Investor Presentaiton

1H 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

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