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Valuation Report JSC ‘LSR GROUP’ PORTFOLIO OF 52 REAL ESTATE PROPERTIES IN RUSSIA ST. PETERSBURG AND LENINGRAD REGION MOSCOW AND MOSCOW REGION YEKATERINBURG Date of Report: 05.03.2015 Date of Valuation: 31.12.2014 Number of Report: 04.03.2015 PREPARED BY PREPARED ON BEHALF OF Colliers International Ltd. JSC ‘LSR GROUP’ TABLE OF CONTENTS 1. INSTRUCTIONS 4 2. BASES OF VALUATION 8 3. STATUS OF VALUER AND CONFLICTS OF INTEREST 8 4. DISCLOURES AND CONFLICTS OF INTEREST 8 5. COMPLIANCE WITH RICS VALUATION STANDARDS 8 6. ASSUMPTIONS AND SOURCES OF INFORMATION 9 7. CERTIFICATION 9 8. CURRENCY 10 9. VALUATION AND UNCERTAINTY 10 10. ANALYSIS OF INFORMATION CORRECTNESS AND ADEQUACY 10 APPENDIX 1. Assumptions And Definitions 16 APPENDIX 2. Valuation Methodology 22 APPENDIX 3. Property Description 30 1. Commercial Properties. Saint- Petersburg Existings Buildings 31 2. Land Plots For Residential Development. Saint- Petersburg Properties Held For Future Development 39 3. Residential Properties. Saint- Petersburg Properties In The Course Of Development Elite Class Residential 41 4. Commercial Properties. Saint- Petersburg Properties In The Course Of Development 85 5. Country houses. Saint- Petersburg Properties In The Course Of Development 95 6. Commercial Properties. Moscow Existings Buildings 97 7. Residential Properties. Moscow Properties In The Course Of Development Business Class Residential 101 8. Commercial Properties. Moscow Properties In The Course Of Development 122 P. 2 COLLIERS INTERNATIONAL 9. Residential Properties. Yekaterinburg Properties In The Course Of Development Mass Market Residential 124 APPENDIX 4. MARKET OVERVIEW 137 INVESTMENT CLIMATE 137 OFFICE MARKET OVERVIEW OF SAINT-PETERSBURG 143 ELITE RESIDENTIAL MARKET OVERVIEW OF SAINT- PETERSBURG 148 BUSINESS CLASS RESIDENTIAL MARKET OVERVIEW OF SAINT-PETERSBURG 152 OFFICE MARKET OVERVIEW. MOSCOW 157 REVIEW OF THE RESIDENTIAL PROPERTY MARKET OF MOSCOW, ‘NEW’ MOSCOW AND MOSCOW REGION 167 REVIEW OF THE ELITE RESIDENTIAL PROPERTY MARKET OF MOSCOW 167 REVIEW OF THE BUSINESS-CLASS RESIDENTIAL PPOPERTY MARKET OF MOSCOW 171 REVIEW OF THE ECONOMY-CLASS RESIDENTIAL PPOPERTY MARKET OF MOSCOW 175 REVIEW OF THE RESIDENTIAL PROPERTY MARKET OF ‘NEW’ MOSCOW 176 REVIEW OF THE RESIDENTIAL PPOPERTY MARKET OF MOSCOW REGION 180 REVIEW OF THE RESIDENTIAL PPOPERTY MARKET OF EKATERINBURG 183 P. 3 COLLIERS INTERNATIONAL Prepared for: 05 March 2015 JSC ‘LSR Group’ For the attention of The Directors JSC ‘LSR Group’ 36, liter Б, 15H, Kazanskaya Street St. Petersburg, 190031 Russia Regarding the valuation of 52 real estate properties located in St. Petersburg, Leningrad Region, Moscow, Moscow Region, and Yekaterinburg, Russia 1. INSTRUCTIONS In accordance with valuation agreement # 224/11-14 dated December 29, 2014 (hereinafter referred to as “Agreement”) between LSR Group Joint Stock Company (hereinafter referred to as “Client”) and Colliers International Ltd. (hereinafter referred to as “Company”), whereas all services, entrusted to the Company by the Client with the Agreement and appearing to be the subject of the Agreement, are rendered by employees of the Company (hereinafter referred to as “Appraiser”, “Appraisers”), Appraiser estimated the market value of 53 real estate properties located at St. Petersburg and the Leningrad Region, Moscow and the Moscow Region, Yekaterinburg, Russia (hereinafter referred to as – «Subject Properties», «Properties»). The valuation date is 31 December 2015. The properties were inspected by the Appraisers in the period of January 20-24, 2015. This valuation is prepared for the purpose of annual management reporting (annual statement) and can be used for no other purpose. The properties that are the subject of this Valuation Report, each a “Property” and together the “Properties” are listed as follows: