Etalon Group Mortgage and Real Estate Market Insights

Continued efficiencies in managing SG&A costs as well as FX exposure Selling, General and Administrative expenses, mln RUB Selling, General and Administrative expenses as % of revenue FX sensitivity 3 282 +27% 4 180 12,2% • 10,5% FY 2012 FY 2013 FY 2012 FY 2013 Typical project cost structure* Materials cost structure * (USD 375 550 per sqm of NSA) Crushed granite Sand Bricks 4% 4% 6% Cement 14% 20% • Company estimates that only c. 15% of total construction costs linked to USD Foreign currency denominated Debt to Cash ratio is 0.95 (as of 31 December 2013) Construction cost structure * (USD 900 1,200 per sqm of NSA) Overhead expenses Total cost structure (USD 1,800 2,200 per sqm of NSA) Design Project management * Interest expense Machinery Construction Materials 8% 4% 4% Sales costs 8% 6% 6% Other 7% 41% 52% Other 20% Wages 45% 23% Taxes Metal products *Source: Company estimates for typical project based on current portfolio average. Actual breakdown per project is subject to significant variation due to a number of factors. Etalon Group Infrastructure 8% 20% Land acquisition 18

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