Etalon Group Mortgage and Real Estate Market Insights

Robust balance sheet Debt maturity profile (as of 30/06/2014; USD mln)* 66 97 131 Debt composition (as of 30/06/2014)* By type of facility 31 439 114 2014 2015 2016 2017 2018 - 2021 Total Net debt (as of 30/06/2014)*, USD mln 446 439 Cash (1) (1) Including bank deposits *Source: unaudited management accounts Etalon Group 66% By currency 11% 34% ■Local bonds ■ Bank loans RUB EUR 89% Financing highlights • Conservative approach to leverage • Balance sheet naturally hedged 7 Debt Net cash USD/RUB fx rate as at 30 June 2014 33.63 20 20

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