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Investor Presentaiton

Strong financial performance Revenue (USD min) Net profit and EBITDA (USD min) 300 279 55% -23% -16% 774 253 239 50% 63 250 227 669 636 60 36 58 54 52 64% 45% 200 162 154 40% 38% 150 659 36% 35% 541 555 34% 100 30% 50 25% 2009 2010 2011 0 20% 2009 2010 2011 ■ Other (1) ■Construction services to 3rd parties ■Residential Development Source: audited consolidated IFRS accounts for 2008, 2009, 2010, 2011 Average USD/RUB fx rate in 2010 Average USD/RUB fx rate in 2011 30.38 29.39 (1) Includes 'Other operations' reporting segment (selling of construction materials, construction of stand-alone premises for commercial use and various services related to sale and servicing of premises) and 'Other revenues' (reflect revenues from operations not classified under any of the three reporting segments) (2) EBITDA is defined as profit (loss) for the period before interest and related income (expenses), income tax expense, depreciation and amortization ୬ Etalon Group EBITDA Net profit EBITDA margin % 90 06
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