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 SPMA Arkhangelsk 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% Naryan-Mar (Nenetskiy AD) Cherepovets Yaroslavl Sakhalin region 1.2% ● Ukhta Magadan region 0.9% Noviy Urengoy Petropavlovsk- Kamchatskiy Yakutia 0.6% (Yamalo-Nenetskiy AD) MMA ● Norilsk Yakutsk Nenets AD 0.2% Magadan Nizhny Tagil Kazan Noyabrsk (Yamalo- Nenetskiy AD) Mirniy Other Russian regions 9.9% Foreigners 0.6% Stavropol Chelyabinsk Khanty- Mansiysk Total: 28.5% Surgut Nizhnevartovsk Orenburg Khabarovsk Uzhno- Sakhalinsk Krasnoyarsk ● Irkutsk Etalon Group's sales offices / representatives Established relationships/ partnerships with local sales agencies ⚫ Nakhodka Vladivostok The Group's flats are sold in 9 out of 10 richest Russian regions Disposable income (US$)(1) Moscow NenetsAD 1343 1247 Yamalo-Nents AD 1084 Chukotka 1064 Sakhalin 1025 Khanty-Mansijsk AD 995 873 866 841 789 603 Etalon Group's target regions • Etalon Group sales force is focused on the regions with the largest disposable income Key markets: SPMA and MMA • 30 cities covered with 10 sales offices in St. Petersburg and 10 sales offices nationwide • External professional marketing and sales service agents engaged nationwide (1) Average monthly disposable income, Rosstat data as of 3Q 2010; RUR values were converted into US$ at official CBR average exchange rate in 3Q 2010 (30.62 RUR/US$); (2)Source: management accounts St. Petersburg Kamchastsky Krai Magadan Yakulia Russia average ୬ Etalon Group 032

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