Investor Presentaiton

Real estate development Sales (RUB m) Change -9% EBITDA (RUB m) and EBITDA margin (%) Change -44% 23,417 21,198 2009 2010 Key financials 9,201 5,150 39% 24% 2009 2010 LSP LSR Group Total¹ Elite Real Estate Business Class & Mass-Market Real Estate in St. Petersburg Business Class & Mass-Market Real Estate in Urals 2009 2010 Change 2009 2010 Change 2009 2010 Change 2009 2010 New contract sales (th m2) to retail customers under contracts with the government Transferred to customers (th m2) to retail customers under contracts with the government 26 35 34% 209 104 (50)% 23 39 Change 65% 62 104 68% 147 76 29 (62)% 117 233 99% 39 48 23% 117 85 (27)% 148 Completed (th m2) 85 3 (97)% 82 283 244% 1 82 Sales revenue (RUB m) 23,417 21,198 (9)% 13,287 4,284 (68)% 8,031 12,584 57% 1,805 2,285 27% EBITDA (RUB m) 9,201 5,150 (44)% 6,577 1,897 (71)% 2,426 2,603 7% 233 293 26% EBITDA margin (%) 39% 24% 49% 44% 30% 21% 13% 13% Gain/Loss on revaluation (2,132) (38) (2,132) (38) of investment property (RUB m) Notes: Total is shown after inter-segment eliminations and before inter-group eliminations and unallocated amounts 1) Also includes Gated Communities, Real Estate Moscow and other minor operations 5

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