:

- Office – 15 650 sqm;

- Canteen, Fitness – 1 800 sqm;

- Parking – 160 Lots.

Average Rental Rates (Shell & Core):

- Office – $ 450 / sqm / year;

- Parking – $ 150 / lot / month;

- Canteen, Fitness – $ 230 / sqm / year.

Development Budget - $ 22 mln.

Description

Flagship building of Phase 2 is Building 10 with total GBA around 20 000 sqm;

Currently we see an increasing demand for quality office spaces in Moscow.

Tenants are interested in large office areas of 1500+ square meters.

Typical floor area of Building 10 is around 3 300 sqm and can be effectively

divided for 2 – 3 tenants;

The building can be quickly delivered to tenants when there is interest from their

side.

A Residence project is part of Avrora Business Park 3rd construction

stage;

A Residence is located in walking distance from Paveletskaya metro

station in a distinguished district of Moscow in close proximity to the

Garden Ring;

The project consists of five separate buildings with total of 210

apartments and underground parking for around 250 places;

Retail zone will be located on the 1st floor of the building faced to

Sadovnicheskaya str.;

Landscaped courtyard.

Description

GBA (total) sqm 34 580

GBA (ground area) sqm 25 500

GBA (underground area) sqm 9 080

NSA sqm 21 585

Number of apartments apt (total) 210

NSA (total) sqm 21 585

Development Budget RUB bln. 4,6

Land Plot sqm 13 102

Construction completion year 1Q 2019

Project completion year 3Q 2019

Key Data

Avrasis Apartments Development: A Residence

37

A Residence Renders

38

39

Contacts & Disclaimer

Moscow, Russia,

Valovaya Str. Bld 26

tel: +7 495 788 5575,

info@o1properties.ru

www.o1properties.ru

This presentation has been prepared for information purposes only, and no representation or warranty, express or implied, is given by or on behalf of the company or any of its shareholders,

directors, officers, employees, advisers, agents or any other person in connection herewith. This presentation should not be considered as an offer or solicitation of an offer to sell, buy or

subscribe to any securities or any other rights pertaining thereto.

Certain statements in this presentation are not historical facts and may include prospects, statements of future expectations and other forward-looking statements that are based on

management’s current views and assumptions and involve known and unknown risks and uncertainties. By their nature, forward-looking statements involve risk and uncertainty because they

relate to future events and circumstances. Forward-looking statements are not guarantees of future performance, and the actual results of the company’s operations, financial position and

liquidity, and the development of the markets and the industries in which the company operates, may differ materially from those described in, or suggested by, the forward-looking statements

contained in this presentation.

A number of risks, uncertainties and other factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements, including,

without limitation, (i) changes in political, social, legal or economic conditions in Russia or globally, (ii) changes in the company’s competitive situation, (iii) inflation, fluctuations in foreign

exchange rates and the availability of foreign currencies, (iv) decreased rental rates for the company’s properties, (v) changes in real property or other tax rates, (vi) changes in accounting

standards or practices, and (vii) changes in laws and regulations, including tax regulations.

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The company disclaims any obligation or undertaking to update any information or forward-looking statement contained in this presentation, whether as a result of new information, future

events or otherwise, except as may be required by law.

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