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Ojsc “Lsr Group” 36 Kazanskaya Street, St

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Ojsc “Lsr Group” 36 Kazanskaya Street, St STRICTLY CONFIDENTIAL – FOR ADDRESSEE ONLY REPORT AND VALUATION FOR: OJSC “LSR GROUP” 36 KAZANSKAYA STREET, ST. PETERSBURG,190031, RUSSIA OF THE REAL ESTATE PROPERTIES TOGETHER KNOWN AS: “LSR GROUP PORTFOLIO” DATE OF VALUATION: DECEMBER 31, 2011 DATE OF REPORT ISSUE: FEBRUARY 29, 2012 PREPARED BY: OOO CUSHMAN & WAKEFIELD LLC DUCAT PLACE III 6 GASHEKA STREET 125047, MOSCOW, RUSSIA TEL: +7 (495) 797-9600 FAX: +7 (495) 797-9601 TABLE OF CONTENTS 1. SCOPE OF INSTRUCTIONS ................................................................................................... 3 2. BASIS OF VALUATION ........................................................................................................... 7 3. ASSUMPTIONS AND SOURCES OF INFORMATION ................................................... 7 4. TENURE AND TENANCIES .................................................................................................. 8 5. NET ANNUAL RENT.............................................................................................................. 10 6. TOWN PLANNING ................................................................................................................. 11 7. STRUCTURE .............................................................................................................................. 13 8. SITE AND CONTAMINATION ........................................................................................... 13 9. PLANT AND MACHINERY .................................................................................................. 13 10. INSPECTIONS, AREAS AND DIMENSIONS .................................................................. 13 11. GENERAL PRINCIPLES ........................................................................................................ 14 12. SPECIAL ASSUMPTIONS, RESERVATIONS AND DEPARTURES ......................... 15 13. DISCLOSURE ............................................................................................................................. 15 14. MATERIAL CHANGE ............................................................................................................. 15 15. MARKET VALUE ..................................................................................................................... 16 16. AGGREGATE VALUATION ................................................................................................ 16 17. CONFIDENTIALITY ............................................................................................................... 21 18. APPENDIX ONE: DESCRIPTION AND VALUATION ............................................... 23 18.1. VALUATION METHODOLOGY ........................................................................................ 23 18.2. SCHEDULE OF VALUES ....................................................................................................... 30 18.3. PROPERTY DESCRIPTIONS ................................................................................................ 31 19. APPENDIX TWO: MARKET COMMENTARY ............................................................. 222 20. APPENDIX THREE: PRINCIPAL TERMS AND CONDITIONS OF APPOINTMENT AS VALUERS .......................................................................................... 311 Valuation & Advisory -2- Report and Regulated Purpose Valuation the LSR Group Property Portfolio as at December 31, 2011 The Directors, LSR Group OJSC 36 Kazanskaya Street St. Petersburg, 190031, Russia And Goldman Sachs International Peterborough Court 133 Fleet Street London EC4 2BB United Kingdom J.P. Morgan Securities Ltd. 10 Aldermanbury London EC2V 7RF United Kingdom VTB Capital plc 14 Cornhill London EC3V 3ND (“the Addressees”) February 29, 2012 Dear Sirs, Re: LSR Group Real Estate Portfolio Valuation LSR Group OJSC (“the Company”) Various real estate properties together known as the LSR Group Real Estate Portfolio (“the Properties”) In accordance with the contract 11-MOSC-900287 between ourselves and LSR Group OJSC from January 19, 2012, we have pleasure in reporting to you as follows: 1. SCOPE OF INSTRUCTIONS In accordance with your instructions, as confirmed by our Agreement and attached Principal Terms and Conditions of Appointment as Valuers we, OOO Cushman & Wakefield LLC (herein together referred as “C&W”), have considered each Property as set out below and made all necessary enquiries to provide you with our opinion of Market Value of the freehold interest in the buildings and the long leasehold interest in the land plots beneath the buildings. Valuation & Advisory -3- Report and Regulated Purpose Valuation the LSR Group Property Portfolio as at December 31, 2011 The