[PPT] - 1 Table of content Introduction Section 1 Executive Summary 3 PowerPoint Presentation

SLIDE 1

Company presentation Oct 2013

1

SLIDE 2

Table of content

Introduction Section 1 Executive Summary 3 Section 2 Corporate Overview 9 Section 3 Market Overview 18 Section 4 Resilient Operations 34 Section 5 Financial Policy 42 Section 6 Financial Performance 46 Section 7 Yielding Assets 51 Section 8 Development Projects 62 2

SLIDE 3

Section 1: Executive Summary

SLIDE 4

Achievements

Acquisitions and Divestitures:  Acquisition of Ducat III from Parent: signed and closed  Sale of Olympia Park: signed and closed  Increased ownership in Greenpoint Project from 50% to 85%  Acquisition of White Square – signed and closed by parent Company – acquisition by O1 from Parent closed:

White

Square is considered to be “Trophy” Class A building with investment grade tenants and long term leases resulting in bond like cash flows

Key tenants: PWC, Deloitte, JP Morgan,

BNP Paribas, McKinsey.

 Forward Purchase Agreement to Acquire a newly built Project ICube was signed in September of 2013. The Transaction will close when the building is fully leased. (est.mid.2014) Financings and Operating Achievements:  Vivaldi loan to Unicredit scheduled to mature December 2013 is refinanced with Sberbank maturing 2020: signed and closed  Lease for remaining vacant space at Vivaldi: signed, registered and deposit paid  Revolving Credit Facility for $50 mln with PSB Bank: Loan Agreement signed  Capital structure improved due to the conversion of Pref.Stock into Class A Common Stock  Interest margin on Bank Facilities reduced and maturities extended  S&P rating of B+ received in July 2013  Rouble Bonds issue of Rub 6bln placed at 12% on MICEX. Proceeds swapped into US dollars with effective rate of below 7%.

4

In the last 9 months – all key objectives achieved

SLIDE 5

Idea

5

SLIDE 6

Strategy

6 Active asset management Focus on top tenants

Internal growth NOI Occupancy Retention Rate Lease-up of Developments 100% Office

Strong market fundamentals Hub for International Tenants

Moscow Market Dynamics Market Rents Valuation Yields 100% Moscow

Development assets Yielding assets

Acquisitions and Selective Disposals IRR Target: 15–25% Min 80% of GAV IRR Target: 20–30% Max 20% of GAV ~ 80/20 Yielding/ Development

Strong coverage metrics Healthy balance sheet

Solid Financial Policies Target LTV 45-55% Target EBITDA/Interest > 2x ~ 50/50 Leverage

Corporate Strategy – four building blocks

SLIDE 7

Credit Strengths

7

Strong and Resilient Cash flows

Majority of tenants are multinationals or Russian companies with high quality credit standing
Resilient assets: evidenced by the resilient rental income and high occupancy rates through the 2008 crisis
No receivables collection delays

High quality assets

As of Sep 2013, O1 assets are 97% leased
Modern assets: most of the portfolio is brand new or refurbished within the last 5-6 years
Prime locations: on transport arteries or walking distance to metro station as demonstrated by the low vacancy

rates compared to the market Active management of estate

Strong track record of asset management as evidenced by consistently strong portfolio metrics (occupancy ratios,

WAULT, retention)

Asset management team is a multinational team with local language, local knowledge and local expertise

Tight risk management policy

Minimal exposure to developments (currently 2%, maximum 20% of GAV)
Strong emphasis on high standards of corporate governance
Debt Service Coverage Ratios above 1.1 X even under “crisis” scenario analysis

Long lease expiry profile

Portfolio WAULT of approximately 4.3 years (as of Sep 2013), which compares well to international industry peers
High Retention Rate

Demonstrated access to capital

Meaningful relationship with key international and domestics banks
Demonstrated willingness and ability to use equity capital to reduce financial leverage

Strong Liquidity  Strong cash balance (supported by $50mln PSB back-up credit facility,). Strong and positive FFO generation (after interest and dividend payments), long debt maturities and low Capex. Strong market and low competition

Exceptionally strong market for high quality buildings and within 3rd ring (Moscow’s central business district) with

limited stock of prime quality office properties as reflected by rising rents since the 2008 crisis

GAV of Yielding Projects – $3,72 Billion

Low tenant concentration

Total of ca. 225 tenants as of Sep 2013
PwC, Eurasian Economic Community (EEC) and Deloitte are the only tenants accounting for more than 3% of

Total NRA

SLIDE 8

Asset Growth

8

1) O1 Properties acquired Silver City in 3Q 2012 and Ducat III 4Q 2012. 2) O1 Properties sold Olympia Park to Kaspersky Lab in 1Q 2013. 3) O1 Properties acquired White Square in 2Q 2013.

2 105 2 525 2 982 3 719 64 356 76 380 1 002 318 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000

30 June 2012 CAPEX & Valuation changes Silver City acquisition 30 September 2012 CAPEX & Valuation changes Ducat III acquisition 31 December 2012 Olympia Park disposal White Square acquisition 30 June 2013 Mln USD

Critical Mass achieved in 2013

SLIDE 9

Section 2: Corporate Overview Section 2: Corporate Overview

SLIDE 10

Company Overview

10

Investment in high quality office properties located in Moscow
Class A and Class B+/B properties
Top-tier tenants, principally multinationals corporations and leading

Russian companies

Existing yielding real estate portfolio comprised of 10 properties with

total NRA of 427 thous. sq. m. as of Oct 2013 (2)

Development portfolio includes 85% stake in Greenpoint Project and

50% stake in Bolshevik Project

Independent portfolio valuation of US$ 3.72Bn
Yielding: US$ 3.72Bn
Developments: US$0.1Bn (3)

Total value = US$3.72 Bn Yielding assets = US$3.72 Bn Development = US$0.1 Bn

Portfolio Structure (1) O1 - Company Snapshot Internally–Managed Business

Continuous in-depth analysis of development and

acquisition opportunities in Moscow

Highly visible presence in the market (investors,

landlords, developers, occupiers, investment managers, finance providers…)