P. 4 COLLIERS INTERNATIONAL Presold / Breakdown of areas (unsold / unleased net area), sq m Net Net Estimat preleased Constru sellable / unsold / ed of net ction Site Gross leasable unleased comple Project sellable / N start Development Development Project Address Area, buildable area, excl. net area, tion completion, leasable Tenure o date strategy ha area, sq m car excl. car Residential Offices Retail Other Parking, lots date % areas, (month / parking, parking, (month excl. car year) sq m sq m / year) parking, % Saint Petersburg & the Leningrad Region Existing buildings Commercial properties 1 Kazanskaya 36 Kazanskaya street, 36 0,25 7 434,00 4 764,40 4 764,40 completed 100% 0% Freehold Hold 2 Zolotaya Kazanskaya Kazanskaya street, 44 0,15 3 060,60 2 677,20 2 677,20 completed 100% 0% Freehold Hold Litera A, 39, Kirochnaya 3 Paradniy Quarter BC 11 9,57 3 806,30 2 558,60 2 558,60 completed 100% 0% Freehold Hold Street 4 Kazanskaya 60 Litera A, 18, Fonarny Line 2 212,80 2 027,46 2 027,46 completed 100% 0% Freehold Hold Total existing buildings 12 028 Properties held for future development Land plots for residential development Ruch`I Tsvetnoy Gorod Piskarevskiy Avenue , 145 429,29 5 458 098 2 960 380 2 960 380 2 509 690 450 690 0 0 25 686 Jan-16 Dec-24 4% 0% Freehold Build and Sell 5 Total Properties held for future development 2 960 380 Properties in the course of development Elite class residential 6 Smolniy Park Smolnogo St., bld. 4, lit. A 8,65 169 642 99 807 37 020 26 511 10 508 0 0 693 Jun-10 Dec-16 80% 63% Leasehold Build and Sell - Phase 1, bldgs. Б1 38 231 25 653 1 361 1 361 0 0 0 41 Jun-10 Jul-12 100% 95% Leasehold Sell 8,65 Phase 2, bldgs. Б2,5,6 - 40 032 24 503 6 151 5 139 1 012 0 0 123 Mar-12 Dec-14 100% 75% Leasehold Sell Phase 3, bldgs. Б8,9,10,12,13 - 49 844 22 740 4 011 4 011 0 0 0 415 Nov-12 Dec-15 76% 82% Leasehold Build and Sell Phase 4, bldgs. Б3,4,7,11,14 - 41 535 26 910 25 496 16 000 9 496 0 0 114 Nov-13 Dec-16 52% 5% Leasehold Build and Sell 7 Paradniy Quarter (residential) Paradnaya St., 1-3 9,57 118 925 64 906 816 762 54 0 0 258 Jul-10 Mar-14 100% 99% Federal ownership Sell Phase 3, bldgs 6,7 60 316 33 491 54 0 54 0 0 113 Jul-10 Oct-12 100% 100% Federal ownership Sell 9,57 Phase 3, bldgs. 4,5,8 58 609 31 415 762 762 0 0 0 145 Aug-11 Mar-14 100% 98% Federal ownership Sell 8 Radisheva 39 Radisheva St., 39 liter M 0,85 31 923 20 818 1 752 1 199 553 0 0 45 Feb-13 Aug-15 79% 92% Freehold Build and Sell 9 Verona Morskoy prospect, 29, lit. A 0,36 20 830 11 749 8 608 7 057 1 325 0 227 111 Jan-15 Aug-17 32% 27% Freehold Build and Sell 10 Kovenskiy 5 Kovenskiy lane, 5 0,39 12 324 5 871 174 174 0 0 0 6 Jun-11 Apr-13 100% 97% Leasehold Sell 11 Dom na Dvoryanskoy Kuybisheva street, 13 liter B 0,19 8 787 6 386 2 134 2 134 0 0 0 35 Feb-13 May-15 75% 67% Freehold Build and Sell 12 Russkiy Dom Korolenko St., 5, 5A 2,40 93 725 54 788 54 614 48 947 5 668 0 0 485 Mar-15 Jan-19 2% 0% Freehold Build and Sell Business class residential Litera Ж, 10, Medikov 13 Europa City 7,36 135 554 84 456 57 733 55 287 2 446 - 0 492 Mar-12 Nov-16 53% 32% Freehold Build and Sell Avenue, Petrogradsky District Phase 3 70 109 42 911 21 406 20 445 961 0 0 303 Mar-12 Nov-15 64% 50% Freehold Build and Sell Phase 4 65 445 41 545 36 327 34 843 1 485 0 0 189 Apr-13 Nov-16 41% 13% Freehold Build and Sell P. 5 COLLIERS INTERNATIONAL N Site Gross Net Net Constru Estimat Project Presold / Development Development Project Address Breakdown of areas (unsold / unleased net area), sq m Tenure o Area, buildable sellable / unsold / ction ed completion, preleased strategy 14 Tri Vetra 151, Savushkina Street, 3,05ha area,108 246sq m leasable53 850 unleased53 850 52 684 1 166 0 0 703 Julstart-13 compleDec-18 13%% of0% net Investment contract Build and Sell 15 Smolenskaya 14 14, Smolenskaya Street 0,69 34 352 area,23 090 excl. net23 area,090 22 440 