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LSR Group decides to place bonds

22 June 2010

OJSC LSR Group (LSE: LSRG; MICEX, RTS: LSRG) has decided to place Series BO-01 certificated interest-bearing non-convertible bearer bonds of OJSC LSR Group with mandatory safekeeping in a securities depository with a total value of RUR 1.5bn. The bonds will be placed through public subscription. The placement commencement date is 29 June 2010.

The identifying number of the issue is 4В02-01-55234-Е dated 24 November 2009. The number of bonds to be placed is 1.5 million with a nominal value of RUR 1,000 each. The placement will be made via book-building. The book-building process is to start at 10.00 a.m. (Moscow time) on 22 June 2010, and to be completed at 5 p.m. (Moscow time) on 25 June 2010.

Circulation period of the bonds is 1092 days since the commencement date. The put option will be executed after the fourth coupon period.

The first coupon rate will be determined by the issuer based on the book-building results, no later than one calendar day before the bonds placement commencement date. The interest rate of the second, third and fourth coupons will be equal to the first coupon rate.

The placement is conducted by the Financial Corporation Uralsib and Sberbank of Russia.

Elena Tumanova, CFO of LSR Group, comments:
“LSR Group had always a well-balanced financial policy.  We are used to seek financing for fulfillment of obligations and redemption of our credit portfolio in advance. Taking into consideration that we have already redeemed the debt for 2010, we are planning to use the proceeds from the placement of our new bond issue to refinance our short-term debt maturing in 2011”.

Note to Editors:
OJSC LSR Group is a real estate development and building materials company founded in 1993 and operating in a number of complementary market segments. Its core business areas are production of building materials, real estate development and panel construction.
LSR Group's main operations are located in St. Petersburg, Moscow, Yekaterinburg and Ukraine.
In 2009, the sales revenues of LSR Group were RUR 51,024 million (IFRS).
LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX and RTS.

For more details please contact:
LSR Group Press Service
Tel.: +7 812 314 10 44
Fax: +7 812 458 83 72

E-mail: press@lsrgroup.ru
www.lsrgroup.ru

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This communication and the Documents does not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law.  If a jurisdiction requires that the offering be made by a licensed broker or dealer and LLC "Uralsib Capital" or any affiliate of LLC "Uralsib Capital" is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by LLC "Uralsib Capital" or such affiliate on behalf of the issuer in such jurisdiction. Under no circumstances shall this communication and the Documents constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the bonds, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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