Established relationships with Moscow planning

authorities and other relevant government authorities

Experienced in-house team for supervision of

development

Regular interaction with local authorities helps ensure

local needs (for both the O1 and the local authorities) can be aligned within re-development activities

Top-class franchise of leasing capabilities including

strong relationships with tenant brokers

In-house experience with strong focus on tenant

relationships

Add value to standing assets through specific asset

improvements

Close involvement of O1 professionals ensures
ptimal management of the centres and their client

relationships

Full control of asset performance

Asset Management and Leasing Sourcing / Business Development Acquisitions Development Supervision

Notes

1. Cushman & Wakefield valuation report as of 30 June 2013;
2. NRA including only yielding assets; except development projects
3. Greenpoint Project was consolidated in 2Q 2013, Bolshevik will be shown as Investment in JV
Excellent track record in the acquisition of attractive

assets and development projects

Approval of all material investments and disposals at

the Board of Directors level

98% 2% Yielding Assets Development Projects

Fully Integrated Office Real Estate Platform

SLIDE 11

Assets Portfolio

11

Oct 2013 GAV (US$ Bn.) 3.72 NRA (thous. sq. m) 427 Occupancy 97% LOI’s 1% Annualized 2013 NOI ($ MM) (1) 324 Weighted Average Rental Rate Oct 2013 (US$) 772 Weighted Average ERV 2013 (US$) 726 WAULT (years) 4.3 Yielding Assets

Avion Krugozor Le Fort Stanislavsky

Development Projects

Lighthouse Vivaldi Plaza Greenpoint Lesnaya Plaza Value: $170 mln O1 Share: $101 mln

Current Portfolio

Completion: 2016 NRA: 33 000

100% Moscow Office

Avion $101 MM Le Fort $263 MM Stanislavsky Factory $256 MM Lighthouse $260 MM

MKAD Ring Road

Sheremetyevskaya $33 MM Vivaldi Plaza $434 MM Lesnaya Plaza $294 MM Sheremetyevo Airport Domodedovo Airport 5 km Kremlin Yielding Asset Development Project Vnukovo Airport

Notes

1. Annualized full occupancy NOI as of Oct 2013 incl. parking
2. O1 owns 85% of Greenpoint Project and 50% of Bolshevik Project

Krugozor $365 MM

Silver City

Silver City $361 MM Ducat III $385 MM

Ducat III White Square

White Square $1 001 MM

Bolshevik Completion: 2014/16 NRA: 75 000

Bolshevik Factory $137 MM

Yielding Assets make up 98% of Portfolio Value

(2)

SLIDE 12

High Quality Cash-Generating Asset Portfolio

12

Portfolio Description

All Properties are Class A (except for LeFort and

Avion which are Class B)

Top-tier tenants, principally multinationals corporations

and leading Russian companies

Existing yielding real estate portfolio comprised of 10

properties with 427,046 sq. m. NRA.

Independent yielding portfolio valuation of US$ 3.72Bn
In 2014 retention rate is expected to be about 90% +.

Properties

Avion Yielding Assets (98% of GAV) Krugozor Lesnaya Plaza Le Fort

Valuation: $256.4 MM
NRA:

34,345 sq m

WAULT:

2.4 years

Occupancy:

100%

Valuation: $100.8 MM
NRA:

18,429 sq m

WAULT:

3.2 years

Occupancy:

50,7%

Stanislavsky Factory Vivaldi Plaza

Valuation: $433.5 MM
Total NRA:48,051 sq m
WAULT:

6.3 years

Occupancy:

100%

Completion Date: 4Q

2011

White Square

Valuation: $1000.9 MM
NRA:

76,542 sq m

WAULT:

5.5 years

Occupancy:

99%

Lighthouse

Valuation: $293.7 MM
NRA:

39,710 sq m

WAULT:

3.9years

Occupancy:

91%

Notes Valuation based on Cushman & Wakefield valuation report as of 30 June 2013. WAULT – weighted average unexpired lease term as of Sep 2013. Silver City

Valuation: $360.6 MM
NRA:

41,766 sq m

WAULT:

3.1 years

Occupancy:

98%

Valuation: $262.8 MM
NRA:

56,169 sq m

WAULT:

3.0 years

Occupancy:

100%

Valuation: $384.9 MM
NRA:

33,333 sq m

WAULT:

2.5 years

Occupancy:

97%

Ducat III

Lease Expiration Profile, % of NOI

Valuation: $365.1 MM
Total NRA:50,951 sq m
WAULT:

3.4 years

Occupancy:

100%

Valuation: $260.3 MM
NRA:

27,405 sq m

WAULT:

6.4 years

Occupancy:

94%

Completion

Date:1Q2012

25 633 38 010 26 442 59 296 36 159 32 110 74 038 5 656 6 330 8,44% 12,52% 8,71% 19,53% 11,91% 10,57% 24,38% 1,86% 2,08%

10 000

20 000 30 000 40 000 50 000 60 000 70 000 80 000 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 30,00%

2014 2015 2016 2017 2018 2019 2020 2021 2022

Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %

Strong Rent-Generating Assets and Selected Development Exposure

SLIDE 13

Company Growth

13

Growth and De-risking Formation of O1 History

Otkritie Financial Corporation (“OFC”)

Private equity real estate team

Decided in 2010 to unwind its real estate

private equity business to become a pure- play financial institution

Horus International BV (“Horus”)
Real estate development company

specialized in the acquisition and redevelopment of industrial buildings into A/B office space in Moscow

Horus shareholder decided to retire and

divest all assets in 2009

The companies are not related to

each other

O1 acquires Lighthouse and Vivaldi

Plaza

O1 acquires 5 yielding assets and one

development project from Horus

Dmitriy Mints becomes Chairman of O1
Mints family is the ultimate beneficial

holder of O1

Alexander Ostrovskiy and Michael Stanton

join the company as CEO and CIO

Horus employees join the company

(including Tomas Zamiara (CFO))

O1 contracts with Nash Standard, the

former Horus leasing team (1)

O1 acquires a 50% interest in

Sheremetyevskaya (development project) and increased ownership to 85% in April 2013

Three independent non-executive directors

appointed

O1 internalizes asset management through

acquisition of Nash Standard

O1 sells Gamma
O1 acquires Lesnaya Plaza

(yielding asset)

Principal shareholder of O1 acquires Ducat III

(yielding asset)

O1 acquires Silver City (yielding asset)
O1 acquired Ducat III from Parent in November

2012

O1 acquires White Square (yielding asset)
In Feb.2013 Olympia Plaza is sold to

Kaspersky Lab

B+ Rating assigned by S&P to O1 Properties
Rouble bond issue of R6 bln successfully

placed on MICEX.