650 0 0 251 Aprdate-15 Jantion-18 17% sellable0% / Freehold Build and Sell car excl. car (month / date leasable Mass market residential parking, parking, year) (month areas, sq m sq m / year) excl. car Doblesti Street, Quarter 28, 16 Yuzhnaya Aquatoriya 23,90 523 065 310 766 168 101 152 999 15 102 0 0 2 483 Nov-12 Dec-18 29% parking,46% Leasehold Build and Sell 28A % Phase 1 39 004 4 595 4 595 0 0 0 300 Feb-13 Dec-16 41% 88% Leasehold Build and Sell Phase 2 62 877 1 702 1 580 122 0 0 600 Nov-12 Mar-16 66% 97% Leasehold Build and Sell Phase 3 25 000 25 000 25 000 0 0 0 300 Feb-15 Dec-18 11% 0% Leasehold Build and Sell Phase 4 23,90 56 548 49 169 46 339 2 830 0 0 331 Jul-14 Jan-18 15% 13% Leasehold Build and Sell Phase 5 12 000 1 868 893 976 0 0 52 Jun-14 Jan-18 17% 84% Leasehold Build and Sell Phase 6 83 830 83 830 72 655 11 175 0 0 600 Sep-14 Dec-18 13% 0% Leasehold Build and Sell Phase 7 31 507 1 937 1 937 0 0 0 300 Jan-14 Dec-17 37% 94% Leasehold Build and Sell 17 Aurora 9A, Belysheva Street 15,00 415 033 256 071 933 469 464 0 0 0 Jul-11 Jun-14 100,0% 99,6% Leasehold Sell 18 Sophia 47, 55, 59, Yuzhnoe Highway 21,90 466 416 311 430 124 795 122 576 2 219 0 0 1 576 Mar-13 Dec-17 55% 60% Freehold Build and Sell 19 Kalina Park 12, Marshala Blukhera 34,45 544 700 335 917 240 780 239 053 1 728 0 0 1 176 Feb-12 Dec-18 43,5% 28% Freehold Build and Sell Litera D, 3, Moskovskoe 20 Viva 9,15 148 064 102 984 13 026 12 358 668 0 0 236 May-12 Jun-17 85% 87% Freehold Build and Sell Highway, 21 Kvartet 27, Dunaysky Avenue 6,17 155 863 109 570 18 284 18 284 0 0 0 504 Nov-12 Dec-16 47,5% 83% Freehold Build and Sell 22 Shuvalovskiy Parashutnaya Street 30,90 680 716 422 134 347 824 345 377 2 447 0 0 2 455 Jul-14 Dec-20 10% 18% Freehold Build and Sell 23 Novaya Okhta Murinskaya Road 104,74 1 241 545 794 577 469 220 458 657 10 564 0 0 5 772 Sep-12 Dec-18 38,6% 41% Freehold
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  • Influence of Different Factors on the Sediment Yield of the Oka Basin Rivers (Central Russia)

    Influence of Different Factors on the Sediment Yield of the Oka Basin Rivers (Central Russia)

    Sediment Dynamics and the Hydromorphology of Fluvial Systems (Proceedings of a symposium held in 28 Dundee, UK, July 2006). IAHS Publ. 306, 2006. Influence of different factors on the sediment yield of the Oka basin rivers (central Russia) VALENTIN GOLOSOV Laboratory for Soil Erosion and Fluvial Processes, Faculty of Geography, Moscow State University, GSP-2, 119992, Moscow, Russia [email protected] Abstract In order to investigate links between basin/land-use characteristics and sediment fluxes of rivers within the Oka River basin, a database has been compiled from observations obtained at 25 gauging stations located in different parts of the basin. Relatively high correlations have been found between sediment yield from basin hillslopes and river sediment yield for: (i) rivers of the forest and northern part of forest-steppe zones (r2 = 0.50); and (ii) rivers of forest-steppe zones (r2 = 0.52). A linear positive relationship (r2 = 0.71) has been found between sediment delivery ratio and weighted average gradient of river channel separately for the large river basins and small river basins of the forest zone. A negative relationship between sediment delivery ratio and forested area within basins is found separately for the small (S < 2500 km2) rivers and large rivers of the Oka River basin. The influence of other factors as well as the problem of small river aggradation is also discussed. Key words erosion; gauging station; river aggradation; Russia; sediment yield INTRODUCTION Under natural conditions, the contribution of the basin-derived sediment yield component decreases and the channel-derived component increases slowly from the upper parts of fluvial systems to the large river basins (Dedkov & Mozzerin, 2000).