effective date of each valuation is December 31, 2011. We understand that this valuation report and the Schedule (together, the “Valuation Report”) are required for the completion of the Company’s financial accounts, dated December 31, 2011, and we hereby give our consent for such inclusion, this report may not be used for any other purpose. Each valuation has been prepared in accordance with the Practice Statements contained in the RICS Appraisal and Valuation Standards (“the Red Book”) published by The Royal Institution of Chartered Surveyors and amended in May 2011 (7th edition) and prepared by an appropriate valuer who conforms to the requirements as set out in the Red Book, acting in the capacity of an External Valuer. We confirm that each Valuation is a “Regulated Purpose Valuation” as defined in the Red Book. OOO Cushman & Wakefield LLC have not previously carried out valuations for the LSR Group and have no other previous involvement with the Group, therefore we can confirm that no conflict of interest exists in carrying out this Regulated Purpose Valuation. OOO Cushman & Wakefield LLC confirms that it is carrying out this valuation as an independent and external valuer. The Subject Properties, which form the portfolio, are set out below: Valuation & Advisory -4- Report and Regulated Purpose Valuation the LSR Group Property Portfolio as at December 31, 2011 Total area / Total Estimated remaining Valued interst, % #Property Adress Land plot area, ha Property type Construction start Construction end Development strategy construction area, sqm construction costs, RUR (LSR Legal Share) Saint-Petersburg Properties Properties held as investments Existing buildings 1 Apollo Dobroliubova Avenue, 8 0.24 Class A 8,454 n/a n/a n/a 100% Hold 2 Orlov Paradnaya Street, 8, bld. 15 n/a Class A 4,990 n/a n/a n/a 100% Hold 3 Gelios Marata Street, 47-49 n/a Class B 3,909 n/a n/a n/a 100% Hold 4 Litera Galernaya Street, 10 0.09 Class B 2,379 n/a n/a n/a 100% Hold 5 Kazanskaya 36 Kazanskaya Street, 36 0.25 Class B 6,823 n/a n/a n/a 100% Hold 6 Zolotaya Kazanskaya Kazanskaya Street, 44 0.15 Class B 3,078 n/a n/a n/a 100% Hold Properties held for future development Commercial propeties held for future development 7 Gribalevoy Vali Gribalevoy Street, 9 0.75 Class B 46,038 1,372,788,785 January 2013 December 2015 100% Build and hold 8 Salova Salova Street, 61 2.50 Class B 139,588 4,439,818,355 January 2013 December 2015 100% Build and hold Residential propeties held for future development 9 Oktyabrskaya Embankment Oktyabrskaya Embankment 55.80 Mass market 1,000,000 27,330,508,475 July 2013 December 2024 100% Build and sell 10 Tsvetnoy gorod Piskarevskiy prospect, 145 455.18 Mass market 5,604,096 131,359,662,120 January 2016 December 2025 100% Build and sell Properties in the course of development Elite class residential 11 Smolniy Park Smolnaya Street, 4 8.65 Elite 176,447 5,564,051,646 100% Build and sell Stage 1 Smolnaya Street, 4 36,823 306,964,295 June 2010 June 2012 100% Stage 2 Smolnaya Street, 4 139,624 5,257,087,351 March 2012 August 2016 100% 12 Nevskiy 1 Nevskiy Avenue, 1 0.22 Elite 9,709 1,092,315,683 January 2014 December 2015 100% Build and sell 13 Paradniy Quarter* Paradnaya Street 9.57 Elite 116,054 2,581,508,279 100% Build and sell Stage 1 Paradnaya Street, 1-3, bld. 6-7 58,696 705,965,022 June 2008 June 2012 100% Stage 2 Paradnaya Street, 1-3, bld. 4-5-8 57,358 1,875,543,257 June 2011 November 2013 100% 14 Radishcheva 39 Radishcheva Street, 39 0.85 Elite 31,958 1,103,170,674 May 2012 February 2015 100% Build and sell 15 Suvorosvskiy 32 Suvorovskiy Avenue, 32 1.13 Elite 11,400 368,534,142 July 2013 December 2014 100% Build and sell 16 Morskoy Morskoy Avenue, 29 0.36 Elite 18,540 690,440,965 November 2012 March 2015 100% Build and sell 17 Kamennoostrovskaya kollektsiya Kamennoostrovskiy Avenue, 56-62 n/a Elite & Street-retail 1,975 n/a n/a n/a 100% Sell 18 Venice Deputatskaya Street, 43, lit. A 0.83 Elite 24,370 531,706,171 March 2010 September 2012 100% Build and sell 19 Kovenskiy Kovenskiy Lane, 5 0.39 Elite 12,870 374,567,315 June 2011 June 2013 100% Build and sell 20 Kuybysheva 13 Kuybysheva Street, 13, lit. B 0.19 Elite 7,958 273,037,386 July 2012 July 2014 100% Build and sell Business class residential 21 Europe city Medikov Avenue, 10 7.36 Business 188,581 5,519,425,243 100% Build and sell Stage 1 Medikov Avenue, 10 127,088 2,985,684,831 October 2012 June 2014 100% Stage 2 Medikov Avenue, 10 61,493 2,533,740,412 January 2014 June 2015 100% 22 Morskie bashni Savushkina Street, 151 3.05 Business 113,180 2,574,894,817 July 2013 December 2015 100% Build and sell Mass market residential 23 Dolgoozerniy Dolgoozernaya street, site 1 4.03 Mass market 10,374 219,156,494 December 2011 March 2013 100% Build and sell 24 Pulkovskiy Posad Pulkovskoe shosse, liter K, 30 8.25 Mass market 23,400
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