LOI signed to acquire ICube Project

Fast and Elaborate Execution on Arising Opportunities

SLIDE 14

Management

14

Management Platform Seed Portfolio

Private Equity Management Team

Dmitriy Mints (Chairman of the Board)
Alexandr Ostrovskiy (CEO)
Michael Stanton (CIO)
Alexandr Erdman (Deputy CIO)
Anton Postnov (Chief Legal Officer)
Sergey Pshenichnikov (Head of Development)

Assets NRA (sq m)

Lighthouse (development)

27,500

Vivaldi Plaza (development)

48,000 Total 75,500

OFC

Asset Management Team

Leasing and Property Management: Pavel

Barbashev + 25 team members

Tomasz Zamiara + finance team

Assets NRA (sq m)

Avion (yielding)

18,400

Krugozor (yielding)

50,900

Le Fort (yielding)

56,200

Stanislavsky Factory (yielding)

34,300

Gamma (subsequently sold)
Olympia Park (development)

46,000 Total 205,800

Horus Formation of O1 in 2010

Management Team Has Been Working Together for Many Years

SLIDE 15

Management team

Chairman of the Board

Since 2006 actively involved in the real estate and private equity

investment projects of OTKRITIE FINANCE CORPORATION (“OFC”)

Completed transactions exceeding $6Bn in value
Graduated from Moscow State Institute of International Relations

Chief Investment Officer

Joined OFC in 2006 to create its Real Estate Fund for Vivaldi Plaza
25 years of finance experience
MBA from the University of Michigan

Chief Financial Officer

CFO of Horus Group from 2006 until 2010
14 years experience in Accounting and Real Estate
MBA from London Business School

Head of Asset Management and Leasing

Over 5 years with Horus Capital and 6 years with Hines
Management of the assets that are now part of the O1 portfolio
Over 15 years experience in Real Estate
Graduated from TOURO College of New-York (Moscow Branch)

Chief Executive Officer

Previously Managing Director at OFC, which he joined in 2007
Degree in Law from The Russian Customs Academy of Federal

Customs Service

15

SLIDE 16

Board

16

The composition of the Board of Directors is well balanced; 3 out of 7 Board members are independent non-executive directors, all are active industry participants with

significant experience in real estate and real estate finance

All three committees (audit, nomination and remuneration, strategy and development) are headed by independent directors

Corporate Governance Executive Directors Alexander Ostrovskiy

Chief Executive Officer

Tomasz Zamiara

Chief Financial Officer

Michael Stanton

Chief Investment Officer

Dmitriy Mints

Chairman of the Board

Independent Non-Executive Directors Richard Gregson

Former Real Estate Leader of PWC, Russia Appointed to the Board in June 2012 Chairman of audit committee

John Nacos

Former Global Head of Real Estate, Deutsche Bank Joined in August 2011 Chairman of O1 Strategy and Development committees

Timothy Fenwick

Former Head of Jones Lang LaSalle, Russia Joined in July 2011 Chairman of remuneration committee

Founding shareholder (Boris Mints) remains committed to the ongoing business strategy

Strong Alignment of Shareholder Interests

Value-Add Board Members and Strong Corporate Governance

SLIDE 17

Company Structure

17

Notes

1. Generally each project is owned by a separate SPV – and financing is on non recourse basis to other projects (though Aareal loan is to 4

buildings)

O1 PROPERTIES LIMITED (Cyprus)

Вивальди Плаза

RATADO HOLDING LIMITED

Лесная Плаза Серебряный город Лайтхаус

100% 100% 100%

Белая Площадь

100% 100% 100%

SHAREZONE CAPITAL LTD

Кругозор Станиславский Авион

100% 100% 100% 100%

ЛеФорт

100%

Дукат III Шереметьевская

100% 85%

ЗАО «Наш Стандарт» ООО «Сити- Девелопер»

100% 100%

ЗАО «О1 Пропертиз Менеджмент»

100%

Coniston Management Limited (BVI)

44.82% класса B

Топ-менеджмент

0.78% класса B

Centimila Services

54,4% класса B

Nori Holding Ltd

100% Класса A

SLIDE 18

Section 3: Market Overview

SLIDE 19

Market Characteristics

19

4) Moscow – Investment into Real Estate Rising 5) O1 is Leading Class “A” Office Player in Moscow Market 3) Moscow market has particularly attractive characteristics for office real estate 2) Within Russia, Moscow demonstrates position of economic concentration 1) Russian Economy demonstrating strong macroeconomic position

SLIDE 20

Strong Macroeconomic Indicators

01

Russian Macro Indicators are Stable

SLIDE 21

Strong Macroeconomic Indicators

01

Lowest Debt Levels

SLIDE 22

Class A Stock

22

Moscow Market is fundamentally undersupplied with Class A offices

Total Class A Stock Total Class A Stock per capita

0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 Seattle Dallas San Francisco Boston Philadelphia Frankfurt Chicago Houston New York Los Angeles Austin Prague Brussels Warsaw Bucharest Moscow sq m per capita 6 12 18 24 New York Los Angeles Chicago Dallas Houston Philadelphia San Francisco Seattle Boston Frankfurt Moscow Austin Prague Brussels Warsaw Bucharest mn sq m

