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LSR Group

January 25, 2008

LSR Group announces changes to the proposed Board of Directors

LSR Group (“LSR” or the “Group”), one of the leading real estate developers and building materials producers in St Petersburg and the Leningrad region, today announces that on January 24 the Board of Directors of OJSC LSR Group granted the request of Mr. Andrey Molchanov, the founder of LSR Group and a nominated candidate for the position of the Chairman of the Board, to withdraw his candidacy from consideration at the EGM scheduled for the 7th February 2008. Mr Molchanov’s request is due to his nomination to the Upper House of the Russian Federation Federal Assembly as a Senator. Under existing Russian legislation the status of Senator prevents its holder from participation in the management of a business entity.

As previously announced, the Group intends to increase its Board of Directors. Board meeting held in January 2007 nominated eight candidates to the new Board, however due to Mr. Molchanov’s decision it is now proposed to increase the Board from five to seven members, comprising four Executive Directors and three Non-Executive Directors.  Subject to their appointment to the Board by LSR’s shareholders at an EGM on 7th February 2008, the current members of the Board - Igor Levit, Dmitry Goncharov, Mikhail Romanov, and two independent directors - Sergey Skaterschikov and Lauri Ratia are nominated for re-election. Elena Tumanova, CFO of LSR Group is nominated as a new Executive Director and Seppo Juha Remes (Finland), a President of Kiuru Partners LLC, as a new Non-Executive Director.

Commenting on today’s announcement Igor Levit, CEO of LSR Group, said: “We are committed to the highest standards of Corporate Governance and I am delighted to welcome the new additions to the Board. We believe our investors will recognise the strength of the the team we have assembled to meet the new challenges as a public company while delivering on the growth strategy. 

I would also like to congratulate Andrey Molchanov on his nomination for the position of Senator representing the Leningrad Oblast and wish him every success in his new role.”

Notes to Editors:

The biographies of the current members of the Board of Directors of OJSC LSR Group are available on the company website 

New nominations:

Elena Tumanova has been working for LSR Group since its foundation in 1993 and has held a senior finance position with a number of LSR Group companies. In 2000 she was appointed as a CFO of LSR Group.

Born in the Lipetsk Oblast in 1958, Ms Tumanova holds degrees from Leningrad Shipbuilding Institute and St. Petersburg State University of Economics and Finance as well as the MBA from International Banking Institute

Seppo Juha Remes, 52, is a highly experienced businessman, a President of Kiuru Partners LLC consultancy company and brings extensive business and market knowledge to the Board of LSR. He had an extensive career at NESTE, serving 8 years as a vice-president of NESTE (FORTUM) in Russia. In 2001 he was appointed as a CEO of Vostok Energo Investment Ldt and in 2003 becoming a Director of Vostok Nafta Investment Ltd. From 2004 to 2006 Mr. Remes held a position of Senior Advisor to SITRA (Strategic Development Fund under the Parliament of the Republic of Finland).

Mr.Remes is a Board member of a number of leading Russian companies such us OAO OMZ, Severstal-Auto, OAO SIBUR, OAO Kirovsky Zavod and participates in the work of  the Association for the Protection of the Rights of Investors (EOS Russia) and Ponsse Oyj (Finnish public quoted company, logging machinery).

He graduated from Oulu University in 1984 in Economics (Turku School of Economics and Business Administration, 1994). Seppo Remes is an Honorary Doctor of Plekhanov Russian Academy of Economics (1997) and Tashkent State Economic University, Uzbekistan (1999).

OJSC LSR Group is a diversified construction company founded in 1993 and operating in a number of complementary market segments. Its core business areas are building materials, construction and real estate development. The Group includes enterprises for extraction and processing of aggregates,  production and transportation of building materials, and housing construction – from mass market large-panel housing to elite residential property built after designs made by leading domestic and foreign architects.

LSR Group has operations and offices in a number of cities in the Leningrad Oblast, in St. Petersburg, Moscow, Yekaterinburg, Lithuania, Latvia, Estonia, Ukraine and Germany.

LSR Group employs over 15,000 people.

In 2004, 2005 and 2006 the revenues of LSR Group were RUB 7,530.9 million, RUB 13,085.5 million, and RUB 21,110.8 million respectively. For the six months of 2007 the Group’s revenues amounted to RUB 16,062.0 million compared to RUB 9,336.4 million for the same period last year. In November 2007, OJSC LSR Group implemented an IPO. In December 2007, LSR Group was bestowed a National Award in the field of business as ‘The Company of the Year’ in the ‘Construction’ category.




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