Investor Presentaiton

Etalon Group's portfolio grew in value again in 2014 despite the more complex macro environment Open market value, RUB mln Open market value per share, RUB Breakdown by region Breakdown by stage of development 89,253 +17% 104,286 305.6 +17% 357.1 46% 44% 56% 2013 2014 2013 2014 5% 49% ■ Projects under development ■ SPMA ■ MMA ■ Projects at design stage ■ Projects completed Sustainable growth of open market value based on well diversified portfolio • Market value of the Group's portfolio as of 31 December 2014 reached RUB 104,286 million, up 17% year-on-year • Landbank volume remained generally stable at 3.11 million sqm of unsold NSA • The Company acquired one new project in St. Petersburg during 2014 The share of MMA projects reached 44%, up 2 p.p. year-on-year Source: JLL estimate as of 31.12.2014 > Etalon Group 13

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