#1UBS Russia Mid Cap Day Investor presentation December 2014 11 11 Ell Etalon Group#2Disclaimer IMPORTANT: You must read the following before continuing. The following applies to the presentation (the "Presentation") following this important notice, and you are, therefore, advised to read this important notice carefully before reading, assessing or making any other use of the Presentation. In assessing the Presentation, you unconditionally agree to be bound by the following terms, conditions and restrictions, including any modifications to them any time that you receive any information from Etalon Group Limited ("Etalon Group" or the "Company") as a result of such access. 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Forward- looking statements include statements regarding: our construction programme and future construction and development projects (information concerning which is being provided solely on an indicative basis for information purposes only and is subject to change without notice); strategies, outlook and growth prospects; future plans and potential for future growth; liquidity, capital resources and capital expenditures; growth in demand for products; economic outlook and industry trends; developments of markets; the impact of regulatory initiatives; and the strength of competitors. Such forward-looking statements are based on numerous assumptions by management regarding present and future business strategies and the environment operating in the future. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control. Neither the Company, nor any of its agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this Presentation. Construction programme area figures set out in this presentation, including the "Total area of construction programme" figures, may not reflect the final construction programme area figures. Whether such figures do or do not reflect the final construction programme area figures, they may not reflect the revenues ultimately recognized by Etalon. Calculating construction programme area figures is an inherently subjective process, and is subject to uncertainty. In addition, the construction programme area figures may not be directly comparable to figures given in respect of similar portfolios held by other real estate development businesses in the Russian market as a result of different assumptions and methodologies. In particular, the "Total area of construction programme" figures include area in which governmental authorities, and other third parties, have an interest. The information contained in this document is provided as at the date of this Presentation and is subject to change without notice. Neither the Company nor any of its agents, directors, officers, employees, shareholders, affiliates, advisors or representatives intend or have any duty or obligation to supplement, amend, update or revise any information contained in this Presentation. This Presentation contains certain unaudited half- and full-year financial information which has been prepared based on the Company's reviewed management accounts. This Presentation contains also certain full- and half-year financial information based on the Company's audited consolidated IFRS accounts. It also includes certain non-IFRS financial information, such as Earnings before interest, taxes, depreciation and amortization ("EBITDA"), EBITDA margin, Working capital and free cash flow ("FCF") which has not been audited or reviewed by the Company's auditors. Neither the Presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions. This Presentation does not contain or constitute and should not be construed as an offer to sell or the solicitation of an offer to buy securities in the United States. 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Etalon Group 1#3Today's presenting team Anton Evdokimov Chief Executive Officer Member of the Board of Directors With Etalon Group since 1998 Kirill Bagachenko Head of Corporate Investments and IR Member of the Board of Directors With Etalon Group since 2013 Etalon Group 2#41 Company overview 3 56 CTOMATO SOCIE Financial results Operating results 2014 deliveries Selected upcoming projects EEEEEE EE BEEEEEEEEEEE Appendix Etalon Group#5Summary 1 New contract sales in 9M 2014 increased 28% y-o-y to RUB 26.7 billion 2 Cash collections for 9M 2014 came to RUB 23.8 billion, up 35% y-o-y 3 Free cash flow supported by strong cash collections performance turned positive in 1H 2014 4 Initial dividend distributed in July 2014, second dividend announced in November 2014 5 Balance sheet remains exceptionally strong with net cash of RUB 349 million as of 30 June 2014 Etalon Group 4#6Company overview ΞΕΕΕΕΕΕΕΕΕΕΕΕΕΕΕΕ ΕΕΕΕΕΕΕΕ Etalon Group#7At a glance Presence in rapidly growing markets • Focus on middle class residential real estate in Moscow metropolitan area (MMA) and St. Petersburg metropolitan area (SPMA) •25% target CAGR for construction volumes over 2010-2016(1) Strong delivery track record • Over 27 years of construction & development experience ⚫3.9 mln sqm commissioned .31% CAGR for deliveries over 2010- 2013(2) True vertical integration • Strategic vertical integration in key value-added segments of property development enables the Company to control costs, quality and timing ⚫4,500 employees •Country-wide sales network covering 36 cities Diversified projects portfolio Land bank of 3.44 mln sqm(3) • Land bank sufficient until 2018 •Projects well diversified by locations within both SPMA and MMA ✓ Etalon Group Liquidity and credit ratings •Secure liquidity position supported by pre-sales cash collections model • Strong financial standing with a net cash position of RUB 349 mln (4) • Credit rating by S&P: B+/Stable/B+(5) Corporate governance • 10 BoD members, 5 NEDS • Board of Directors consists of professionals with broad range of experience and expertise, ensuring that the interests