Investor Presentaiton

MMA Unique Price, Product and Market Combination Etalon Group is attractively positioned in high quality, yet affordable real estate segment Real estate price segments of presence vs. competitors Supply structure by volume (2) (2H 2010) St. Petersburg SPMA Regions PIK SU-155 (1) LSR SU-155 (1) RGI International PIK SU-155 (1) 9% 14% 77% LSR Total: 1.1 mn sqm Moscow 10% LSR 46% Etalon Group 44% RGI International Sistema-Hals Mirland Total: 1.9 mn sqm Don-Stroy (1) Inteco (1) Lower Medium Upper Lower Medium Upper Premium Class Economy Class Middle Class Panel Poured concrete I Moscow region 5%1% 94% Total: 3.7 mn sqm Economy class Source: SPB Realty, MIAN Middle class Premium class ■ Etalon Group is positioned in Upper Economy Class and Lower Middle Class - market segment with fewer number of competitors ■ Economy Class and Middle Class price segments dominate both SPMA and MMA real estate markets, with marginal share of premium class ■ Competitive pricing combined with upscale poured concrete technology is able to target a very wide universe of customers (1) Non-public peers (2) Based on the total area of residential apartments available for sale on primary market at the end of 2H 2010 2 Etalon Group | 3 33

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