Notes

1. Jones Lang LaSalle data

SLIDE 23

CBD GR–TTR TTR–MKAD Moscow City

Moscow Submarkets

23

Notes

1. Jones Lang LaSalle data
2. Overall column incl. Class B stock

A B+ Overall Stock, m² 1 106 678 1 532 860 3 632 511 Rents 600-1,150 500-600

CBD

A B+ Overall Stock, m² 413 290 2 367 205 4 101 891 Rents 550 -750 400 -550

GR to TTR

A B+ Overall Stock, m² 384 714 117 351 502 065 Rents

Moscow City

650 -950 A B+ Overall Stock, m² 650 480 3 841 744 6 837 286 Rents

TTR to MKAD

650 -950

SLIDE 24

New Completions Dynamics and Take-up

24

Completion Volumes are still lower than pre-crisis but take-up is strong. Total take-up by submarkets

Notes

1. Jones Lang LaSalle data

SLIDE 25

Moscow Vacancy Rates

25

Statistics vs. Reality

1) Out of 200 thousand sq.m vacant in Class A in CBD, 115 thousand is represented by three recently completed projects (White Gardens, Aquamarine III and Wall Street. Excluding these three projects, vacancy in Stabilized Class A assets in CBD is 7.7%

Notes

1. Stabilized Assets are those which were completed at least 12 months ago.
2. Jones Lang LaSalle data

A B+ Overall CBD 18,7% 8,0% 11,0% GR to TTR 9,8% 9,5% 9,4% TTR to MKAD 21,4% 16,8% 16,2% Total 17,8% 12,8% 13,0% Vacancy rates

1) According to Jones Lang LaSalle, vacancy in Class A Stabilized Assets* across the market is below 9% 2) According to Jones Lang LaSalle, vacancy in Prime Top 15 buildings in Moscow is 4.5%

SLIDE 26

8,8 6,3 6,0 7,3 4,3 4,0 4,7 4,5 4,5 6,4 2,6 3,0 2 4 6 8 Moscow (Russia) Warsaw (Poland) Madrid (Spain) Budapest Paris (France) London (UK)

Office yield Government bonds yield

4,1 1,8 1,5 0,9 1,7 1,0 1 2 3 4 5 Moscow (Russia) Warsaw (Poland) Madrid (Spain) Budapest Paris (France) London (UK)

Moscow Office Market : Yields not justified by Macro Credit Risks

26

Attractive Yield Dynamics High Real Estate Yield Spreads Office yield less 10-year government bonds, %

%

Average (ex. Russia) = 1.4%

Prime office yield and 10-year gov. bonds, %

%

Moscow Relative Yield Spreads Office yield and 10-year government bonds

%

Note 1.Cushman & Wakefield, Bloomberg data as of Sept.2013 2.based on former 10 year Russia’s government bond with 9 years to mature 0,0 2,5 2,8 1,5 4,5 4,8 0,2 0,2

1,7

2,1 1,7

2
1

1 2 3 4 5

Office yield Government bonds yield

Russia Provides An Attractive Combination of Yield Spread and GDP Growth

SLIDE 27

Cap rates – potential to increase GAV

27

Total yielding portfolio cap rates 9,18% Trophy assets cap rates 8,75% Ducat 8,97% White square 8,66% Class A assets cap rates 9,29% Krugozor 9,20% Stanislavsky 8,67% Lesnaya 9,52% Lighthouse 9,01% Vivaldi 9,49% Silver City 9,61% Class B assets cap rates 10,72% Avion 10,94% Lefort 10,64%

2 4 6 8 10 12 14 Moscow Paris London Madrid Warsaw

The average company portfolio cap rate is higher than Moscow market average

Note 1.Cushman & Wakefield valuation report as of 30 June 2013 2.Cap rates – Stabilized NOI / GAV as of 30 June 2013

Major cities office cap rates

Cap rates are still higher than pre-crises levels

SLIDE 28

O1 Portfolio Average Rental Rates

28

O1 Assets are diversified in terms of rental rates

Note 1.Rates in EU are recalculated using 1.35 exchange rate 2.Data from CBRE report for 2Q2013

Office Rent in Moscow by Classes

Current Average Rent in O1 Properties, USD/sqm/year EU/sqm/month Ducat 840 94 White square 1 121 126 Trophy assets 1 036 117 Krugozor 642 72 Stanislavsky 642 72 Lesnaya 708 80 Lighthouse 798 90 Vivaldi 811 91 Silver City 819 92 Class A assets 734 83 Avion 609 69 Lefort 450 51 Class B assets 490 55 Total yielding portfolio 772 87

Rents in O1 Properties Projects are in line with Moscow market in general.
Average rent in Ducat is expected to be above $1,050 per sqm in 2014 as current leases will re-price to market levels (rent levels

agreed with tenants and lease contracts are being signed in 4Q’2013.

SLIDE 29

Summary of Property Valuation Report

29

Yielding Assets Development Projects Class B+ A B A A A n.a. A A ERV $450 $650 $450 $700 $650 $700 $500 $700 $1100 Outstanding Costs - CAPEX

$110 MM
Discount Rate

13.0% 12.5% 13.0% 13.0% 12.5% 12.5% 19.0% 12.5% 12.5% Market Value $100.8 MM $365.1 MM $262.8 MM $433.5 MM $256.4 MM $260.3 MM $33MM $360.6 MM $384.9 MM MV per GBA $5 573 $5 782 $4 373 $5 884 $5 907 $5 318

$6 439

$8 248 Average Net Rental Rate $609/sqm $642/sqm $450/sqm $811/sqm $642/sqm $725/sqm n.a. $820/sqm $783/sqm Avion Krugozor LeFort Vivaldi Stanislavsky Lighthouse Shereme- tievskaya Silver City Duсat III Opex Standard Contract Open book Open book Open book Open book Open book Open book n.a. Open book Open book n.a. $600 $182 MM 21.0% $137 MM

n.a.