of all groups of shareholders are appropriately represented •Monthly visual updates on projects, quarterly trading updates and semi- annual financial reporting • Official guidance on deliveries and new contract sales • Dividend policy aims to pay out 15% to 30% of IFRS net profit semi- annually (1) Company expectations; (2) Company operating results; (3) Jones Lang LaSalle land bank valuation report as of 31.12.2013; (4) Consolidated IFRS financial statements for 1H 2014; (5) 'B+' long-term & 'B+' short-term corporate credit ratings of SSMO LenSpetsSMU with 'Stable' outlook (last reconfirmed on 29.07.2013). (6) Jones Lang LaSalle land bank valuation report as of 31.12.2013 LSE ticker Share price Market capitalization Portfolio valuation (by Jones Lang LaSalle) ETLN:LI USD 2.21 (09.12.2014) USD 645 mln (09.12.2014) USD 2,727 mln (31.12.2013) Portfolio composition (6) ■ SPMA 42% 58% ■MMA 5% ■Residential under construction ■Residential design 46% stage 49% ■Completed residential 6#8Strategic vertical integration: control over costs, quality and timing Etalon Group operates in every part of property development process > 40 business units > 4,000 people Land Acquisition & Permits Design Effective Capital Recycling Construction Materials* Construction Contracting & Commissioning Funding Independence from suppliers, but only in crucial areas Tower Cranes** Sales & Marketing Ongoing Maintenance & Service G Control over costs, quality & timely delivery of the projects Business stability and lower risk of dependence on counterparties Understanding of customer needs (sales network throughout the country) * Brick plant and concrete products plant. Own production only for "bottleneck" construction materials **60 Liebherr tower cranes. Data as of 31.10.2013 Etalon Group 7#9Nationwide sales & marketing network supports sustainable contracting Powerful sales network across the country Regional population actively buys apartments in Moscow and St. Petersburg Murmansk Apatity Severodvinsk SPMA Arkhangelsk Petrozavodsk Cherepovets Yaroslavl MMA Izhevsk Ekaterinburg Ukhta .. Norilsk Salekhard Nadim Noviy Urengoy Siktivkar ● Noyabrsk Surgut Chelyabinsk Nizhnevartovsk Etalon Group's regional sales geography(1) Share of total Region contracts Leningrad 5.7% Khanty-Mansiysk AD 2.3% Yakutia 1.9% Yamalo-Nenets AD 1.6% Krasnoyarski krai 1.3% Khabarovski krai 1.3% Murmansk 1.3% Petropavlovsk- Kamchatskiy Arkhangelsk 1.1% Yakutsk Magadan Other Russian regions 19.4% Mirniy Foreigners 0.8% Total: 36.9% ⚫ Neryungri The Group's flats are sold in 13 out of Tomsk Russia's 15 richest regions Novosibirsk Khabarovsk Uzhno- Sakhalinsk Average income per capita (RUB)(2) Blagoveshchensk⚫ Usolye-Sibirskoye Nenets AD 64,832 Etalon Group's sales offices / representatives Irkutsk Moscow 56,186 Established relationships/ partnerships with local sales agencies Yamalo-Nenets AD 54,110 Nakhodka Vladivostok Sakhalin 44,289 Magadan 40,338 Chukotka 39,897 • Etalon Group sales force is focused on the regions with the largest income per capita • Key markets: SPMA and MMA Khanty-Mansiysk AD 39,198 Tyumen Moscow region Saint Petersburg 35,899 35,481 35,361 • 36 cities covered with 13 sales offices in St. Petersburg and 16 more sales offices nationwide Kamchatski krai 34,994 Sverdlovsk 32,807 Khabarovski krai 32,327 • External professional marketing and sales service agents engaged nationwide Yakutia 31,500 Tatarstan 30,762 Russia average 27,887 (1)Source: company data for 3Q 2014 (2) Average monthly cash income per capita, Rosstat's preliminary estimates as of 3Q 2014 Etalon Group Etalon Group's target regions 8#10Operations in SPMA and MMA Projects in St. Petersburg Metropolitan Area Design stage Under construction Acquired in 2014 Etalon Group 5 4 8 10 2 6 3 7 Projects in Moscow Metropolitan Area Design stage Under construction 3 2 4 9#11Project portfolio timeline Construction period Unsold NSA 2019 Unsold Project 2014 2015 2016 2017 2018 and beyond Status Total NSA ('000 sqm) (Etalon's share) ('000 sqm) (1) parking (lots), # OMV (USDmln) Current Projects St. Petersburg Metropolitan Area (SPMA) Income from Construction Outstanding sales (2) (USDmln) budget (3) (USDmln) budget (3) (USDmln) 1. Galactica 2. Tsar's Capital 3. Swallow's Nest 4. Moscow Gates 5. Samotsvety 6. Molodejny 7. Rechnoy Design stage 752.3 663.5 3,379 258.0 2,115.7 1,156.2 1,152.9 Construction 390.3 277.1 2,109 279.8 1,101.4 502.1 384.6 Construction 333.7 246.7 1,834 247.9 612.7 416.1 136.8 Construction 202.0 202.0 945 137.1 584.0 267.6 259.3 Construction 189.1 189.1 1,773 125.0 541.6 248.5 226.8 Construction 111.8 64.5 760 56.9 193.9 129.0 91.6 Construction 109.7 59.2 561 50.0 169.4 128.4 85.2 8. Technopark Design stage 50.7 50.7 240 16.3 110.4 66.5 66.4 9. Galant Construction 49.2 33.6 110 68.0 131.5 64.3 27.4 10. Beloostrovskaya Design stage 34.3 34.3 175 11.6 91.9 54.8 54.8 Total SPMA 2,223.1 1,820.7 11,886 1,250.6 5,652.5 3,033.5 2,485.9 Moscow Metropolitan Area (MMA) 1. Emerald Hills Construction 862.1 571.8 3,703 448.2 1,960 1,024.8 677.7 2. Etalon-City 3. Dmitrovskoe shosse 4. Alekseevskiy District 5. Budennogo street 6. Losinoostrovskiy District Total MMA Construction 429.5 329.4 3,780 182.4 954.5 503.1 488.3 Design stage 287.4 226.9 1,895 151.4 844.5 410.3 410.3 Design stage 182.9 169.6 2,160 235.4 705.7 239.8 239.8 Design stage 70.0 70.0 709 64.2 228.7 89.4 89.4 Design stage 69.6 69.6 540 88.2 309.0 108.0 108.0 1,901.5 1,437.3 12,787 Total Current Projects 4,124.6 3,258.0 24,673 1,169.8 2,420.4 5,002.4 10,654.9 2,375.4 5,408.9 2,013.5 4,499.4 Completed Projects Completed and unsold residential developments Completed stand-alone commercial properties Total Completed Projects All Projects Total Etalon Group Source: construction period based on company estimates, all numbers based on JLL report as of 31.12.2013 (1) Including parking with average area c. 30 sqm ✓ Etalon Group 162.8 