Etalon Group - Expanding Portfolio for Robust Growth

B 1Grou Moscow and St. Petersburg markets - price per m2 '000 RUB 200 160 120 80 60 40 40 '000 RUB Moscow 64 34 43 50 110 107 160 117 136 140 2002 2003 2004 2005 2006 2007 2008 2009 2010 June 2011 IRN Index* Source: IRN 100 60 80 60 60 40 40 20 20 15 20 St. Petersburg 26 28 28 56 56 63 80 70 770 70 73 2002 2003 2004 2005 2006 2007 2008 2009 Mass market 2010 June 2011 Source: SPb Reality * IRN Index is calculated on the basis of prices per sqm in both primary and secondary markets Prices stabilized after declining in 2009, have returned to pre-2008 levels Steady demand on strong market fundamentals > Etalon Group 80

View entire presentation