1. 2013 Investment project on plywood production in Antropovo municipal district of Kostroma region

2. 2 Summary Project’s target – creation of the enterprise for production of high-quality plywood products Competitors – OJSC «Manturovo Plywood Factory», OJSC «Fanplit» (Group of companies «Sveza») Annual productive capacity of the plant – 120 thousand tons of plywood products Products: -white plywood; -laminated plywood Potential investor – private investor Investment volume – 3 billion roubles (including VAT): acquisition of main equipment – 1 383,0 million roubles installation of equipment – 72 million roubles additional equipment options – 318,0 million roubles construction costs, construction and installation work – 1 055,0 million roubles installation of boiler equipment – 149 million roubles other costs – 23 million roubles Financial sources: - 20 % of own funds; - 80 % of credit resources.

3. 3 Investment site for project’s implementation: Investment site Location of the land plot – Antropovo municipal district, Antropovo village Area of the land plot – 30 ha Land category – settlement lands Permitted use – for industrial use Distance to Antropovo village – 2,5 km There is a railway siding (repair is required)

4. 4 Raw materials Calculated cutting area according to Antropovo forestry and nearby forest areas №Name of forest areas Unused calculated cutting area totalneedles 1Antropovo forestry149,658,5 2Galich forestry339,2129,3 3Kadyj forestry101,936,1 4Neya forestry279,6119,9 5Ostrovskoe forestry319,883,6 6Parfenievo forestry234,783,0 7Chyukhloma forestry359,1137,4 Total1783,8647,9

5. 5 State support provided by Kostroma Region Administration Inclusion of the investment project in the Register of investment projects of Kostroma region providing the most-favoured-nation treatment Tax benefits payable to regional budget: reduction of profit tax rate by 4,5 percent exemption from property tax Human resources: project involves creation of more than 300 new working places Assistance in infrastructure creation Organizational support Assistance in inclusion of the project in the list of priority investment projects in the forestry sphere Efficiency indicators of the project

6. 6 Economic efficiency of the project (during planning period) IndicatorWithout preferencesWith preferences Sales proceeds (excluding VAT), thousand roubles 21 105 000 Paid for suppliers and employees, thousand roubles 9 243 6689 239 242 EBITDA, thousand roubles11 861 33211 865 758 Depreciation, thousand roubles1 809 640 Paid taxes, thousand roubles2 116 7912 009 682 Interests payable on credit, thousand roubles 902 763 Net profit, thousand roubles7 032 1387 143 673 Net present value (NPV), thousand roubles 1 948 2482 010 573 * Planning period is 10 years

7. 7 Budgetary efficiency of the project (during planning period) * Planning period is 10 years Indicator Without preferences, thousand roubles With preferences, thousand roubles Federal budget, including1 989 494 Value-added tax (VAT) 1 813 691 Profit tax 175 803 Regional budget, including1 787 6991 679 112 Profit tax 1 582 2311 531 688 Personal income tax (PIT) 49 711 Property tax 155 75797 713 Municipal budget, including48 859 Personal income tax (PIT) 40 673 Land tax 8 186 Social payments 220 196 Total 4 046 2483 937 661