21.5 3,189 258.2 59 48.4 184.3 3,248 309.6 3,442.3 27,921 2,727 (2) Income from sales includes potential and received incomes as of 31 December 2013 (3) Excluding land acquisition costs 10#12Construction programme Construction programme, ths sqm of NSA 25% CAGR 467 468 364 363 319 328 200 209 2010 2011 Source: Company estimates Etalon Group Actual +24% 580 800 800 707 2012 2013 2014 2015 2016 2017 Construction programme Projects under acquisition 11#13Etalon Group is well positioned to continue successful development in a more complicated macro environment Current land bank is sufficient for Etalon Group's construction programme, no need to acquire land plots in the medium term 2008 2014 Land bank (unsold NSA) bop, ths sqm 1,280 3,442 • More diversified product offering based on a higher number of projects and a growing share on lucrative MMA market Number of projects in construction programme, eop 8 15(1) Growing contribution from the Company's sales network in Russia's resource- rich regions The strongest balance sheet in the industry Share of Moscow Metropolitan Area in total contract sales, % 24% (2) Share of regional sales, % 21.0% 36.8% (2) Total net debt (net cash), mn RUB 4,358 (349)(3) • Low level of FX-denominated debt fully hedged by FX-denominated deposits - % FX denominated debt 88.5% 11.0% (3) - % of debt borrowed outside of Russia 46.4% • Currently no debt borrowed outside of Russia . Etalon Group maintains its B+/Stable credit rating from Standard & Poor's despite Russia's sovereign credit rating downgrade in 2014 - Net debt / EBITDA 1.37x N/A Credit rating (Standard & Poor's) B B+ Residential real estate price CAGR (previous 3 years), %: Reasonable price growth during preceding 3 years, no signs of a bubble - St. Petersburg market (4) 41% 7% Moscow market (5) 34% 6% Comprehensive inventory of completed apartments in diverse locations is attractive to clients during macroeconomic instability. It also enables the Company generate revenue without incurring additional costs Moderate share of mortgage sales, well below that of other public peers Share of mortgage sales Inventory of completed and available for sale apartments bop, ths sqm 11 238 Transparent public company with long and successful track record of cooperation with capital markets Qualitative criteria *Sources: Land bank valuation report by JLL as of 31.12.2013, management accounts, IPO Prospectus, IFRS financial statements for 2008 and 1H2014 (1) 16 projects as of 2013 eop + Polyustrovskiy prospekt project - Rechnoy - Galant (2) For 9M 2014 Etalon Group (3) as of 30 June 2014 8% 3 years of public debt history Partnership with Baring Vostok Capital Partners 22% (2) Public listing on LSE Transparent corporate governance Dividend policy 9 years of public debt history (4) calculation based on EMLS index (secondary market) as of December for preceding 3 years (5) calculation based on IRN housing price index as of December for preceding 3 years 12#14Financial results Beer HonS CAHKANETEPOMPE Etalon Group#15Vigorous growth in FY 2013 Financial results Transfers to customers, sqm +45% 240,912 349,793 Total Revenue, mln RUB +48% 26,894 Adjusted gross profit*, mln RUB +35% 39,921 9,741 1,149 8,706 FY 2012 FY 2013 FY 2012 FY 2013 Selling, General and Administrative expenses as % of revenue EBITDA, mln RUB 12.2% 10.5% 6,931 +36% 9,430 13,147 440 743 -114 FY 2012 FY 2013 11,964 ■Other segments plus elimination of inter-segment profit ■Construction services ■Residential real estate development Net Income, mln RUB +33% 6,664 5,000 FY 2012 FY 2013 FY 2012 FY 2013 FY 2012 FY 2013 Source: IFRS financial statements *Note 5 to IFRS financial statements Etalon Group 14#161H 2014 Revenue analysis - influence of construction cycles Construction services revenue from third parties/external, mln RUB 2,947 3,979 1H 2013 1H 2014 Transfers to customers, sqm NSA delivered in late Dec 2012 was transferred to cooperatives in Jan 2013 64,124 103,260 92,443 • • Construction services revenue was boosted by the ExpoForum project, which contributed approx. RUB 3 bln to the top line in 1H 2014 Recognition of residential real estate development revenue is dependent on the construction schedule, which includes 76 ths sqm delivered in 1H 2014 and 504 ths sqm to be delivered in 2H 2014 A high base effect in 1H 2013, when 64 ths sqm were delivered in late December 2012 but transferred in January 2013, affects year-on-year comparisons. Adjusted for the January 2013 volumes, residential real estate development revenue increased by 26% year-on-year in 1H 2014 Residential real estate development revenue, mln RUB Revenue recognized from 64,124 sqm transferred in Jan 2013 Total Revenue, mln RUB 5,218 5,218 14,539 8,873 11,417 7,031 1H 2013 1H 2014 1H 2013 1H 2014 1H 2013 1H 2014 Source: IFRS financial statements, Company information Etalon Group 15#171H 2014 Gross profit analysis Adjusted gross profit*, mln RUB Residential real estate development adjusted gross profit*, mln RUB Adjusted gross profit margin*, % 5,925 439 249 4,120 455 281 5,237 3,384 5,237 3,384 43% 38% 1H 2013 1H 2014 Other segments plus elimination of inter-segment profit ■Construction services ■Residential real estate development 1H 2013 1H 2014 Residential real estate development adjusted gross profit*, mln RUB Adjusted gross profit margin*, % 36% 28% 1H 2013 1H 2014 • In 1H 2014 the revenue mix shifted towards lower-margin segments (construction services and other) due to several factors specific to this period: high level of revenue from ExpoForum general contractor work, and lower volume of transfers in residential real estate development due to the construction schedule The margin in the residential real estate development was affected by an accounting requirement whereby the costs associated with construction of a school and pre-school for phase III of Emerald Hills were included in the cost of the construction