Etalon Group Mortgage and Real Estate Market Insights

2013 FY Gross profit analysis Consolidated gross profit increased by 35% in RUB, 31% in USD Adjusted gross profit*, mln RUB Adjusted gross profit*, mln USD +35% 9,741 1 149 8 706 13,147 440 743 11 964 314 37 280 +31% Adjusted gross profit margin*, % 412 123 14 36% 23 33% -114 FY 2012 -4 FY 2013 FY 2012 FY 2013 ■Residential real estate development ■Construction services Other segments plus elimination of inter-segment profit Core business segment demonstrated healthy profitability trend 375 FY 2012 FY 2013 Residential real estate development adjusted gross profit*, mln RUB Construction services gross profit highly dependent on project pipeline Construction service gross profit, mln RUB 8 706 +37% 11 964 45% 40% FY 2012 Source: IFRS financial statements *Note 5 to IFRS financial statements FY 2013 » Etalon Group Residential real estate development adjusted gross profit*, mln RUB Adjusted gross profit margin*, % 239 475 256 ExpoForum 1st 772 stage revenue 623 recognition with higher margin 377 249 494 1H10 2H10 1H11 2H11 1H12 2H12 1H13 2H13 17

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