Decisions of Board of Directors

Decisions of Board of Directors

The Board of Directors of OJSC LSR Group (LSE: LSRG; MOEX: LSRG), hereinafter "LSR Group", approved the agenda of the Annual General Meeting of Shareholders of LSR Group.

Agenda:1. Approval of LSR Group annual report for 20142. Approval of LSR Group annual financial statements for 2014 (RAS)3. Distribution of LSR Group profits based on the results of financial year 20144. Determination of the number of members of the Board of Directors5. Election of members of the Board of Directors of LSR Group6. Election of members of the Internal Audit Commission of LSR Group7. Approval of the auditors of LSR Group for 20158. Approval of the revised Charter of LSR Group9. Approval of the revised Regulations on the Board of Directors of LSR Group10. Approval of the revised Regulations on the Annual General Meeting of Shareholders11. Authorization of transactions according to the Article 83 of the RF Federal Law on Joint Stock Companies

According to the Article 83 of the RF Federal Law on Joint Stock Companies the Board of Directors of LSR Group included the following candidates for the Board of Directors into the final election list to be considered by the Annual General Meeting of Shareholders (AGM):

- Aleksandr Vakhmistrov;- Dmitri Gontcharov;- Oleg Goncharov (as independent director);- Alexey Makhnev (as independent director);- Andrey Molchanov;- Saydam Salaheddin (as independent director);- Leonid Sorokko;- Elena Tumanova;- Olga Sheikina.

The following candidates for the Internal Audit Commission of LSR Group were included into the election list to be considered by the AGM:

- Natalya Klevtsova;- Yuri Terentyev;- Lyudmila Fradina.

Date, place, time of AGM: April 7, 2015, conference-hall, 1 Nevsky Prospect, St. Petersburg, 11:00 am (Moscow time). Start of the registration of persons entitled to attend the AGM: 10:00 am (Moscow time). Record date for the AGM: February 17, 2015.

The Board of Directors decided to approve Aleksandr Vakhmistrov as the Chairman of the AGM of OJSC LSR Group and Irina Bogacheva - as a secretary of the AGM.

The Board of Directors also recommended the AGM the following:- adopt a dividend of RUB 78.00 per ordinary share based on the results of 2014 financial year and approve April 18, 2015 as the date to determine the list of persons entitled to receive dividends.- not to distribute the rest of the net profit based on the results of financial year 2014.

Notes 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 and Yekaterinburg. As of 31 December 2013 (according to DTZ), the net sellable area of the projects in LSR Group's real estate portfolio is equal to 7.8m m2 with the market value of RUB 117bn. In 2013, the sales revenue of LSR Group amounted to RUB 65,316m (IFRS). LSR Group is a public company, with its GDRs traded on the London Stock Exchange and its ordinary shares traded on MICEX-RTS.

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