Bolshevik n.a. A $600

13.0%

$293.7 MM $ 5 660 $708/sqm Lesnaya Open book A $1000

12.5%

$1000.9 MM $10 360 $1121/sqm White Square Open book Source: Cushman & Wakefield valuation report 30 June 2013

Total GAV – 3.72 bln USD

SLIDE 30

Increasing Investments into Real Estate

30

Name Market YEAR Rentable area, sq m Investor

Est. Value, US$ MM

White Gardens Moscow 2013 (announced but not closed) 73,000 Millhouse Group $800 Four Winds Moscow 2013 22,000 Millhouse Group $350 Metropolis Shopping Center Moscow 2013 200,000 Morgan Stanley (MSREF)/CALPERS $1 200 Gallereya St Pete 2012 192,000 Morgan Stanley (MSREF) $1 100 Actor Gallery Moscow 2012 18,000 SOFAZ $133 Metropolis Bldg B Moscow 2012 25,000 Heitman $250 Nagatino I-Land Moscow 2012 24,995 Raiffeisenbank $95 Bakhrushina House Moscow 2012 4,159 Sponda Plc $47 Mercury City Moscow 2012 10,000 Japan Tobacco International N/A Golden Babylon Moscow 2012 240,000 Immofinanz $250 Pushkino Logistics Moscow 2012 212,600 Raven Russia $220 G - 11 Moscow 2011 9,000 Hines $94

In 2007, Russian investors and

foreign investors reach represented roughly half of the investment market

In 2009, foreign investment

was largely absent

Foreign

investors gradually returning to the market but market still driven by local market participants

In

2013 CALPERS enters Russian Real Estate Market

Recent Foreign Investment Transactions

Source: Cushman & Wakefield as of Aug 2013, Jones Lang LaSalle Aug 2013

SLIDE 31

The Leading Player in Moscow Office Market

31

O1 has 427,046 sq. meters of completed and yielding Class A and B Office Space with an additional 100,000 sq meters

under development (Greenpoint & Bolshevik projects)

Thous. sq. m

MM USD

321 363 396 427 2 105 2 525 2 982 3 720

500

1 000 1 500 2 000 2 500 3 000 3 500 4 000

50

100 150 200 250 300 350 400 450 HY 2012 3Q 2012 4Q 2012 1H 2013 NRA, thous. sq. m GAV, MM USD

O1’s Investment Portfolio Increase

O1 Property Assets Location Class Total NRA, m² White Square CBD A+ 76 472 Ducat III CBD A+ 33 462 Lesnaya Plaza CBD A 39 679 Lighthouse CBD A 27 499 Vivaldi Plaza CBD A 48 014 Silver City CBD A 41 819 Stanislavsky GR-TTR A 34 499 Krugozor TTR-MKAD A 50 950 Avion TTR-MKAD B 18 481 Lefort TTR-MKAD B 56 170 Total of yielding assets 427 046

Notes

1. Jones Lang LaSalle data
2. Company data as of 1H’2013

SLIDE 32

Overview of Relevant Legislation

32

General

Federal law allows private ownership of land. However it is subject to adoption by regional
government. In Moscow, land is generally leased from the City government
Ownership rights are protected by robust registration system. A registered owner of a building has a

pre-emptive right over the land lease Land Lease

No restrictions of foreign property ownership
Lease agreements with regard to land plots owned by the city of Moscow for the period after

construction (for the purposes of building operation) are usually entered into for a term of 49 years with the pre-emptive right of the owner to enter into a new lease agreement upon its expiration

There is no precedent of a diligent owner not being granted a new lease upon expiration

Tenant Lease

Tenant lease agreement for the period equal to or exceeding 1 year must be registered
Landlord has remedies against non-payers

Future development

Future office development within Third Transportation Ring is generally restricted by Moscow city

government

SLIDE 33

Moscow Office Market Drivers

33

Investment Supply Demand

Moscow Office Market

Robust GDP growth Government policy and financial stability Economic concentration on Moscow Significant yield spread International capital inflows Low level of new construction Regulatory limitations Limited existing high-quality office space

SLIDE 34

Section 4: Resilient Operations

SLIDE 35

Stability of Operations

35

Moscow – Limited High Quality Supply Triple Net Lease Structure High Quality Credit Rated Tenants Over 98% of Portfolio Yielding Cash (2% of GAV is development)

SLIDE 36

High Quality Cash-Generating Asset Portfolio

36

Portfolio Description

All Properties are Class A (except for LeFort and

Avion which are Class B)

Top-tier tenants, principally multinationals corporations

and leading Russian companies

Existing yielding real estate portfolio comprised of 10

properties with 427,046 sq. m. NRA.

Independent yielding portfolio valuation of US$ 3.72Bn
In 2014 retention rate is expected to be about 90% +.

Properties

Avion Yielding Assets (98% of GAV) Krugozor Lesnaya Plaza Le Fort

Valuation: $256.4 MM
NRA:

34,345 sq m

WAULT:

2.4 years

Occupancy:

100%

Valuation: $100.8 MM
NRA:

18,429 sq m

WAULT:

3.2 years

Occupancy:

50,7%

Stanislavsky Factory Vivaldi Plaza

Valuation: $433.5 MM
Total NRA:48,051 sq m
WAULT:

6.3 years

Occupancy:

100%

Completion Date: 4Q

2011

White Square

Valuation: $1000.9 MM
NRA:

76,542 sq m

WAULT:

5.5 years

Occupancy:

99%

Lighthouse

Valuation: $293.7 MM
NRA:

39,710 sq m

WAULT:

3.9years

Occupancy:

91%

Notes Valuation based on Cushman & Wakefield valuation report as of 30 June 2013. WAULT – weighted average unexpired lease term as of Sep 2013. Silver City

Valuation: $360.6 MM
NRA:

41,766 sq m

WAULT:

3.1 years

Occupancy:

98%

Valuation: $262.8 MM
NRA:

56,169 sq m

WAULT:

3.0 years

Occupancy:

100%

Valuation: $384.9 MM
NRA:

33,333 sq m

WAULT:

