Investor Presentaiton

Nationwide Sales & Marketing Network Supports Sustainable Contracting Powerful sales network across the country Regional population actively buys apartments in Moscow and St. Petersburg Murmansk Monchegorsk ArkhangelskNaryan-Mar (Nenetskiy AD) SPMA Cherepovets Yaroslavl • Ukhta MMA Noviy Urengoy (Yamalo-Nenetskiy AD) Etalon Group's regional sales geography (2010) (2) Region Leningrad region Khanty-Mansijsk AD Yamalo-Nenets AD Kamchatsky Krai Share in sales 3.9% 3.2% 2.0% 1.9% Sakhalin region 1.2% Magadan region 0.9% Yakutia 0.6% Nenets AD 0.2% Other Russian regions 9.9% Foreigners 0.6% Total: 28.5% Norilsk Yakutsk Kazan Nizhny Tagil Khanty- Noyabrsk (Yamalo- Nenetskiy AD) Mirniy Magadan Petropavlovsk- Kamchatskiy The Group's flats are sold in 9 out of 10 richest Russian regions Disposable income (US$) (1 Chelyabinsk Mansiysk Surgut Moscow 1,343 NenetsAD 1,247 Stavropol Orenburg Nizhnevartovsk Uzhno- Sakhalinsk Yamalo-Nenets AD 1,084 Chukotka 1,064 Sakhalin 1,025 Khabarovsk Krasnoyarsk Irkutsk Etalon Group's sales offices / representatives Khanty-Mansijsk AD St. Petersburg Kamchatsky Krai 995 873 1866 Nakhodka Magadan Yakutia 841 789 Vladivostok Russia average 603 Established relationships/partnerships with local sales agencies Etalon Group sales force is focused on the regions with the largest disposable income ☐ 30 cities covered with 10 sales offices in ■ ■ Key markets: SPMA and MMA St. Petersburg and 10 sales offices nationwide External professional marketing and sales service agents engaged nationwide Etalon Group's target regions (1) Average monthly disposable income, Rosstat data as of 3Q 2010; RUR values were converted into US$ at official CBR average exchange rate in 3Q 2010 (30.62 RUR/US$); (2) Source: management accounts ✓ Etalon Group 34 =4

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