Investor Presentaiton

Key takeaways Three new project acquisitions in-line with IPO strategy Galactica - St. Petersburg - c. 680 ths sqm of NSA Prospekt Budennogo - Moscow - c. 30 ths sqm of NSA Ulitsa Tukhachevskogo - St. Petersbury - c. 40 ths sqm of NSA Start of 2012 eight step programme to secure 2014 deliveries Plan to launch sales on eight projects with total NSA of 1.5 million sqm, which will be delivered in the next 2-3 years - Lastochkino Gnezdo marks first “step", with 319 thousands sqm of NSA, launched with phenomenal 22% of NSA of Stage I contracted as of 16 April 2012 via waiting list & actual sales Six out of eight projects (including Emerald Hills) will account for 79% of 2014 deliveries, with two new projects due to launch next year, giving investors excellent visibility on 2014 deliveries Strong performance on contract sales New contracts sales reached 78 thousand sqm and RUR 5.6 billion, a year-on-year (y-o-y) increase of 30% and 34%, respectively, yet still below pre-crisis levels of 107 thousand sqm in 1Q 2008 in St. Petersburg alone Share of mortgages reached 10%, vs. 6% in 1Q 2011 Average down payment was 72%, vs. 66% in 1Q 2011 (well above target of 50%) Regional sales, a stable source of demand even through last crisis, remained strong at 34% of total Share of MMA continued to increase Share of contracts in the Moscow Metropolitan Area ("MMA") reached 14% MMA projects account for 45% of Etalon Group's landbank as of 31 December 2011 Strong balance sheet position to benefit from higher quality deal flow - USD 490 million* of expansion capital on balance sheet and low debt levels Solid growth in new contract sales expected in 2012, to increase by 25% up to 337 thousands sqm We believe Etalon is well positioned to acquire more high-quality projects in order to create additional value for our shareholders Land bank sufficient till 2017 *as of 31 Dece²sm of NSA as at 31 December 2012, the equivalent of approximately 16 Empire State Buildings ୬ Etalon Group 028

View entire presentation