2.5 years

Occupancy:

97%

Ducat III

Lease Expiration Profile, % of NOI

Valuation: $365.1 MM
Total NRA:50,951 sq m
WAULT:

3.4 years

Occupancy:

100%

Valuation: $260.3 MM
NRA:

27,405 sq m

WAULT:

6.4 years

Occupancy:

94%

Completion

Date:1Q2012

25 633 38 010 26 442 59 296 36 159 32 110 74 038 5 656 6 330 8,44% 12,52% 8,71% 19,53% 11,91% 10,57% 24,38% 1,86% 2,08%

10 000

20 000 30 000 40 000 50 000 60 000 70 000 80 000 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 30,00%

2014 2015 2016 2017 2018 2019 2020 2021 2022

Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %

Strong Rent-Generating Assets and Selected Development Exposure

SLIDE 37

Active management of tenant risk

37

Security deposits required from all tenants Tenants to provide either: (a) 3 months cash deposit (b) Bank guarantee covering 3 months rents (c) Parent guarantee for 3 months rent Assessing creditworthiness

f new tenants

New tenants submit financial statements as a prove for their creditworthiness. Periodically rent payment Scope of payment Payment methods Quarterly rent in advance (sometimes monthly in advance) Rent + service charge Invoiced Managing aged debtors 7 days before payment date: written reminder is sent out Payment date: telephone and written reminders sent out Provisioning Policies Based on managements judgement

Tenant quality:
O1 targets multinational corporations and leading Russian companies to

maximize sustainability of cash flows

Over 65% of NRA is let to multinational corporations
Lease structure and term:
All rental income in US dollars (Silver City has some Euro leases but we

hedged the euro cash flow in dollars for the life of the leases)

Average fixed annual increments of 3.0%
Full pass-through of operating expenses
WAULT (Weighted average unexpired lease term) of 4.3 years
Average occupancy is 98%
Typical void & rent-free period: 1-3 months total
Balanced Lease Maturities:
On average only 12% of portfolio matures each year
Releasing obligations due to tenants relocations were 6.4% and 3.1% of the

portfolio in 2011 and 2012, respectively

Tenants must give 6 – 9 months notice if not renewing
Leasing Implications:
On 426,000 sq meter portfolio, expirations are on average 50,000 sq per year

– and assuming retention rate of 75% - only 12,500 sq meters must therefore be rented out each year

To ensure 100% occupancy, we must therefore find tenants to fill on average

12,500 sq meters per year in under 6 – 9 months

Assuming it takes 12 months to find such tenants – average vacancy rate

would still be less than 1%

In 2012 our leasing team signed contracts for over 120,000 sqm, thus our

recently finished Projects (Vivaldi, LightHouse, Olympia) have almost full

ccupancy.

Letting Strategy Low Tenant Credit Risk

SLIDE 38

Tenant structure

38

Total Portfolio by Tenant Type, based on NOI Tenant Size by NOI

Source: Company data as of Sep 2013

Total Portfolio by Tenant Industry, based on NOI

Total NRA: 425,608 sq m
Signed NRA of 411,411 sq m
Approximately 225 tenants in total
Average Tenant lease is about 1,826 sq.m.

Source: Company data as of Sep 2013 Source: Company data as of Sep 2013

18% 12% 15% 7% 15% 8% 25%

Industrial Other Consumer/Retail TMT Finance Natural resourses Consulting/Legal services

8% 67% 19% 6%

Government Multinational Russian private Russian publicly listed 36% 13% 10% 41% Top 10 Top 11-20 Top 21-30 Rest

Broad Tenant Base of 225 Tenants

SLIDE 39

Secure Cash Flows Due to High Quality Tenants

39

Key Tenants as of Sep 2013

The list excl. O1 Properties rented space of 3 110 sq. m

№ Tenant NRA, m² NRA, % № Tenant NRA, m² NRA, % 1 PricewaterhouseCoopers 33 151 8,14% 26 Regus 4 587 1,13% 2 EEC 23 875 5,86% 27 ABB 5 160 1,27% 3 Deloitte & Touche 15 946 3,92% 28 Canon 2 977 0,73% 4 McKinsey & Company 7 722 1,90% 29 Europa Media Group 4 478 1,10% 5 Volkswagen Group 12 423 3,05% 30 Arguments&Facts 5 561 1,37% 6 Citibank 11 357 2,79% 31 Microsoft 1 241 0,30% 7 Nomos Bank 12 723 3,12% 32 Jones Lang LaSalle 2 831 0,70% 8 Weatherford 5 702 1,40% 33 ORGENERGOGAZ 3 763 0,92% 9 General Electric 8 098 1,99% 34 Toyota Bank 3 031 0,74% 10 SUEK 5 374 1,32% 35 Cordiant 3 016 0,74% 11 Slavneft 7 917 1,94% 36 Clifford Chance 3 690 0,91% 12 Chelyabinsk Pipe 4 395 1,08% 37 Marsh Insuarance 2 579 0,63% 13 Boston Consulting Group 3 379 0,83% 38 Cherkizovo Group 2 198 0,54% 14 KIA Motors 4 686 1,15% 39 ALCATEL 4 831 1,19% 15 Rusatom Overseas 4 725 1,16% 40 John Deere 2 766 0,68% 16 LG Electronics 5 714 1,40% 41 Syngenta 2 680 0,66% 17 BNP Paribas 3 265 0,80% 42 Generali 3 020 0,74% 18 McDonalds 3 981 0,98% 43 TimService 3 486 0,86% 19 Nokia Siemens Networks 5 370 1,32% 44 Bacardi 3 113 0,76% 20 Swedbank 3 708 0,91% 45 IBM 3 428 0,84% 21 Rolf Import 4 756 1,17% 46 Sovcomflot 2 463 0,60% 22 FESCO 4 095 1,01% 47 VNIIR 2 385 0,59% 23 Roche Diagnistics 3 853 0,95% 48 Cushman & Wakefield 2 463 0,60% 24 Goldman Sachs 3 634 0,89% 49 Nike 3 383 0,83% 25 ConocoPhillips 2 400 0,59% 50 Ive Rocher 2 682 0,66%

Mostly Multinational Tenants or Russian RTS/LSE Listed

SLIDE 40

Well Diversified Yielding Portfolio

40

Notes

1. Property valuation as of 30 June 2013 by Cushman & Wakefield
2. White Square Project legally consists of two separate buildings, each of them is located on its own land plot. The FY2012 Cushman&Wakefield valuation is divided

between the buildings proportionally based on NRA.

