Etalon Group - Expanding Portfolio for Robust Growth

B 1Grou Strong Financial Performance Revenue (USD mln) 669 636 9% 574 60 36 54 465 58 47 330 302 541 555 33 470 285 243 27 128 22% 47 Net Profit and EBITDA (USD mln) 239 25% 227 38% 162 154 34% 38 124 3 99 تبال 68 2008 2009 2010 1H2010 1H2011 2008 2009 2010 1H2010 1H2011 ■Residential development Construction services to 3rd parties ■Other (1) Source: audited consolidated IFRS accounts for 2008, 2009, 2010 and reviewed IFRS accounts for 1H 2011 Average USD/RUB fx rate 6 m 2010 30.05 Average USD/RUB fx rate 6 m 2011 28.56 EBITDA Net profit EBITDA margin % 96 96 (1) Includes 'Other operations' reporting segment (selling of construction materials, construction of stand-alone premises for commercial use and various services related to sale and servicing of premises) and 'Other revenues' (reflect revenues from operations not classified under any of the three reporting segments) (2) EBITDA is defined as profit (loss) for the period before interest and related income / (expenses), income tax expense, depreciation and amortization > Etalon Group 11

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