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Renaissance of St. Petersburg corporation introduces new mortgage lending programmes for the Residence at Suvorovsky compound

01 July 2008

Construction Corporation Renaissance of St. Petersburg (a company of LSR Group) has introduced new mortgage lending programmes for deluxe class properties of the Residence at Suvorovsky compound jointly with Absolut Bank and NOMOS-BANK. Renaissance’s customers will now have access to a number of advantages for obtaining loans.

Advantages of mortgage loans from Absolut Bank:

1. Flexible approach to solvency assessment;
2. The interest payable is not subject to the income confirmation and the loan term;
3. Any persons including non-relatives (up to 4 people) may act as solidarity borrowers;
4. The bank offers loans to non-residents and those without permanent registration permits in St. Petersburg or the Leningrad region;
5. No additional loan security and suretyship of third parties is required;
6. Loan applications are considered within three days;
7. The bank reviews the income of entrepreneurs and business owners.

Key terms of mortgage lending by Absolut Bank:

1. Maximum loan amount is 90% of the property value.
2. Loan term: up to 25 years.
3. Loans are granted at the construction stage against a pledge of the rights of claim under the co-investment agreement. Upon the completion of construction and the transfer of flat to the Borrower’s ownership mortgage by effect of law takes force from state registration of ownership rights.
4. Loans are granted in US dollars and roubles. At the construction stage the interest payable is from 12% in US dollars and from 13.5% in roubles. Upon the completion of construction and the transfer of the flat the interest payable is from 9% in US dollars and from 10% in roubles.

Advantages of mortgage loans from NOMOS-BANK:

1. The interest payable is not subject to the initial contribution and the loan term and amount;
2. No early repayment moratorium;
3. No hidden and extra payments during the loan term;
4. Option to take into account up to four income sources and the income of up to four co-borrowers;
5. No third party suretyship required;
6. The bank grants loans to RF citizens;
7. The decision to grant a loan is valid for three months;
8. The bank reviews the income of entrepreneurs and business owners.
9. Easy-to-understand loan arrangement scheme.

Key terms of mortgage lending by NOMOS-BANK:

1. The loan is granted for up to 25 years in the maximum amount of 90% of the property value.
2. Loans are granted at the construction stage against a pledge of the rights of claim under the co-investment agreement. Upon the completion of construction and the transfer of flat to the Borrower’s ownership mortgage by effect of law takes force from state registration of ownership rights with the loan interest rate reduced.
3. Subject to the form of income confirmation the interest payable at the construction stage is from 16% in US dollars or from 17% in roubles. roubles. Upon obtaining the ownership the interest rate is from 13.5% in US dollars or from 15% in roubles.




Currently Construction Corporation Renaissance of St. Petersburg is implementing joint mortgage lending programmes in cooperation with RF Sberbank, Gazprombank (Paradny Quarter and Dom u Morya projects), as well as with Absolut Bank (Dom u Morya).

The Residence at Suvorovsky housing compound has unique architectural features compared to other downtown buildings and combines graphic acutance and airiness. Wide use of glass adds to its featheriness making it look modern and stylish on the one hand, and harmoniously fitting into the existing housing developments in the area, on the other hand.

The compound comprises six sections of varying height in a cascade descending towards Kirochnaya Street. The intrinsic rhythm of the compound is accentuated through covered drives connecting the buildings to form a solid complete structure.

Extensive use of glazing similarly to another development of Renaissance of St. Petersburg, the housing compound at Shpalernaya 60, makes is possible to fill the new development with light turning the landscapes around it into part of the interior of the flats and adding sunshine to them that the residents of Northern Venice are missing so much.

The two lower floors will accommodate shops, offices and cafes thus providing for the sustainability of the compound and enabling it to meet the needs of the most demanding residents. A fitness centre is an important attribute of deluxe properties so the future dwellers will have a chance to go in for sports at any time convenient for them.

The basement floor houses a parking lot with a compact car wash provided at the entrance to the parking area.

Inside the building two semi-gated courtyards are designed with covered drives leading to Kirochnaya Street.

The price of housing properties in the Residence at Suvorovsky compound ranges from RUB 136,400 to RUB 272,800 per sq.m.

Notes to Editors:

OJSC Construction Corporation Renaissance of St. Petersburg (a company of LSR Group) is a leader in the elite housing construction market of St. Petersburg. The corporation founded in 1994 is today one of the largest construction companies in Russia. The track record of the company includes 32 projects successfully implemented in the most prestigious, intricate and challenging locations in the historic centre of St. Petersburg that include 64 residential buildings and 6 business centres. The corporation prides itself on renovated buildings that are historically valuable for the city being architectural monuments of the 18th and 19th centuries. Currently under construction are Phase 1 of Paradny Quarter, the first posh neighbourhood in town, and deluxe class residential compounds - Dom u Morya, Shpalernaya 60 (Phase 3), Residence at Suvorovsky. New projects are being prepared.

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 2005 and 2006, the revenues of LSR Group (according to IFRS statements) were US$ 463 million and US$ 777 million respectively. In 2007, the revenues amounted to US$ 1,403 million.

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 by Fitch Ratings (outlook – Stable) assigned on 30 May 2008. The Group’s shares are listed on MICEX and RTS and on the London Stock Exchange in the form of GDRs since its IPO in November 2007.

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

ZAO AKB Absolut Bank is a universal bank founded in 1993 and offering a complete range of services to corporate and individual clients. According to the RBK.Rating agency, Absolut Bank holds 8th position in the list of the most dynamically growing credit institutions and is on the Top 25 list of the major banks in Russia. The infrastructure of Absolute Bank today includes over 70 sales offices in 24 Russian regions. In 2007, Absolut Bank became part of KBC Group, a major banking group in Europe, which acquired a 95% stake in the bank. 5% of its shares are held by the International Financial Corporation (IFC). The branch office of Absolute Bank in St. Petersburg was opened in August 2005. Today the bank has five departments in different pats of the city. According to the RBK.Rating agency, as at the end of last year Absolut Bank held fifth place by the volume of mortgage loans in St. Petersburg.

NOMOS-BANK is a universal network bank with branch offices operating in all of the major Russian cities. It is on the TOP-15 list of the Russian banks by the size of its assets also being one of the most fast growing commercial banks in Russia. According to the results of 2007, the IFRS-calculated value of the assets of NOMOS-BANK was RUB 199.0 billion, the credit portfolio was RUB 132.2 billion and the equity was 24.5 billion. The 2007 net profit was RUB 3.44 billion.

The St. Petersburg Branch Office of NOMOS-Bank was registered in 2001 and is one of the leading financial institutions in St. Petersburg. As at 1 June 2008, the total balance of the Branch Office was RUB 28 billion and its credit portfolio was over RUB 11.3 billion.

For more details please contact:

OJSC Construction Corporation Renaissance of St. Petersburg
Anna Panina, PR Manager
+7 (812) 312-09-92
press@skv.lsrgroup.ru

«LSR Group» discloses information on the page on the Internet of LLC Interfax-TsRKI — the news agency accredited by the Central Bank of the Russian Federation to disclosure of information.
Information is available here.



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