As of 30 Sep 2012 As of 30 June 2013

Total Value: $2.6 Bn Total Value: $3.72 Bn + White Square + Ducat III

Olympia Park

Avion 4% Krugozor 14% Le Fort 10% Stanislavsky Factory 10% Lesnaya Plaza 11% Lighthouse 9% Vivaldi Plaza 16% Olympia Park 12% Silver City 14%

Krugozor 10% Stanislavsky 7% Lefort 7% Avion 3% Lesnaya 8% Lighthouse 7% Vivaldi 11% Silver City 10% Ducat 10% White square Bld 1 12% White square Bld 2 15%

Low Asset Concentration underpins Stable Cash Flows

SLIDE 41

Key Features of Rental Agreements

41

Tenor of rental agreement Typical 5-7 years Tenants right to renewal Yes At the end of the initial term at the agreed market rate at the time of renewal Right to terminate No No break up option without severe penalties. Rent reviews No After expiration of the lease term, both parties have the right to seek a rental adjustment to bring the rent in to line with markets rates (up or down) Rent structures Mostly fixed All office rent is fixed. Indexation Yes Usually indexation is fixed between 2.5 - 5% per annum. Sublease Yes Subject to written approval of the Landlord OPEX Open book Tenants pay estimated opex amounts with reconciliation to actual at the end the financial year

Fixed incremental increases in rents each year provide certainty and visibility of cash flows

SLIDE 42

Section 5: Financial Policy

SLIDE 43

Financial Policy

43

Strategic Policies and Corporate Governance

Operational Policies & Management Review

O1 Properties

IFRS Financials
Annual Audit / Half Year Review
Cushman Property Valuations
Annual Plan
Cash Flow Budgets
No FX Risk : Debt in USD and

Revenues in USD

Interest Rate Risk Limited
Debt maturities being lengthened
Adequate Liquidity
Independent Directors
Audit Committee
Nomination and Compensation

Committee

Quarterly Financial Pack
Dividend Policy
Leverage Policy
Interest Rate Coverage Targets
Yielding Assets vs. Development
Best Practice – future LSE listing
Intensive Asset Management to Minimize

Vacancies – weekly review

Lease Maturities evenly spread
New Leases all Long Term
Focus on Top Quality Tenants
Diversified Mix of Tenants
Tenant Delinquency Negligible
Leases are “triple net”
Open book policy – buildings maintained

at highest standards

Asset Management Policies and Targets

Committed to Becoming Best Property Company In Moscow

SLIDE 44

Capital Structure

44

+ Ducat III + Silver City

31 Dec 2011 31 Dec 2010 30 Sep 2012 30 Jun 2012 30 Jun 2011 1H 2013 (pro forma) 31 Dec 2012

+ White square

Olympia Park

$ MM

1 459 1 604 2 012 2 105 2 508 2 984 3 719 37 71 60 72 73 69 79 197 173 224 97 83 127 129 661 749 775 850 901 1 078 1 402 195 201 291 142 137 200 191 836 897 1 230 1 282 1 626 1 902 2 388 54% 53% 58% 60% 63% 62% 62% 0% 10% 20% 30% 40% 50% 60% 70% 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 Investment Property Other Non-current Assets Current Assets Equity Other liabilities Debt Net debt /GAV

SLIDE 45

126 364 415 128 700 465 46 24 23 23 23 27 27 25 20 21 19 18 20 6 1 1 1 1 1 100 200 300 400 500 600 700

1H2014 2H2014 1H2015 2H2015 1H2016 2H2016 1H2017 2H2017 1H2018 2H2018 1H2019 2H2019 1H2020 2H2020 1H2021 2H2021 1H2022 2H2022

Total principal repayment Total debt amortisation

Debt Maturity

45

Outstanding Debt in mln. USD

Alfa bank debt repayment (Avion project) Bonds repayment - $182M

SLIDE 46

Section 6: Financial Performance

SLIDE 47

Summary of Financial Information

47

Vivaldi
Avion
Krugozor
Le Fort
Stanislavsky
Gamma

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

2010 2011 2012

Lighthouse Olympia Lesnaya Sheremetyevskaya 50% interest Bolshevik 51% interest

2010 IFRS O1 Financials 2011 IFRS O1 Financials

Properties Captured in O1 IFRS Financial Statements Comments to O1 Financial Statements

2010 IFRS Financials

Include approximately 4 months of operations
Most of the assets were acquired in November therefore they have been consolidated on the P&L for approximately 1 month

2011 IFRS Financials

Lesnaya Plaza transaction was closed on 30 December 2011: as such, effect on P&L is negligible, debt is included in consolidated numbers
The 3 properties recently completed (Lighthouse, Olympia Park, Vivaldi Plaza) and currently being leased did not produce revenue in 2011
Bolshevik and acquisitions of Ducat III and Silver City are not captured in 2011 financials

2012 IFRS Financials

Silver City: acquisition completed in August
Ducat III: acquisition from the Parent completed in November 2012

Important events after reporting date

Disposal of Olympia in Feb.2013
Acquisition of additional 35% of Greenpoint Project
White Square acquired in May 2013

