The Board of LSR Group reviewed and took note of the consolidated non-audited RAS-based financial statements of OJSC LSR Group for 2008.

The financial results of LSR Group for 2008 compared to 2007 according to its consolidated non-audited RAS-based statements are as follows:

• Revenue grew by 36% to reach RUB 48.5 billion
• EBITDA was up by 60% to reach RUB 15.2 billion.
• Net profit increased by 24% to RUB 6 billion.

Million RUB	2007	2008	Change, %
Revenue	35,801	48,532	36%
EBITDA	9,462	15,155	60%
Net profit	4,864	6,018	24%

Notes:

1.   RAS-based financial statements include the consolidated balance sheet and income statement prepared in accordance with the Russian AccountingStandards pursuant to the rules approved by Order of the RF Ministry of Finance No.112 dated 30 December 2006.

2.  The principles used to prepare RAS-based financial statements differ from the IFRS reporting principles. LSR Group plans to publish its consolidated audited IFRS-based statements in April 2009.

3. The Company draws attention to a change in the EBITDA calculation algorithm used in the financial statements for 2008 and 2007 for the purpose of providing comparative data.  EBITDA in the above statements is calculated as follows: net profit + accrued profit tax + net finance expense + depreciation and amortization.