of the first two buildings (No10 and No11) of the six buildings that comprise this phase of the project. As a result, these social infrastructure costs are included disproportionately on this stage of the project. Had these costs been spread evenly across all of the buildings, the residential development segment adjusted gross margin for 1H 2014 would have been 40% instead of 38%. Going forward, however, this same fact will have a positive impact on the margin of the next four buildings of Emerald Hills phase III. Revenue breakdown and gross profit margin (GPM), by segment Const. serv. (GPM: 7.1%) Other 12% Other Const. serv. (GPM: 9% 8.5%) 27% 18% RRED (GPM: 43%) 73% 61% RRED 1H 2013 (GPM: 38%) Source: IFRS financial statements *Note 5 to IFRS financial statements Etalon Group 1H 2014 16#181H 2014 EBITDA and Net Income analysis EBITDA, mln RUB Net Income, mln RUB 4,198 1,683 1H 2013 1H 2014 EBITDA calculation 3,098 927 1H 2013 1H 2014 mln RUB 1H 2014 Comprehensive income 927 Income tax expense 302 Interest expense on loans and finance leases 140 Net foreign exchange loss 70 mln RUB 1H 2014 Interest income on bank deposits (307) Interest income on loans and receivables (35) Depreciation to COGS (Note 14 PP&E) Depreciation to selling expenses (Note 14 160 1 Bank fees and commissions 42 PP&E) Interest in COS 340 Depreciation EBITDA 204 Depreciation to G&A (Note 14 PP&E) Depreciation to Investment property (Note 15 Investment property) 19 24 1,683 Source: IFRS financial statements Etalon Group 17#191H 2014 Cash flow analysis Cash collections, mln RUB Working capital under control despite strong growth momentum 10,940 +36% 45 40 14,835 50505250 4.0x 3.31x 3.5x 2.58x 2.57x 35 2.83x 3.0x 2.65x 30 2.5x 2.0x 1.5x 15 10 5 0 1H 2012 1.0x 0.5x 0.0x 2H 2012 1H 2013 2H 2013 1H 2014 1H 2013 1H 2014 Free cash flow, mln RUB -141 -1,891 Working capital, bln RUB (lhs) Cash collections, bln RUB (lhs) Working capital to Cash collections ratio (rhs) 590 • 429 -4,756 1H 2012 2H 2012 1H 2013 2H 2013 1H 2014 Etalon Group Strong pre-sales cash collections model supports healthy growth • First dividend distributed in July 18#20Strong balance sheet secured by robust cash collections Liquidity position, RUB mln* 30.06.2013 1,076 net debt Debt maturity profile (as of 30/06/2014; RUB mln)* 272 2,249 4,285 Gross debt composition (RUB 14,739 mln as of 30/06/2014)* By type of facility By currency 31.12.2013 30.06.2014 182 net debt 349 net cash 1,269 14,739 6,664 • 2014 2015 2016 2017 2018-2021 Total *Source: IFRS financial statements Etalon Group 66% 11% 34% ■Local bonds ■RUB ■Bank loans EUR 89% FX sensitivity • Company estimates that only c. 15% of total construction costs linked to USD Foreign currency denominated debt to cash ratio is 0.4 (as of 30 June 2014) USD/RUB fx rate as at 30 June 2014 33.63 EUR/RUB fx rate as at 30 June 2014 45.83 19#21Operating results Пен Спекому T Etalon Group#229M 2014 Operating results - sustainable growth in sales Number of contracts New contract sales, sqm New contract sales, mln RUB 4,754 9M 2013 +32% Cash collections, mln RUB +35% 6,293 9M 2014 246,278 +26% 310,014 20,821 +28% 26,652 9M 2013 9M 2014 9M 2013 9M 2014 New contract sales y-o-y, mln RUB 9,406 23,847 +28% 9,480 7,416 17,709 8,152 6,031 5,563 8,095 4,336 6,746 5,194 3,781 9,078 4,158 5,566 5,923 9M 2013 9M 2014 2011 2012 2013 2014 Source: Company data Etalon Group ■1Q ■2Q ■ 3Q ■4Q 21#233Q 2014 Operating results - new projects drive new sales Number of contracts New contract sales, sqm New contract sales, mln RUB 1,752 +12% 1,960 92,755 +14% 106,039 8,152 3Q 2013 3Q 2014 3Q 2013 3Q 2014 New contract sales, mln RUB -3% +11% 3,111 3,011 2,834 2,548 2,493 +46% 3,635 Jul 13 Jul 14 Aug 13 Aug 14 Sept 13 Sept 14 Source: Company data Etalon Group +16% 9,480 3Q 2013 3Q 2014 . • • Average down payment was 77% Share of Moscow Metropolitan Area contracts remained at a strong level of 26% in 3Q 2014 up from 24% in 3Q 2013 The regional sales network generated c.37% of new contracts (see p. 8 for details) 22#24Better product mix drives new contract sales in 3Q 2014 3Q 2013 New contract sales by project, sqm 3Q 2014 New contract sales by project, sqm House on Tukhachevskogo Etalon City Etalon City Other Other projects projects street 1% Samotsvety 3% Galant 5% Rechnoy Emerald Hills 3% 3% 4% Swallow's Nest Swallow's Nest 5% 23% 5% 25% Jubilee Estate 6% 6% Rechnoy 10% Galant 7% 13% Jubilee Estate 8% 11% Molodejny 12% 11% Letniy 23% Molodejny 16% Emerald Hills Tsar's Capital Significant portfolio diversification with growing share of prime location projects Tsar's Capital Average price, RUB/sqm 95,000 89,402 87,887 . Swallow's Nest and Emerald Hills enjoy strong demand from customers 85,671 85,271 84,286 83,234 80,606 78,484 80,000 75,120 74,073 Tsar's Capital accounted for 16% of new sales, with the long- awaited second stage now available for clients 71,611 K 65,000 . Sales at Samotsvety launched at the very end of August, but the project already contributed c. 4% to total 3Q 2014 sales . Two new project launches scheduled for 4Q 2014 will further improve the product mix 50,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Source: Company data ✓ Etalon Group 23#25Mortgage deals - another driver of new contract sales Number of mortgage contracts Share of mortgage sales, % 368 +47% 542 21% +7pp 28% • 3Q 2013 3Q 2014 3Q 2013 3Q 2014 Selected mortgage partners СБЕРБАНК Highlights Etalon Group offers mortgage programmes with major domestic and international banks, including Sberbank, VTB Group, Societe Generale (Rosbank), Raiffeisen Group and Absolut Bank Joint programmes established with 23 banks and special mortgage agencies to offer flexible financing options: minimum down payment: 0 - 30% maturity: 1 30 years interest: • from 10.5% in RUB from 10% in EUR • ⚫ from 10.5% in USD Despite the generally hawkish interest rate policy demonstrated by the Central