Investor Presentaiton

Robust new contract sales dynamics, still below pre-crisis levels New contract sales, ths sqm 120 100 107 80 60 40 +58% 60 +30% . 78 20 38 30 0 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012 (St. Petersburg only) Share of regional sales 40% Significant growth of key sales metrics Share of mortgage contracts reached 10%, up from 6% in 1Q 2011 • Average downpayment reached 72%, up from 66% in 1Q 2011 (significantly above the average of 50% envisaged by the business model) • Share of MMA* contracts reached 14% 1Q 2012 operating results 1Q 2012 1Q 2011 Change 37% 30% 34% 35% % 34% 29% New Sales, sqm 77,726 59,638 30% 20% New sales, mnRUR 5,566 4,158 34% 10% 0% Average price, RUR/sqm 71,611 69,721 3% 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012 * Moscow metropolitan area Etalon Group 021

View entire presentation