ZAO Nova-Stroy (a subsidiary of LSR Group) completed twice more residential real estate in 2008 compared to 2007.

In 2008 Nova-Stroy completed 81.2 th sq. m. of net sellable area of real estate, including 73.9 th sq.m. of residential area. It is approx twice more than last year – in 2007 the company completed 47.7 th sq.m. of net sellable area, including 38.5 th sq.m. of residential area.

During the last year the company completed 20 real estate projects, including 3 offices and 17 residential developments. The completed residential developments are located in Koltsovo, Uralmash, Elmash and Zarechny city districts. In total they are composed of 1,482 flats most of which have been sold.

Sergey Malafeev, General Manager of Nova-Stroy commented:

“Last year we managed to double the volume of our residential construction which in my view confirms the professionalism and commitment of our team and the reliability of our company and demonstrates the advantages which the company obtained under the roof of the new owner LSR Group. Delivering on our commitments to complete the significant volume of real estate on time we count on the continuous trust of our customers in the future.”

Notes to editors:

ZAO Nova-Stroy is one of the leading construction companies in Yekaterinburg and the part of LSR Group since 2008. The company’s core businesses are district development and the construction of new neighborhoods including housing construction combined with office and retail space, parking lots and social infrastructure in the economy and business class segments.

In 2007 the company was the 3rd largest construction company in terms of the volume of completed real estate in Yekaterinburg in accordance to the statistics of Yekaterinburg Construction Committee.

LSR Urals – the business division of LSR Group located in Urals region of Russia where LSR Group creates the business model combining the production of building materials and real estate development replicating its core business in St Petersburg.

Today LSR Urals includes business units operating in real estate development, construction and production of building materials: ZAO Nova-Stroy, OOO PKU Nova-StroyProekt, SMU Nova-Stroy, and Uralsheben as well as the largest prefabricated panel factory “Betfor”.