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OJSC LSR Group (LSRG)

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Monday 17 March, 2008

OJSC LSR Group

Acquisition

Open Joint-Stock Company LSR Group
17 March 2008



  NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
                           AUSTRALIA, CANADA OR JAPAN





For immediate release
17 March 2008
St. Petersburg


  LSR Group Acquires a Leader in the Ural Market of Construction and Building
             Materials and Establishes its LSR-Urals Business Unit


On March 14, as part of LSR's geographical expansion strategy, the Board of LSR
Group approved a EUR 57 million deal to acquire 87% stake in the Betfor
reinforced concrete company in Yekaterinburg. Betfor is to be included in the
construction business segment of OJSC LSR Group. To control the reinforced
concrete maker as well as the other land assets previously acquired in the
region, LSR Group has decided to set up a new business unit, LSR-Urals.

LSR Group is buying the Betfor company from the NOVA-GROUP Urals-based holding
company pursuant to an agreement with NOVA-GROUP on the acquisition of a series
of building materials and real estate assets in Yekaterinburg. Currently, LSR
Group is conducting due diligence of a number of other NOVA-GROUP assets with
the prospect of potentially acquiring them but it has not committed itself to
buy any yet and does not consider it appropriate to disclose any details of such
acquisitions at the present stage.

Betfor Reinforced Concrete Factory is the largest prefabricated construction
company in Yekaterinburg manufacturing prefab construction panels (with a
capacity of 200,000 sq.m a year). In addition, the company has manufacturing
facilities to turn out reinforced concrete products (120,000 cub.m a year),
aerated concrete (120,000 cub.m a year), concrete and dry mixes (50,000 cub.m a
year).

In 2007, Betfor's market share of the panel construction segment in
Yekaterinburg was 78.6%. Betfor has been No.1 prefab construction company for
several years now.

The company is also one of the market leaders in building materials production.
Thus, according to its own estimates, its share of the Yekaterinburg and
Sverdlovsk Oblast market is 30.2% for aerated concrete, 37.4% for reinforced
concrete products, and 5.1% for  ready-mix concrete and mortar.

Betfor's revenues for 2007 accounted for around 26% of the revenues and 32% of
the EBITDA of LSR Group's construction business segment over the same period.

By now, LSR Group has already acquired approximately 60 ha of land in
Yekaterinburg and is planning to develop the plots building entirely new economy
class residential neighbourhoods there. The acquisition of ZAO Betfor, the major
player in the panel construction and building materials segments of the
Yekaterinburg and Sverdlovsk Oblast market, will enable LSR Group to implement
these projects in time and at high quality.

Igor Levit, the CEO and a member of the Board of Directors of OJSC LSR Group,
has commented as follows:

'The acquisition of ZAO Betfor combined with the earlier purchased plots of land
in Yekaterinburg will help LSR Group to implement its plans towards establishing
real estate development, construction and building materials divisions in the
Ural region to be managed by LSR-Urals Business Unit headquartered in
Yekaterinburg. Thus, we are replicating our company's unique business model in
the market of Yekaterinburg and Sverdlovsk Oblast so strategically important for
us. In addition, the new acquisition will materially expand the LSR's
construction segment and provide for a significant improvement of EBITDA in the
segment.'

As of today, the investments of LSR Group to promote operations in the Ural
region, including the acquisitions of land plots and Betfor, total approximately
EUR 114 million (around  USD 178 million) and fully comply with the statements
of LSR Group regarding the use of proceeds obtained through the IPO the company
implemented last autumn.

It may be noted, that the population of Yekaterinburg today is approx. 1.3
million people. By its volume of construction the region ranks fourth after
Moscow (including the Moscow Oblast), St. Petersburg and Kazan. The construction
market in Yekaterinburg has been rapidly growing over recent years: e.g. a total
of 900,000 sq.m of housing were completed in 2007, nearly 170,000 sq.m (23%
growth rate) more than in 2006 (732,700 sq.m). In 2006, the growth of housing
construction compared to the 2005 volume (approx. 640,000 sq.m) was 14%.

According to the reports of DTZ, as of late 2007 the cost per sq.m of economy
and business class residential property in the primary market was USD
2,150-2,500 while the average monthly wages were 16,000 roubles (by this
indicator Yekaterinburg holds third place in Russia). In 2007, Standard & Poors
assigned a BB rating to Yekaterinburg, with a stable outlook.


For reference:

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 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, 2005 and 2006 the revenues of LSR
Group (according to IFRS statements) were 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 July 2007, Moody's Investors Service assigned a B1 rating to LSR Group;
outlook - stable. 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.

NOVA-GROUP Construction Holding Company is a dynamically developing group of
companies having, similarly to LSR Group, two core businesses: 1. Production of
Building Materials; 2. Real Estate Development and Construction.  Group
companies produce crushed stone, concrete, reinforced concrete products, aerated
concrete, windows, as well as engage in real estate development, architectural
and engineering design work, construction and subsequent property management.
NOVA-GROUP brands are well-known in the market of Yekaterinburg and Sverdlovsk
Oblast.



For more details please contact:

Press Service, LSR Group
+7 (812) 314-1044
press@lsrgroup.ru
www.lsrgroup.ru


Legal disclaimer:



NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN

...

Some of the information in these materials may contain projections or other
forward-looking statements regarding future events or the future financial
performance of the Company. You can identify forward looking statements by terms
such as 'expect', 'believe', 'anticipate', 'estimate', 'intend', 'will',
'could,' 'may' or 'might' the negative of such terms or other similar
expressions. The Company wishes to caution you that these statements are only
predictions and that actual events or results may differ materially.  The
Company does not intend to update these statements to reflect events and
circumstances occurring after the date hereof or to reflect the occurrence of
unanticipated events. Many factors could cause the actual results to differ
materially from those contained in projections or forward-looking statements of
the Company, including, among others, general economic conditions, the
competitive environment, risks associated with operating in Russia, rapid
technological and market change in the industries the Company operates in, as
well as many other risks specifically related to the Company and its operations.

Neither these materials nor any copy of it may be taken or transmitted into the
United States, Australia, Canada or Japan.  These materials do not constitute or
form part of any offer or invitation to sell, or any solicitation of any offer
to purchase nor shall it (or any part of it) or the fact of its distribution,
form the basis of, or be relied on in connection with, any contract therefor.
The offer and the distribution of these materials and other information in
connection with the listing and offer in certain jurisdictions may be restricted
by law and persons into whose possession any document or other information
referred to herein comes should inform themselves about and observe any such
restriction.  Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.

These materials are not an offer for sale of any securities in the United
States.  Securities may not be offered or sold in the United States absent
registration or an exemption from registration under the U.S. Securities Act of
1933.  The Company has not registered and does not intend to register any
portion of any offering in the United States or to conduct a public offering of
any securities in the United States.

This communication is directed only at (i) persons who are outside the United
Kingdom or (ii) persons who have professional experience in matters relating to
investments falling within Article 19(1) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the 'Order') and (iii) high net worth
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as 'relevant persons').  Any investment activity to which this communication
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persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.

This communication is distributed in any member state of the European Economic
Area which applies Directive 2000/71/EC (this Directive together with any
implementing measures in any member state, the 'Prospectus Directive') only to
those persons who are investment professionals for the purposes of the
Prospectus Directive in such member state, and such other persons as this
document may be addressed on legal grounds, and no person that is not a relevant
person may act or rely on this document or any of its contents.










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