LETTER FROM THE PRESIDENT OF INTECO

Dear colleagues and partners,

We believe that the past year was successful for the Company and insightful for the construction industry in general. Triggers that influence customer behaviour changed as did expectations and opportunities for investors, and new market trends emerged.

According to the Company’s analytical centre, in 2020, INTECO ranked sixth among Moscow developers in terms of revenue, having climbed ten positions up from where it used to be in 2019. In terms of revenue in the high-budget segment, it made its way to the Top 3.

In the challenging period amid the COVID-19 pandemic, we placed a particular focus on maintaining the continuity of on-site works and delivering on our timing commitments to homebuyers. INTECO was behind the initiative to develop new rules for the construction industry in the pandemic environment. The appropriate preventive practices that we proposed helped avoid delays in construction. The document was supported by the Russian Ministry of Construction, Housing and Utilities, signed by its Minister Irek Faizullin and recommended to Russian regions as guidelines for organisations of any legal form that are engaged in building, refurbishing properties and urban landscaping.

In 2020, the Russian Government included INTECO in the list of strategically important construction companies. This move came on the back of INTECO’s solid current construction volumes and bolstered its resilience in a turbulent period for the market.

The pandemic lent impetus to the Company in the urge to mobilise its resources and accelerate digitalisation across its processes — from the introduction of online sales to improvements in the remote operation of its back office. Today, we are in a position to ensure safety for our customers and employees while maintaining high quality of our work and service.

In 2020, the Company’s Board of Directors welcomed Sergey Riabokobylko, executive partner at Cushman & Wakefield. His competencies will help the Board take a more holistic stance on the Company’s development and deliver on prime strategic objectives.

In 2020, INTECO’s projects continued to earn praise from customers and the professional community, and the Company received several industry accolades. INTECO’s proprietary design of Vrubelya, 4 project won prestigious Urban Awards 2020 as the best premium-class residential development under construction and the high-price Sadovyie Kvartaly project was named the best architectural solution for residential properties by PROESTATE&TOBY Awards.

Building high-quality residential and commercial properties and infrastructure, INTECO is driven by an important social and cultural mission. It signed a long-term cooperation agreement with National Research Moscow State University of Civil Engineering, Russia’s leading university in construction. The document offers targeted support to young talents who will propel the industry forward.

On top of that, INTECO initiates various cultural collaborations and contributes to developing urban public art. The Company became the general partner of a short film called A Playground Slide in Moscow, supported the Moscow. The Great Emptiness photography exhibition of Sergey Ponomarev, a most famous Russian photographer in the world and a Pulitzer Prize winner (held in the Museum of Moscow) and presented a six-meter urban sculpture created by Nikolay Polissky, co-founder of the Nikola-Lenivets Art Park and the Arkhstoyanie Festival.

INTECO is a fast growing developer and one of the key market players. We seek to offer our customers best-in-class products across all segments and continue to operate as a modern sustainable government-related company.

President of INTECO

Aleksander Nikolaev