Bank of Russia in 1H 2014, the average mortgage rate actually declined by 16 bps to 12.24% (1) Average mortgage rate dynamics in Russia (2) ВТБ24 ГАЗПРОМБАНК Открытие 12.8% 12.70% Банк 12.60% 12.40% 12.4% 12.28% РОСБАНК Х Райффайзен БАНК Разница в отношении SOCIETE GENERALE GROUP БАНК CAHKT. ПЕТЕРБУРГ БАЛТИНВЕСТБАНК 12.0% Dc 11.6% ХАНТЫ-МАНСИЙСКИЙ Связь Банк Абсолют Банк УРАЛСИБ БАНК Source: Company data Etalon Group 12.24% 12.20% 12.16% (1) (2) CBR data Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Based on CBR data for January 2013 and October 2014 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 24 24#262014 deliveries Beer HonS CAHKANETEPOMPE Etalon Group#27Summary of 2014 planned deliveries Project deliveries breakdown for 2014. NSA to be delivered NSA delivered YTD, Project Region in 2014, ths sqm ths sqm 1 Emerald Hills MMA 131 125 2 Molodejny SPMA 108 107 3 Rechnoy SPMA 110 4 Tsar's Capital SPMA 106 5 Swallow's Nest SPMA 82 83 6 Galant SPMA 38 35 7 Etalon City MMA LO 5 Total 580 350 Source: Company estimates Etalon Group 26 26#28Emerald Hills November 2014 Construction period 2008 - 2018 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group December 2013 Planned 2014 deliveries Total NSA 862 ths sqm 131 ths sqm Income from sales* USD 1,960 mln 27 27#29Molodejny November 2014 Construction period 2012 - 2015 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group December 2013 Total NSA 112 ths sqm Planned 2014 deliveries 108 ths sqm Income from sales* USD 194 mln 28#30November 2014 December 2013 Rechnoy Construction period 2012 - 2014 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group Total NSA 110 ths sqm Planned 2014 deliveries 110 ths sqm Income from sales* USD 169 mln 29 20#31Tsar's Capital November 2014 Construction period 2013 - 2016 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group Huge Total NSA 390 ths sqm Planned 2014 deliveries 106 ths sqm December 2013 Income from sales* USD 1,101 mln 30 30#32Swallow's Nest November 2014 Construction period 2012 - 2016 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group December 2013 Total NSA 334 ths sqm Planned 2014 deliveries 82 ths sqm Income from sales* USD 613 mln 31#33Galant November 2014 Construction period 2013 - 2014 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group T December 2013 www Total NSA 49 ths sqm Planned 2014 deliveries 38 ths sqm Income from sales* USD 132 mln 32 32#34Etalon City November 2014 Construction period 2013 - 2017 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group December 2013 Total NSA 430 ths sqm Planned 2014 deliveries 5 ths sqm Income from sales* USD 955 mln 33#35Selected upcoming projects m 儿 CTYDER EPAC CAMACTEHOK Etaton Group#36Samotsvety LEFESTE November 2014 Construction period 2014 - 2016 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group Planned launch of sales 2014 Total NSA 189 ths sqm Visualization Income from sales* USD 542 mln 35 55#37Moscow Gates November 2014 Construction period 2014 - 2016 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group Visualization Planned launch of sales 2014 Total NSA 202 ths sqm Income from sales* USD 584 mln 36#38Galactica Construction period 2015 - 2020 *Jones Lang LaSalle estimate as of 31.12.2013 Etalon Group Planned launch of sales 2015 Total NSA 752 ths sqm Income from sales* USD 2,116 mln 37#39Appendix EEEEEEEEEEEE E E EEEE ΕΓΕΕ EEEE EEE BEEEEEEEEE EEEE ΕΕΓΕΕΕ РЕСТОРАН • КАЧЕЛИ NT IT 11 odontodo EE EPEEE Etalon Group#40Average annual growth of housing stock per capita in sqm(2) Czech Republic 0 2.0% Poland Latvia Russia 1.5% Bulgaria Belarus Slovakia Ukraine UK France ⚫Japan Denmark Hungary 1.0% Lithuania SPB Moscow 0.5% Germany Underpenetrated residential real estate market in Moscow and St. Petersburg has great potential Growth rate for Moscow and St. Petersburg housing stock over last 7 years lags well behind other European countries, indicating huge potential for growth 2.5% Residential stock in Moscow is disproportionally low for the population's disposable income levels 3,000 City / region Population' 13 Cumulative (mln) growth'03-13 Monthly disposable Cumulative growth'09-12 income' 12 (RUB) (RUB) Moscow 12.0 +16.6% 48,622 +52.2% Moscow region 7.0 +6.6% 29,699 +55.9% Moscow and region 19.0 +12.7% 41,858 +54.2% (MMR) SPB 5.0 +7.2% 27,795 +64.0% SPB region 1.8 +4.7% 17,925 +55.0% SPB and region (SSR) 6.8 +6.6% 25,414 +63.1% Other regions with 13.9 Etalon sales offices (3) (1.4%) 29,704 +41.7% Russia 143.3 (1.6%) 23,058 +55.1% 2,500 Monthly gross disposable income per capita (USD) in 2011(1) 0.0% 10 19.5 23.3 20 30 40 50 60 Housing stock per capita (sqm) in 2011(1) Population growth in Moscow and StP has significantly outpaced delivery of new housing stock, while disposable income growth has also outpaced real estate prices, improving affordability and indicating significant potential demand 41 46 51 36 Housing stock per capita (sqm) in 2011(1) - Total housing stock (latest) A-Potential housing stock Mortgage to GDP ratio illustrates significant underpenetration and huge potential for growth in demand supported by higher borrowing levels Etalon Group Mortgage/GDP (2011) Saint Petersburg 4.1% Note: Average USD/RUB FX rates for 2011 and 2012: 29.4 and 31.1, accordingly; average EUR/USD FX rates for 2011 and 2012: 1.39 and 1.28, accordingly (1) 2012 data applied for Moscow (2) Based on 2005-2011 data for Russia, SPB and SSR; 2005-2012 for Moscow and MMR; for other countries - average growth rates for available periods (3) Murmansk region, Krasnoyarsk region, Tyumen region, Khanty-Mansiyskiy autonomous district, Yakutia, Magadan region, Kamchatskiy krai, Khabarovkiy krai, Sakhalinsk region and Primorskiy krai Source: Rosstat, AHML, UN, OECD, Eurostat, Helgi Library, World Bank, Turkish Statistical Institute, NBP, IRN, St. Petersburg Real Estate Bulletin Etalon Group Moscow 2.2% 2,000 231mln sqm Gap: 