Financial Results

Etalon Group's portfolio grew in value again in 2014 despite the more complex macro environment Open market value, mln RUB Open market value per share, RUB Breakdown by region Breakdown by stage of development +17% +17% 104,286 357.1 89,253 305.6 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 The portfolio includes 432 thousand sqm of completed & available for sale property at projects that are completed or still underway, out of which completed & available for sale apartments account for 220 thousand sqm. JLL estimates potential income from the sale of these properties at RUB 28,863 million and RUB 22,853 million, respectively Source: JLL estimate as of 31.12.2014 Etalon Group Operating Results Financial Results Landbank Valuation 2015 Deliveries Appendix 16

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