Investor Presentaiton

Etalon Group is well positioned to continue successful development in a more complicated macro environment Current land bank is sufficient for Etalon Group's construction programme, no need to acquire land plots in the medium term 2008 2014 Land bank (unsold NSA) bop, ths sqm 1,280 3,442 • More diversified product offering based on a higher number of projects and a growing share on lucrative MMA market Number of projects in construction programme, eop 8 15(1) Growing contribution from the Company's sales network in Russia's resource- rich regions The strongest balance sheet in the industry Share of Moscow Metropolitan Area in total contract sales, % 24% (2) Share of regional sales, % 21.0% 36.8% (2) Total net debt (net cash), mn RUB 4,358 (349)(3) • Low level of FX-denominated debt fully hedged by FX-denominated deposits - % FX denominated debt 88.5% 11.0% (3) - % of debt borrowed outside of Russia 46.4% • Currently no debt borrowed outside of Russia . Etalon Group maintains its B+/Stable credit rating from Standard & Poor's despite Russia's sovereign credit rating downgrade in 2014 - Net debt / EBITDA 1.37x N/A Credit rating (Standard & Poor's) B B+ Residential real estate price CAGR (previous 3 years), %: Reasonable price growth during preceding 3 years, no signs of a bubble - St. Petersburg market (4) 41% 7% Moscow market (5) 34% 6% Comprehensive inventory of completed apartments in diverse locations is attractive to clients during macroeconomic instability. It also enables the Company generate revenue without incurring additional costs Moderate share of mortgage sales, well below that of other public peers Share of mortgage sales Inventory of completed and available for sale apartments bop, ths sqm 11 238 Transparent public company with long and successful track record of cooperation with capital markets Qualitative criteria *Sources: Land bank valuation report by JLL as of 31.12.2013, management accounts, IPO Prospectus, IFRS financial statements for 2008 and 1H2014 (1) 16 projects as of 2013 eop + Polyustrovskiy prospekt project - Rechnoy - Galant (2) For 9M 2014 Etalon Group (3) as of 30 June 2014 8% 3 years of public debt history Partnership with Baring Vostok Capital Partners 22% (2) Public listing on LSE Transparent corporate governance Dividend policy 9 years of public debt history (4) calculation based on EMLS index (secondary market) as of December for preceding 3 years (5) calculation based on IRN housing price index as of December for preceding 3 years 12

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