FTSE COMPANY REPORT Share price analysis relative to sector and index performance Etalon Group (GDR) ETLN Real Estate Investment and Services Development — USD 1.644 at close 14 May 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 14-May-2021 14-May-2021 14-May-2021 1.9 150 150 1D WTD MTD YTD Absolute -0.5 -0.5 1.1 -5.0 1.8 140 140 Rel.Sector -1.2 3.1 2.8 -7.6 Rel.Market -1.6 0.9 0.4 -13.0 1.7 130 130 1.6 VALUATION 1.5 120 120 Trailing Relative Price Relative Price Relative 1.4 110 110 PE 45.3 Absolute Price (local currency) (local Price Absolute 1.3 EV/EBITDA 8.5 100 100 PB 0.7 1.2 PCF 3.4 1.1 90 90 Div Yield 10.4 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Price/Sales 0.4 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 1.0 90 90 90 Div Payout +ve 80 80 80 ROE 1.4 70 70 70 Share Index) Share Share Sector) Share - 60 - 60 60 DESCRIPTION 50 50 50 40 40 The Group's principal activity is residential 40 RSI RSI (Absolute) 30 30 development in Saint-Petersburg metropolitan area and Moscow metropolitan area. 20 30 20 10 20 10 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 10 0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Etalon Group (GDR) 14 May 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 30-Apr-2021 30-Apr-2021 30-Apr-2021 100 ‖ ‖ 30 1.3 90 1.2 25 80 1.1 70 20 1 +1SD 60 +1SD 0.9 50 15 +1SD 0.8 Avg 40 Avg 10 0.7 30 20 Avg 0.6 -1SD 5 -1SD 10 0.5 0 0 0.4 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 Rightmove 48.8 Helical 100.0 Rightmove 25.0 Etalon Group (GDR) 45.3 St.Modwen Properties 100.0 Savills 2.9 Real Estate Investment and Services Development 39.3 Tritax EuroBox GBP 58.1 LSL Property Services 2.7 Boot (Henry) 30.7 Raven Property Group 56.1 Real Estate Investment and Services Development 2.0 LSL Property Services 26.2 Aberdeen Standard European Logistics Income 49.2 Foxtons Group 1.5 Savills 25.3 Real Estate Investment and Services Development 31.9 Sirius Real Estate 1.5 Sirius Real Estate 12.5 Savills 12.9 Harworth Group 0.8 u and i group -2.1 LSL Property Services 9.4 CLS Holdings 0.8 St.Modwen Properties -7.9 Etalon Group (GDR) 8.5 Raven Property Group 0.7 Raven Property Group -11.5 Harworth Group 0.0 Etalon Group (GDR) 0.7 Foxtons Group -65.2 Phoenix Spree Deutschland 0.0 u and i group 0.4 -80 -60 -40 -20 0 20 40 60 0 20 40 60 80 100 120 0 5 10 15 20 25 30 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 30-Apr-2021 30-Apr-2021 30-Apr-2021 50 14 1.8 12 1.6 40 +1SD 1.4 10 30 1.2 +1SD +1SD 8 Avg 1 6 20 0.8 Avg Avg 4 0.6 10 -1SD 2 0.4 -1SD 0 ‖ ‖ -1SD 0 0.2 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 Rightmove 55.6 Etalon Group (GDR) 10.4 Rightmove 15.0 u and i group 37.0 Aberdeen Standard European Logistics Income 4.3 Aberdeen Standard European Logistics Income 15.0 Aberdeen Standard European Logistics Income 29.2 Sirius Real Estate 3.0 Tritax EuroBox GBP 15.0 CLS Holdings 28.7 CLS Holdings 3.0 Phoenix Spree Deutschland 15.0 Helical 27.0 Tritax EuroBox GBP 2.9 Helical 15.0 Real Estate Investment and Services Development 19.8 Real Estate Investment and Services Development 1.5 Real Estate Investment and Services Development 4.2 LSL Property Services 8.0 Harworth Group 1.4 Boot (Henry) 1.6 Savills 6.6 St.Modwen Properties 1.2 LSL Property Services 1.6 Raven Property Group 4.5 Rightmove 0.7 Raven Property Group 1.1 Etalon Group (GDR) 3.4 Raven Property Group 0.0 Savills 1.0 Phoenix Spree Deutschland -100.0 Foxtons Group 0.0 Etalon Group (GDR) 0.4 -120 -100 -80 -60 -40 -20 0 20 40 60 80 0 2 4 6 8 10 12 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 2 of 4 FTSE COMPANY REPORT: Etalon Group (GDR) 14 May 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 30-Apr-2021 30-Apr-2021 30-Apr-2021 1.1 100 ‖ ‖ 14 1 90 12 +1SD 0.9 80 10 0.8 +1SD 70 8 0.7 Avg 60 6 0.6 +1SD 50 4 0.5 Avg 0.4 40 Avg 2 -1SD 0.3 30 0 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 Raven Property Group 3.8 Etalon Group (GDR) 100.0 Rightmove 50.0 Etalon Group (GDR) 1.0 Boot (Henry) 61.5 Sirius Real Estate 12.8 Grainger 1.0 Aberdeen Standard European Logistics Income 46.5 Savills 12.5 Savills 0.8 Tritax EuroBox GBP 41.5 LSL Property Services 10.9 CLS Holdings 0.8 Real Estate Investment and Services Development 40.8 Tritax EuroBox GBP 8.9 Real Estate Investment and Services Development 0.7 CLS Holdings 39.8 Real Estate Investment and Services Development 5.4 St.Modwen Properties 0.3 Rightmove 0.0 Etalon Group (GDR) 1.4 LSL Property Services 0.3 Raven Property Group 0.0 Foxtons Group -2.6 Harworth Group 0.2 Harworth Group 0.0 Raven Property Group -4.8 Rightmove 0.1 u and i group 0.0 St.Modwen Properties -12.0 Boot (Henry) 0.0 St.Modwen Properties 0.0 u and i group -17.1 0 0.5 1 1.5 2 2.5 3 3.5 4 0 20 40 60 80 100 120 -30 -20 -10 0 10 20 30 40 50 60 ROE vs. PB — sector Du Pont Analysis 25 3 14 RMV 12 2.5 20 10 2 15 8 1.5 PB 6 10 1 4 0.5 5 2 LSL SVS Real Estate Inve 0 0 FOXT BOOT GRI ASLIEBOX SRE RAVSMPETLN HWGCLIHLCLPSDL 2017 2018 2019 2020 2021 0 UAI 0 5 10 15 20 25 30 35 40 45 50 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 3 of 4 FTSE COMPANY REPORT: Etalon Group (GDR) 14 May 2021 Brief description Brief description Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity.