Investor Presentaiton

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 MMA SPMA Regions PIK SU-155(1) LSR SU-155(1) RGI International PIK SU-155(1) Supply structure by volume(2) (2H 2010) St. Petersburg 9% 14% Total: 1.1mn sqm LSR 77% LSR Moscow 10% RGI International Total: 1.9mn sqm Etalon Group 46% Sistema-Hals 44% Mirland Don-Story(1) Inteco (1) Lower Medium Upper Lower Medium Economy Class Upper Medium Class Panel Premium Class 1% 5% 94% Moscow Region Total: 13.7mn sqm Poured concrete Economy class 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 Etalon Group 031

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