Change in shareholdings

OJSC LSR Group (LSE: LSRG; MICEX, RTS: LSRG) announces that it was notified by STREETLINK LIMITED regarding a formal change in the percentage of ordinary shares in OJSC LSR Group held by STREETLINK LIMITED.

Percentage of ordinary shares in OJSC LSR Group held by STREETLINK LIMITED before the change: 6.51%.

Percentage of ordinary shares in OJSC LSR Group held by STREETLINK LIMITED after the change: 1.99%.

The reduction in the percentage of ordinary shares in OJSC LSR Group held by STREETLINK LIMITED results from the transfer to Deutsche Bank Trust Company Americas of 4.52% of ordinary shares in OJSC LSR Group for the Global Depositary Receipts programme established by OJSC LSR Group for the purpose of enabling STREETLINK LIMITED to acquire the corresponding number of Global Depositary Receipts acknowledging their rights in respect of ordinary shares in OJSC LSR Group.

STREETLINK LTD is a company in which 100% of shares are held by the key shareholder of OJSC LSR Group.

Notes to editors:

OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates, production and transportation of building materials, and housing construction — from mass market large-panel housing to elite property built after designs made by leading domestic and foreign architects.

LSR Group has operations and offices in a number of cities in the Leningrad Oblast, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany. LSR Group employs over 15,000 people.

In 2007, the sales revenues of LSR Group (according to the IFRS-based financial statements) were US$ 1,403 million.

LSR Group is a public company, with its GDRs listed on the London Stock Exchange and its shares listed on MICEX and RTS.

LSR Group has a B1 rating from Moody’s Investors Service (outlook — Stable) assigned in July 2007 and confirmed on 30 May 2008, and a B+ rating from Fitch Ratings (outlook — Stable) assigned on 30 May 2008.

In 2007, LSR Group was awarded ‘The Company of the Year’ National Award in the ‘Construction’ category.

For more details please contact:

Press Service, LSR Group
+7 (812) 314-1044
press@lsrgroup.ru
www.lsrgroup.ru