1. 2Q’ 14 Macroeconomic indexes and market indicators review NAI Becar, July 2014

2. MACROECONOMIC INDEXES REVIEW: RUSSIA THE USA

3. GDP Source: Ministry of Economic Development (Russia)

4. Unemployment rate Source: Russian Federal Statistics service

5. 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%

6. CPI Source: Russian Federal Statistics service

7. Money supply Source: The Bank of Russia

8. Retail Volume

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

10. Industrial production index Source: Russian Federal Statistics service

11. MACROECONOMIC ENDEXES REVIEW: RUSSIA MOSCOW SAINT PETERSBURG

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

13. Unemployment rate Source: Russian Federal Statistics service Petrostat, Mosgorstat

14. CPI Source: Russian Federal Statistics service Petrostat, Mosgorstat

15. Money supply Source: The Central Bank of The Russian Federation

16. Money Supply Source: The Central Bank of The Russian Federation

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

18. Structure of the budget Moscow Source: http://budget.mos.ru/ * target indicator

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

20. Capitalization Rates Office Retail Storage Source: NAI Becar internal data

21. 2Q 2014 Retail Market Review (Moscow & Saint Petersburg)

22. Main market indicators MoscowSaint Petersburg Totaling, GLA4 710 000 sq.m.3 440 000 sq.m. Growth dynamics compared to 1Q 2014. +3,2%0 % Put into operation, GLA144 000 sq.m.0 тыс. кв.м Dynamics of putting into operation compared to 1Q 2014. +25%-100 % Vacancy.4,58%7,2% Vacancy dynamics compared to 1Q 2014. +1,6%-8% 2Q 2014 New Deliveries

23. 2Q 2014 Rental rate for anchor tenants 280 – 2 260 rub/sq.m. per annum 100 - 800 $/sq.m. per annum 300 - 1 100 rub/sq.m. per annum 105 - 388 $/sq.m. per annum Rental rate per sq.m. 1 400 - 12 750 rub. per month 500 – 4 500 $ per annum 700 – 5 800 rub. per month 247 – 2 047 $ per annum Availability for 1000 people (GLA).393 sq.m.684 sq.m. Availability dynamics compared to 1Q 2014 +3,2 %0%0% Main market indicatorsMoscowSaint Petersburg

24. 2Q 2014 Office Market Review (Moscow & Saint Petersburg)

25. Main market indicators MoscowSaint Petersburg АВ+ВСА ВС Totaling, GLA12 916 sq.m.3 356 sq.m. Growth dynamics compared to 1Q 2014. + 1,4 %+1,7% Totaling, GLA 3 734 000 sq.m. 5 691 000 sq.m. 2 264 000 sq.m. 1 227 000 sq.m. 700 000 sq.m. 669 000 sq.m. 810 000 sq.m. 1 177 000 sq.m. Put into operation, GLA174 sq.m.54,7 sq.m. Put into operation, GLA 174 000 sq.m. 0 sq.m. 0 sq.m. 0 sq.m. 44 100 sq.m. 8 700 sq.m. 0 sq.m 1 900 sq.m. Vacancy18,2%10,7%12,6%3,0%16,4%6,9%8,9%4,1% Vacancy dynamics compared to 1Q 2014 +9 %+29%+18%-8%-10%-1%-3%+28% Office Class A,B+,B,C

26. Rental rate per sq.m. 2 330 rub. per month 823 $ per annum 1 663 rub. per month 587 $ per annum 1 390 rub. per month 491 $ per annum 860 rub. per month 304 $ per annu m 1 525 rub. per month 540 $ per annum 1 230 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 2014. -4% -5% 0%+1,7% -4,1 % +3,9% 0% Average availability (GLA) for 1 000 people. 1 078 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 2013. +10%+0,8% 0 % +7%+1% 0%+0,2% Office А,В,В+, GLA Main market indicators MoscowSaint Petersburg АВ+ВСА ВС

27. 2Q 2014 Storage Market Review (Moscow & Saint Petersburg)

28. Main market indicators MoscowSaint Petersburg АВАВ Totaling, GLA10 026 000 sq.m.1 585 000 sq.m. Growth dynamics compared to 1Q 2014 + 2,5%0% Totaling, GLA7 362 000 sq.m. 2 665 000 sq.m 1 080 000 sq.m 505 000 sq.m. Put into operation, GLA245 000 sq.m.0% Put into operation, GLA 245 000 sq.m. 0 sq.m. 0 sq.m. 0 sq.m. Dynamics of putting into operation compared to 1Q 2014. - 17%0%0%0%0%0% Storage Class A, B Saint Petersburg Moscow

29. Vacancy3,4%2,8%8,5%1,9% Rental rate per sq.m. 350 - 434 rub. per month 125 - 155 $ per annum 308 - 392 rub. per month 110 - 140 $ per annum 350 - 380 rub. per month 125 - 135 $ per annum 270 - 340 rub. per month 95 - 120 $ per annum Rental rate dynamics compared to 1Q 2014 0%- 7,7%+7%-2% Availability for 1000 people (2Q 2014) 837 sq. m.315 sq. m. Main market indicators MoscowSaint Petersburg АВАВ Total supply