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Investor Presentaiton

Expect 25% growth in new contract sales in 2012 New sales contracts, ths sqm 500 400 437 300 200 100 0 2008* +25% +27% 337 +33% 270 212 160 2009 2010 2011 F2012 * Annualized new contract sales based on 1H 2012, St. Petersburg only Construction programme, ths sqm 1200 1000 800 830 836 810 600 400 486 413 200 386 323 328 209 0 ୬ 2008 2009 2010 2011 2012 2013 2014 2015 2016 I Impact of projects to be acquired in 2012-2013 | Construction programme, based on acquired projects Actual Etalon Group Highlights ⚫ Further improving transparency by initiating guidance on new contract sales, on top of official guidance on deliveries • . Expect new contract sales to increase by 25% in 2012 This will be driven by new projects that will be launching towards the end of the year & strong sales on current projects Significant drop in deliveries both in MMA and SPMA in last 3 years have resulted in limited supply, especially in "comfort class", while demand is rapidly approaching pre-crisis levels 022
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