VALUATION REPORT Portfolio of Properties Valuation report #20/07-134CV as at December 31, 2010 On behalf of OJSC “PIK Group of Companies” Part I CB RICHARD ELLIS | VALUATION REPORT CB Richard Ellis, LLC 12, Trubnaya Street, Moscow 107045, Russia Telephone +7 (495) 258 3990 Fax No +7 (495) 258 3980
[email protected] www.cbre.ru Addressees: OJSC “PIK Group of Companies” Moscow, Russia 123242 Barrikadnaya St., 19, bld. 1 February 17, 2011 Ladies and Gentlemen, VALUATION OF PROPERTIES LOCATED IN 29 CITIES AND SETTLEMENTS IN RUSSIA 2 PAGE 1 Instructions 1.1 In accordance with valuation agreement #20/07-134CV dated July 27, 2010 between OJSC “PIK Group of Companies” (hereinafter referred to as “PIK” or “the REPORT VALUATION Client”) and CB Richard Ellis LLC, we have inspected the properties completed, offered for lease and partially sold described in Schedule 1 (the "Properties Held as Investment), the properties in the course of development described in Schedule 2 (the “Properties in the Course of Development”), and the properties held for future development described in Schedule 3 (the “Properties Held for Development”), and made relevant enquiries in order to provide our opinion of Market Value of the interests held therein as at December 31st, 2010 (the “Valuation Date”). Thus, this appraisal incorporates the value of freehold interests in land plots and buildings, long-term and short-term leasehold interests in land with rights to develop the identified projects, and the value of the rights for future freehold interests in apartments on completion. The detailed information on the rights valued are provided in the full valuation reports issued by region.