184min sqm vs New 13: 3.1mln sqm (59x) 415min sem Moscow 1,500 120min sqm 1,000 SPB Gap: 29mln sqm vs New'13: 2.6mln sqm (12x) 149mln sqm Czech Republic Russia Poland Latvia •Hungary 500 Bulgaria ⚫ China 0 16 21 26 31 Russia 2.9% Turkey 5.5% Czech Republic 13.0% Poland 19.6% Italy 22.9% Austria 27.8% France 42.4% Finland 42.7% Germany 45.3% Spain 62.1% Norway 68.6% USA 76.5% Sweden 78.1% UK 83.7% Denmark 100.9% 39 39 Austria France • Finland Germany Denmark Sweden ⚫ UK#41Typical project cost structure Materials cost structure * (RUB 12,000-18,000 per sqm of NSA) Construction cost structure * (RUB 29,000 39,000 per sqm of NSA) Overhead expenses Total cost structure * (RUB 59,000 - 72,000 per sqm of NSA) Project management Cement Crushed Sand granite Bricks 4% 4% 6% 14% O Metal products 20% Typical project lifecycle* Task Materials 8% 8% 41% 52% Other 23% Machinery 20% Wages Construction 45% Taxes Share,% Start, month Duration, month Predevelopment 3 0 8 Zero cycle works 7 2 10 Construction works 43 5 20 Facade works 11 16 10 Fit out works 5 18 10 MEP systems Engineering facilities Urban landscaping 152 14 7 21 15 5 23 24 6 0 5 Design Interest expense 4% 4% 6% Sales costs 6% Other 7% Construction timeline, month 10 15 20 *Source: Company estimates for typical project based on current portfolio average. Actual breakdown per project is subject to significant variation due to a number of factors. Etalon Group 8% Infrastructure 20% Land acquisition 25 25 30 40#42Residential development scheme Timing 3-5 years Total development period range: 39-59 months 12-18 months Permission risk vs. Project value High permission risk Low entry price Medium-low permission risk Medium entry price Stages of residential real estate development Zoning & initial permit documentation Revenue recognition Source: Company data Etalon Group Investment contract, planning & construction permit 18-30 months Construction Pre-sale 1-2 months 3 months State commission Ownership rights registration Sales after commissioni ng For share participation agreements when the construction is completed and the building has been approved by the State commission for acceptance of finished buildings. For share accumulation agreements when the building has been approved by the State commission for acceptance of finished buildings and act of acceptance is signed by share accumulation cooperative. For 100% payment when sale- purchase agreement is signed. For less than 100% payment when preliminary agreement and act of acceptance is signed by client. Etalon Group focus 41#43Strong corporate governance and shareholding structure Corporate governance structure General Shareholders Meeting Board of Directors Shareholding structure 1.0% 30.8% 44.1% Board Committees • Chairman (V. Zarenkov) • 4 Executive Directors • 5 Non-Executive Directors, including 3 Independent Directors 16.4% 7.7% Strategy Committee Nomination & Remuneration Committee Zarenkov family Management Baring Vostok Free float Etalon Development Ltd Management Team Audit Committee As of 30 June 2014 Source: Company data Etalon Group 42 42#44INDEPENDENT NON-EXECUTIVE EXECUTIVE DIRECTORS DIRECTORS (1) Title granted by President of Russia Etalon Group FOUNDING SHAREHOLDERS Experience and awards • 44 years of experience in construction industry • Honoured builder of Russia (1) Education ⚫ Institute of Civil Engineering, SPb University of Internal Affairs ⚫ PhD in Economics, PhD in Technical Sciences, PHD in Architecture, Professor Board of Directors represents interests of all investor groups Viacheslav Zarenkov Chairman of the Board of Directors, Founding shareholder and President Dmitry Zarenkov Vice-President Experience and awards • 17 years of experience in construction industry • Honoured builder of Russia(1); Certificate of Honour of the Ministry of Regional Development Education • Institute of Aeronautical Instrumentation, SPb University of Architecture & Civil Engineering, SPb University of Internal Affairs ⚫ PhD in Engineering Anton Evdokimov Chief Executive Officer, First Vice-President Experience and awards • 27 years of experience in construction industry ⚫ Certificate of Honour of the Ministry of Regional Development Education • Leningrad Engineering Construction Institute, SPb State University and International Banking Institute, Open University Business School (MSc in International finance, MBA in business strategy) Martin Cocker Independent Non- Executive Director Boris Svetlichny Chief Financial Officer Experience and awards Over 25 years experience in finance and senior management with international and Russian companies • Recent experience included CFO position at Orange in Russia, VP for Finance at Vimpelcom and CFO at Golden Telecom Education University of Massachusetts (BBA in Accounting) • Carnegie-Mellon University (MBA) Anton Poryadin Independent Non- Executive Director Kirill Bagachenko Head of Corporate Investments and IR Experience and awards 9 years' experience in corporate finance and asset management • Previously held position of senior equity portfolio manager at TKB BNP Paribas Investment Partners ⚫ In 2013 voted one of the top three portfolio managers in Russia by Thomson Reuters Extel Survey Education ⚫ St. Petersburg State University of Economics and Finance NON-EXECUTIVE DIRECTORS Michael John Calvey Senior partner at Baring Vostok since 1999 Experience and awards • Member of the board of Europlan, Volga Gas, Gallery Media Group •Worked at ÉBRD, Salomon Brothers, Sovlink Corporation • Ex-Member of the board of CTC Media, Golden Telecom, Burren Energy Education • University of Oklahoma and London School of Economics Alexei Kalinin Senior partner at Baring Vostok Experience and awards • • 18 years of experience in audit, 5 years in construction industry Runs his own development business in Portugal • Worked at Deloitte & Touche, KPMG and Ernst & Young in Russia, Kazakhstan