Investor Presentaiton

LSP LSR Group Real estate portfolio by stage of development Breakdown of portfolio by stage of development (Net Sellable Area) Under construction Breakdown of portfolio by stage of development (Market Value) Initial concept design 72% 8% Design & permitting 12% Initial concept design 45% Completed 8% Completed 12% Stage of development Initial concept design Design and permitting NSA ('000 m2) % of total MV (RUB m) % of total 6,082 72% 46,643 45% 979 12% 23,482 23% Under construction 705 8% 20,456 20% Completed & partially sold Total 671 8% 13,196 12% 8,436 100% 103,777 100% Design & permitting 23% Under construction 20% We aim to match the stages of development of our portfolio with the levels of demand for real estate Source: DTZ valuation as of 31.12.2010 20

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