2Q’ 14 Macroeconomic indexes and market indicators review NAI Becar, July 2014

MACROECONOMIC INDEXES REVIEW: RUSSIA THE USA

GDP Source: Ministry of Economic Development (Russia)

Unemployment rate Source: Russian Federal Statistics service

Unemployment rate Source: Russian Federal Statistics service, The Linneman’s presentation 1Q’ 14 RussiaThe USA High unemployment rate The Republic of Ingushetia 43,7 % New York City, NY7,1% The Chechen Republic 26,9 % Miami, FL 7,2% The Tyva Republic 19,3 % Chicago, IL7,9% Middle unemployment rate Perm Krai 6,5 % Atlanta, GA6,9% Orlovskaya oblast5,8%Philadelphia, PA6,3% Low unemployment rate Moscow 1,7 % Washington, D.C.4,8% Saint Petersburg 1,5 % Houston, TX5,2% Moscow Oblast 2,8 % Dallas, TX5,3%

CPI Source: Russian Federal Statistics service

Money supply Source: The Bank of Russia

Retail Volume

Retail volume % Internet sales % of retail volume Source: The Linneman’s presentation 1Q’ 14

Industrial production index Source: Russian Federal Statistics service

MACROECONOMIC ENDEXES REVIEW: RUSSIA MOSCOW SAINT PETERSBURG

GDP/GRP Source: Ministry of Economic Development, Petrostat, Mosgorstat

Unemployment rate Source: Russian Federal Statistics service Petrostat, Mosgorstat

CPI Source: Russian Federal Statistics service Petrostat, Mosgorstat

Money supply Source: The Central Bank of The Russian Federation

Money Supply Source: The Central Bank of The Russian Federation

Structure of the Federal budget Russia Source: Ministry of Economic Development * target indicator

Structure of the budget Moscow Source: * target indicator

Structure of the budget Saint Petersburg Source: The Committee of Economic Policy and Strategic Panning * target indicator

Capitalization Rates Office Retail Storage Source: NAI Becar internal data

2Q 2014 Retail Market Review (Moscow & Saint Petersburg)

Main market indicators MoscowSaint Petersburg Totaling, GLA sq.m sq.m. Growth dynamics compared to 1Q ,2%0 % Put into operation, GLA sq.m.0 тыс. кв.м Dynamics of putting into operation compared to 1Q %-100 % Vacancy.4,58%7,2% Vacancy dynamics compared to 1Q ,6%-8% 2Q 2014 New Deliveries

2Q 2014 Rental rate for anchor tenants 280 – rub/sq.m. per annum $/sq.m. per annum rub/sq.m. per annum $/sq.m. per annum Rental rate per sq.m rub. per month 500 – $ per annum 700 – rub. per month 247 – $ per annum Availability for 1000 people (GLA).393 sq.m.684 sq.m. Availability dynamics compared to 1Q ,2 %0%0% Main market indicatorsMoscowSaint Petersburg

2Q 2014 Office Market Review (Moscow & Saint Petersburg)

Main market indicators MoscowSaint Petersburg АВ+ВСА ВС Totaling, GLA sq.m sq.m. Growth dynamics compared to 1Q ,4 %+1,7% Totaling, GLA sq.m sq.m sq.m sq.m sq.m sq.m sq.m sq.m. Put into operation, GLA174 sq.m.54,7 sq.m. Put into operation, GLA sq.m. 0 sq.m. 0 sq.m. 0 sq.m sq.m sq.m. 0 sq.m sq.m. Vacancy18,2%10,7%12,6%3,0%16,4%6,9%8,9%4,1% Vacancy dynamics compared to 1Q %+29%+18%-8%-10%-1%-3%+28% Office Class A,B+,B,C

Rental rate per sq.m rub. per month 823 $ per annum rub. per month 587 $ per annum rub. per month 491 $ per annum 860 rub. per month 304 $ per annu m rub. per month 540 $ per annum rub. per month 435 $ per annum 990 rub. per month 350 $ per annum 830 rub. per month 290 $ per annu m Rental rate dynamics compared to 1Q % -5% 0%+1,7% -4,1 % +3,9% 0% Average availability (GLA) for people sq.m.668 sq.m. Availability for 1000 people (GLA). 312 sq.m. 475 sq.m. 189 sq.m. 102 sq.m. 139 sq.m. 133 sq.m. 161 sq.m. 234 sq.m. Availability dynamics compared to 3Q %+0,8% 0 % +7%+1% 0%+0,2% Office А,В,В+, GLA Main market indicators MoscowSaint Petersburg АВ+ВСА ВС

2Q 2014 Storage Market Review (Moscow & Saint Petersburg)

Main market indicators MoscowSaint Petersburg АВАВ Totaling, GLA sq.m sq.m. Growth dynamics compared to 1Q ,5%0% Totaling, GLA sq.m sq.m sq.m sq.m. Put into operation, GLA sq.m.0% Put into operation, GLA sq.m. 0 sq.m. 0 sq.m. 0 sq.m. Dynamics of putting into operation compared to 1Q %0%0%0%0%0% Storage Class A, B Saint Petersburg Moscow

Vacancy3,4%2,8%8,5%1,9% Rental rate per sq.m rub. per month $ per annum rub. per month $ per annum rub. per month $ per annum rub. per month $ per annum Rental rate dynamics compared to 1Q %- 7,7%+7%-2% Availability for 1000 people (2Q 2014) 837 sq. m.315 sq. m. Main market indicators MoscowSaint Petersburg АВАВ Total supply