INVESTOR INFORMATION

Financial reports

This section contains consolidated financial statements and Company's real estate property and projects independent valuation reports.

Since 2009 Sistema-Hals made a decision not to conduct valuation of its real estate property and projects by independent appraiser due to low predictability and presentation of external valuation in the current market situation. This decision will also enable Sistema-Hals to further optimize selling, general and administrative expenses in accordance with the previously announced revised business strategy.

Ñonsolidated financial statements

Real estate property and projects independent valuation report