and UK Education University of Keele Experience and awards • 12 years of experience in strategy consulting at A.T. Kearney. Partner and Vice President at A.T. Kearney • Worked at Barents International Markets B.V., Torno Internazionale S.p.A., St. Petersburg Foundation for Enterprise Development Education •SPb Technical University, Business School at the University Of Rochester Robert Paul King Independent Non- Executive Director Experience and awards • 28 years of experience in the corporate governance and management of investment companies and funds Education • BSc Honours degree in Geography and Geology Experience and awards . With Baring Vostok since 1999 Worked at Alfabank and Alfa Capital • Chairman of the Board of Directors at Volga Gas, member of the board at Samarenergo and two Russian glass companies Education •Moscow Power Engineering University ⚫ PhD in Engineering 43#45Construction services Description • Etalon Group is a leader in industrial construction in the North-West region of Russia with superb track record throughout its history Track-record •We have contributed to 23 milestone projects • Heat & power stations, three hotels, four car assembly plants, shipyards, fitness and sports centre etc. Strategy • 4 projects under way • Etalon Group plans to continue developing its industrial construction operations and maintain its share in total business Diversification benefits • Ability and expertise to provide quality construction services to well-known international and local companies facilitates Group's brand development •Allows to maintain skilled work force during market downturn Selected key projects Toyota Poling and gridding Nissan TOYOTA Infrastructure & finished car parking site ExpoForum Etalon Group Ford GM Design & construction (increase of production capacities) Admiralty Shipyards Poling & road infrastructure construction Pulkovo customs Construction of workshop & transportation utilities North-West Heat & Power Station www Full construction cycle Almazov Medical Complex Full construction cycle Foundation construction for a cooling tower and main building Renovation of the existing building and building up two additional floors 44#46Income statement mln RUB 2011 2012 2013 1H12 1H13 1H14 Revenue 22,741 26,894 39,921 12,157 16,635 14,539 Cost of sales (11,888) (17,494) (27,553) (7,797) (11,064) (10,759) Gross profit 10,853 9,400 12,368 4,360 5,571 3,780 General and administrative expenses (2,328) (2,324) (3,157) (1,195) (1,387) (1,957) Selling expenses (854) (958) (1,023) (389) (460) (577) Other expenses, net (27) (209) (40) (27) (96) (166) Results from operating activities 7,644 5,909 8,148 2,749 3,628 1,080 Finance income 1,441 749 691 367 434 391 Finance costs (60) (132) (342) (96) (142) (242) Net finance income 1,381 617 349 271 292 149 Profit before income tax 9,025 6,526 8,497 3,020 3,920 1,229 Income tax expense (1,585) (1,526) (1,833) (651) (822) (302) Profit for the period 7,440 5,000 6,664 2,369 3,098 927 Profit attributable to: Owners of the Company 7,332 4,979 6,629 2,342 3,083 927 Non-controlling interest 108 21 35 27 15 Profit for the period 7,440 5,000 6,664 2,369 3,098 927 Source: IFRS financial statements for 2011, 2012, 2013, 1H12, 1H13, 1H14 Etalon Group 445#47Balance sheet mln RUB 2011 2012 2013 1H12 1H13 1H14 mln RUB 2011 2012 2013 1H12 1H13 1H14 Assets Equity and Liabilities Non-current assets Equity PP&E 2,009 2,380 1,962 i 2,152 1,853 2,326 Share capital Investment property 1,142 638 1,052 Retained earnings Other long-term 88 60 275! 48 241 684 investments Total equity attributable to equity holders of the Company 14,980 14,967 14,967 14,967 14,967 14,983 17,704 22,688 29,332 20,009 25,771 30,259 32,684 37,655 44,299 34,976 40,738 45,242 Trade and other Non-controlling interest 372 408 387 436 394 387 551 433 1,332 472 390 756 receivables Total equity 33,056 38,063 44,686 35,412 41,132 45,629 Deferred tax assets 679 434 560 536 433 710 I Non-current liabilities Other non-current assets 92 11 10 10 10 10 I I Loans and borrowings 8,456 12,811 10,176 7,466 10,750 10,050 Total non-current assets 3,419 3,318 5,281 3,218 3,565 5,538 Current assets Trade and other payables Provision 48 980 785 30 1,041 678 77 65 89 61 61 91 Inventories 32,047 41,522 50,057 34,613 44,056 57,132 Trade and other receivables 7,473 11,058 15,078 8,200 14,387 17,746 Deferred tax liabilities Total non-current liabilities Current liabilities 98 226 8261 272 402 650 8,679 14,082 11,876 7,829 12,254 11,469 Short-term investments 1,327 6,870 5,008 3,032 3,824 5,493 Cash and cash equivalents Other current assets Total current assets Total assets 14,484 10,716 8,139 13,276 34 32 71 13 8,559 20 9,635 18 Loans and borrowings Trade and other payables Provisions 55,365 70,198 78,289 59,134 70,846 90,024 58,784 73,516 83,570 62,352 74,411 95,562 Total current liabilities Total equity and liabilities 1,950 3,825 3,043 3,375 2,359 4,689 13,539 16,966 22,300 14,570 18,399 32,436 1,560 580 1,665 ! 1,166 267 1,339 17,049 21,371 27,008 19,111 21,025 38,464 58,784 73,516 83,570 62,352 74,411 95,562 Source: IFRS financial statements for 2011, 2012, 2013, 1H12, 1H13, 1H14 Etalon Group 46 46#48Cashflow statement mln RUB 2011 2012 2013 1H12 1H13 1H14 mln RUB 2011 2012 2013 1H12 1H13 1H14 Operating Activities Investing Activities Profit for the period 7,440 5,000 6,664 2,369 3,098 927 Proceeds from disposal of non-current assets 117 71 15 41 57 52 Adjustments for I Depreciation 265 417 3431 209 168 204 Interest received Gain on disposal of PP&E (92) (49) (15) (27) (27) (46) Acquisition of PP&E 140 (726) (844) 552 611 i 251 351 342 I (431) (297) (160) (364) I Loss on disposal of Loans given (253) (371) (55) i (11) (37) (16) 1 28 I subsidiaries Loans repaid 234 363 85! 