Investor Presentaiton

Average annual growth of housing stock per capita in sqm(2) Czech Republic 0 2.0% Poland Latvia Russia 1.5% Bulgaria Belarus Slovakia Ukraine UK France ⚫Japan Denmark Hungary 1.0% Lithuania SPB Moscow 0.5% Germany Underpenetrated residential real estate market in Moscow and St. Petersburg has great potential Growth rate for Moscow and St. Petersburg housing stock over last 7 years lags well behind other European countries, indicating huge potential for growth 2.5% Residential stock in Moscow is disproportionally low for the population's disposable income levels 3,000 City / region Population' 13 Cumulative (mln) growth'03-13 Monthly disposable Cumulative growth'09-12 income' 12 (RUB) (RUB) Moscow 12.0 +16.6% 48,622 +52.2% Moscow region 7.0 +6.6% 29,699 +55.9% Moscow and region 19.0 +12.7% 41,858 +54.2% (MMR) SPB 5.0 +7.2% 27,795 +64.0% SPB region 1.8 +4.7% 17,925 +55.0% SPB and region (SSR) 6.8 +6.6% 25,414 +63.1% Other regions with 13.9 Etalon sales offices (3) (1.4%) 29,704 +41.7% Russia 143.3 (1.6%) 23,058 +55.1% 2,500 Monthly gross disposable income per capita (USD) in 2011(1) 0.0% 10 19.5 23.3 20 30 40 50 60 Housing stock per capita (sqm) in 2011(1) Population growth in Moscow and StP has significantly outpaced delivery of new housing stock, while disposable income growth has also outpaced real estate prices, improving affordability and indicating significant potential demand 41 46 51 36 Housing stock per capita (sqm) in 2011(1) - Total housing stock (latest) A-Potential housing stock Mortgage to GDP ratio illustrates significant underpenetration and huge potential for growth in demand supported by higher borrowing levels Etalon Group Mortgage/GDP (2011) Saint Petersburg 4.1% Note: Average USD/RUB FX rates for 2011 and 2012: 29.4 and 31.1, accordingly; average EUR/USD FX rates for 2011 and 2012: 1.39 and 1.28, accordingly (1) 2012 data applied for Moscow (2) Based on 2005-2011 data for Russia, SPB and SSR; 2005-2012 for Moscow and MMR; for other countries - average growth rates for available periods (3) Murmansk region, Krasnoyarsk region, Tyumen region, Khanty-Mansiyskiy autonomous district, Yakutia, Magadan region, Kamchatskiy krai, Khabarovkiy krai, Sakhalinsk region and Primorskiy krai Source: Rosstat, AHML, UN, OECD, Eurostat, Helgi Library, World Bank, Turkish Statistical Institute, NBP, IRN, St. Petersburg Real Estate Bulletin Etalon Group Moscow 2.2% 2,000 231mln sqm Gap: 184min sqm vs New 13: 3.1mln sqm (59x) 415min sem Moscow 1,500 120min sqm 1,000 SPB Gap: 29mln sqm vs New'13: 2.6mln sqm (12x) 149mln sqm Czech Republic Russia Poland Latvia •Hungary 500 Bulgaria ⚫ China 0 16 21 26 31 Russia 2.9% Turkey 5.5% Czech Republic 13.0% Poland 19.6% Italy 22.9% Austria 27.8% France 42.4% Finland 42.7% Germany 45.3% Spain 62.1% Norway 68.6% USA 76.5% Sweden 78.1% UK 83.7% Denmark 100.9% 39 39 Austria France • Finland Germany Denmark Sweden ⚫ UK

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