23 17 79 Gain on disposal of equity (24) accounted investees Acquisition of subsidiaries, net of cash acquired 10 Impairment loss on 60 investment property 60 Disposal of subsidiaries, net of cash (17) (8) (20) (7) disposed of Impairment loss on 85 inventories (Acquisition)/disposal of other (1,027) (5,506) 1,606 (1,677) 2,850 (964) investments Finance income, net (1,425) (544) (337) Income tax expense 1,585 1,526 1,833 (237) 651 (319) (149) 822 302 Net cash used in investing activities (1,532) (5,743) 1,821 (1,670) 3,071 (871) Cash from operating Financing activities activities 7,750 6,378 8,488 2,965 3,742 1,383 before changes in working capital Change in inventories Change in accounts receivable Proceeds from IPO 13,487 Acquisition of non-controlling interest (3) (3) (10) (5,308) (7,633) (7,837)¦ (2,082) (1,957) (2,893) (3,024) (5,080) (401) (3,243) (6,763) Proceeds from disposal of non- 24 controlling interest I (2,093) Proceeds from borrowings Change in accounts (818) 4,074 payable Change in provisions 367 (992) 4,880 1,434 1,109 (410) 1,478 10,135 Repayments of borrowings (317) (324) Acquisition of own shares 6,353 12,140 (4,821) (459) 5,937 ! 2,769 2,785 5,627 (5,552) (9,668) (13) (2,450) (6,624) (4,278) I (13) 16 T Change in other currents assets Dividends paid 24 3 25 21 12 (11) Income tax paid Interest paid (1,897) (1,833) (907)¦ (1,098) (1,097) (1,724) (936) (632) (476) (871) (742) Net cash from/(used in) financing activities 14,581 6,572 (3,741) 306 (3,839) 1,365 (683) Net cash from/(used in) Net increase/(decrease) in cash and cash equivalents operating activities Source: IFRS financial statements for 2011, 2012, 2013, 1H12, 1H13, 1H14 Etalon Group (3,873) (4,124) (1,046) 115 (1,788) 902 Effect of FX rate fluctuations Cash & cash equivalents at the end of the period 9,176 (3,295) (2,966) (1,249) (2,556) 1,672 (473) 14,484 10,716 1,396 389 1 41 399 100 8,139 13,276 8,559 9,635 47#49EBITDA calculation EBITDA mln RUB 2011 2012 2013 1H12 1H13 1H14 | Comprehensive income 7,440 5,000 6,664 2,369 3,098 927 Income tax expense 1,585 1,526 1,833 651 822 302 I Interest expense on loans and finance leases 10 7 233 1 115 140 I Net foreign exchange loss 125 109 I 95 70 I Interest income on bank deposits (140) (543) (583) (239) (342) (307) I Interest income on loans and receivables (6) (9) (28) (12) (9) (35) 35 I Interest income on promissory notes Gain on repurchase of CLNs Net foreign exchange gain (1,168) (48) I T Bank fees and commissions 46 67 80 33 40 42 I 1 Interest in COS Depreciation 169 341 779 111 354 340 I 265 417 343 209 168 204 EBITDA 8,201 6,931 9,430 I 3,218 4,198 1,683 2011 2012 2013 1H 2012 1H 2013 I 1H 2014 Depreciation to COGS (Note 14 PP&E) 239 385 292 193 149 160 Depreciation to selling expenses (Note 14 PP&E) 1 1 1 1 1 1 Depreciation to G&A expenses (Note 14 PP&E) 25 31 39 15 18 19 Depreciation to Investment property (Note 15 Investment property) 11 24 24 Etalon Group 48 48#50Working capital calculation Working capital calculation mln RUB 2011 2012 2013 1H12 1H13 1H14 Total inventory 32,047 41,522 50,057 34,613 44,056 57,132 I Current part + Trade and other receivables 7,473 11,058 15,078 8,200 14,387 17,746 I - Trade and other payables 13,539 16,966 22,300 I 14,570 18,399 32,436 - Provisions 1,560 580 1,665 I 1,166 267 1,339 I Non-current part I + Trade and other receivables 551 433 1,332 472 390 756 I - Trade and other payables 48 980 785 30 1,041 678 - Provisions 77 65 59 89 61 61 91 Adjustments - Cumulative borrowing costs capitalized during the period (Note 12 Finance income and finance costs) I T 1,482 2,725 4,092 2,054 3,457 4,660 + Cumulative borrowing costs that have been included into the cost of sales (Note 12 Finance income and finance costs) 169 510 1,289 I 280 864 1,629 -Income tax receivable (Note 19 Trade and other receivables) I 72 310 103 236 307 85 +Income tax payable (Note 26 Trade and other payables) 447 7 248 10 13 116 Working capital 23,909 31,904 38,970 25,458 36,178 38,090 Etalon Group 49#51FCF calculation Free cash flow calculation mln RUB Comprehensive income Adjustment for: Depreciation Gain on disposal of PP&E Impairment loss on investment property Impairment loss on inventory 2011 2012 2013 I 1H12 2H12 1H13 2H13 1H14 I 7,440 5,000 6,664 2,369 2,631 3,098 3,566 927 265 417 343 209 208 168 175 204 (92) (49) (15) (27) (22) (27) 12 (46) 60 85 Loss on disposal of subsidiaries 1 28 28 Gain on disposal of equity accounted investees (24) Finance income, net (1,425) (544) (337) (237) (307) (319) (18) (149) Income tax expense 1,585 1,526 1,833 651 875 822 1,011 302 Income tax paid (1,897) (1,833) (907) (936) (897) (632) (275) (742) Interest paid (1,098) (1,097) (1,724) (476) (621) (871) (853) (683) (Increase)/Decrease in working capital (Increase)/Decrease in invested capital FCF (4,482) (8,628) (7,572) (609) (773) (4,897) (6,903) I (1,438) (6,134) (416) I (256) (517) (103) (1,462) ¦ (141) (4,756) (1,891) (4,027) (2,876) 944 (313) (312) 429 590 I (Increase)/Decrease in working capital based on CF I 2011 2012 2013 1H12 2H12 1H13 2H13 1H14 statement I Change in inventories (5,308) (7,633) (7,837) Change in accounts receivable (2,893) (3,024) (5,080) (2,082) (401) (5,551) (1,957) (2,623) (3,243) (5,880) (6,763) (1,837) (2,093) Change in accounts payable (818) 4,074 4,880 | 1,434 2,640 1,478 3,402 10,135 Change in provisions 367 (992) 1,109 I (410) (582) (317) 1,426 (324) Change in other current assets 24 3 I Working capital change (8,628) (7,572) 25 (6,903) (1,438) 21 (18) 12 13 (11) (6,134) (4,027) (2,876) 944 T (Increase)/Decrease in invested capital based on CF 2011 2012 2013 1H12 2H12 1H13 2H13 1H14 statement I Acquisition of PP&E (726) (844) (431) (297) (547) (160) (271) (364) Proceeds from disposal of non-current assets 117 71 15 41 30 57 (42) 52 Invested capital change (609) (773) (416) (256) (517) (103) (313) (312) Etalon Group 50 50#52Etalon Group Limited Redwood House St Julian's Avenue St Peter Port Guernsey GY1 1WA Etalon Group Tel: +44 (0)20 8123 1328 Fax: +44 (0)20 8123 1328 Email: [email protected] 51