Gamma was sold no

Apr May Jun Jul Aug Sep Oct Nov Dec

Silver City Ducat III Olympia Park sold

Aug

O1 founded

2012 IFRS O1 Financials Jan Feb May

White Square

Mar

Additional 35% of GreenpointProject were acquired

SLIDE 48

Income Statement

48

Income statement, kUSD 2011 2012 HY'2013 Net rental income 85 494 144 305 121 855 G&A expenses (15 273) (30 661) (13 367) Net other operating income and expenses 230 (607) (492) EBITDA 70 451 113 037 107 996 Finance costs (52 336) (129 186) (72 770) Finance income 2 535 2 425 35 348 Operating profit 20 650 (13 724) 70 574 Net gain from change in fair value of inv. property 291 782 3 804 250 678 Net gain from disposal of subsidiaries

2 238

Share of result of associates and JV 1 550 2 935 14 123 Net foreign exchange translation gains (25 674) 84 465 (142 816) Profit before income tax 288 308 77 480 194 797 Income tax expenses (12 469) (11 641) (5 644) Profit for the period 275 839 65 839 189 153 Exchange differences on translation to presentation currency (79 448) 59 987 (101 830) Share of other comprehensive income of associate and JV

586

(1 013) Other comprehensive income

3 225

Total comprehensive income for the period 196 391 126 412 89 535

Class A shares dividends

(3 950)

(18 658) Class B shares dividends

Retained earnings for the period

196 391 122 462 70 877

SLIDE 49

Balance Sheet: Assets

49

Balance sheet at the end of the year, kUSD 2 011 2 012 HY2013 Property, plant and equipment 1 978 23 336 24 811 Investment property 2 012 148 2 639 912 3 713 724 Investment in associate and joint venture 9 781 10 199 15 803 Loans issued 5 555 23 032 18 283 Prepayments and deferred expenses 25 022 7 157 8 098 VAT receivable 17 205 6 984 2 613 Total non-current assets 2 071 689 2 710 620 3 783 332 Derivative financial instruments 1 103

27 409

Inventories 53 825 336

Loans issued

17 355 504 4 797 Prepayments and deferred expenses 2 410 6 340 12 260 VAT receivable 43 460 17 131 5 339 Trade and other receivables 19 983 37 653 72 121 Current income tax prepayments 133 399 6 430 Cash and cash equivalents 51 675 54 769 45 229 Non-current assets classified as held for sale 33 940 343 285 20 974 Total current assets 223 884 460 417 194 559 Total assets 2 295 573 3 171 037 3 977 891

SLIDE 50

Balance Sheet: Liabilities and Capital

50

Balance sheet at the end of the year, kUSD 2 011 2 012 HY2013

Borrowings 1 094 193 1 403 507 2 415 368 Tenant deposits 22 859 34 315 42 581 Deferred income tax liability 2 002 1 391 1 359 Total non-current liabilities 1 119 054 1 439 213 2 459 308 Borrowings 135 338 281 096

Derivative financial instruments

10 918 16 033 7 917 Tenant deposits 5 719 11 234 11 678 Deferred rental income 36 220 71 413 81 786 Deferred income on residential property 66 096

Co-investor's share in residential property

15 639

Current income tax liability

5 238 2 964 4 192 Trade and other payables and other liabilities 113 502 67 935 53 756 Liabilities classified as held for sale 12 974 204 116 Total current liabilities 401 644 654 791 159 329 Total liabilities 1 520 698 2 094 004 2 618 637 Class A stock

167 900

369 900 Class B stock 468 646 472 000 472 110 Minority 3 416 8 397 Retained earnings 391 121 461 468 638 127 Translation reserve (84 892) (24 335) (129 280) Total equity excl. class A stock 774 875 912 549 989 354 Total equity 774 875 1 077 033 1 359 254 Total liabilities and equity 2 295 573 3 171 037 3 977 891

SLIDE 51

Section 7: Yielding Assets

SLIDE 52

White Square

52

Valuation $ MM 1000.9 GBA sq m 96,704 NRA sq m 76,542 Parking # 802 WAULT Years 6.0 Occupancy % 99,7% ERV $/sq m 1000 Indexation %/year 2.0% Land plot sq m 3,500 Land lease agreement Year 2050

Location

Northern Administrative District between the Garden

Ring and Third Transport Ring

Belongs to Belorusskaya area which is one of the most

prestigious business districts in Moscow (prime office sub-market)

Right next to the Belorusskaya Metro Station (1 minute

walk) and Belorusskaya Railway Station (express trains to Sheremetyevo airport)

Description

Class A+ office centre
Modern, high-class building completed in

2009

Winner of the Commercial Real Estate

Moscow Awards 2010 for best Class A Business Center

LG Electronics

White square

Tenants

MKAD Ring Road

Lease Expiration Profile

Top-5 tenants occupy 87% of NRA and 80% of NOI

Note:

1. Cushman & Wakefield valuation report as of 30.06.2013

2 643 617 5 218 3 341 14 948 4 219 1 621 49 677 3,21% 0,75% 6,34% 4,06% 18,17% 5,13% 1,97% 60,37%

10 000

20 000 30 000 40 000 50 000 60 000 0,00% 10,00% 20,00% 30,00% 40,00% 50,00% 60,00% 70,00%

2013 2014 2015 2016 2017 2018 2019 2020

Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %

SLIDE 53

Ducat III

53

Valuation $ MM 384.9 GBA sq m 46,085 NRA sq m 33,079 Parking # 494 WAULT Years 2.8 Occupancy % 97% ERV $/sq m 1,150 Indexation %/year 3.0% Land plot sq m N/A Land lease agreement Year N/A

Location

Central Administrative District, in the

most prestigious business area in Moscow

Between Mayakovskaya and

Belorusskaya metro stations. Description

Class A prime office centre
Modern, high-class building completed

in 2008

Ducat III

Tenants

MKAD Ring Road

(1)

Lease Expiration Profile

Top-5 tenants occupy 56% of NRA and 57% of NOI

11 487 2 654 5 667 5 582 4 938 2 190

815

34% 8% 17% 17% 15% 7% 0% 2% 0% 5% 10% 15% 20% 25% 30% 35% 40%

2 000

4 000 6 000 8 000 10 000 12 000 14 000 2014 2015 2016 2017 2018 2019 2020 2021 NRA, m² NRA, %

SLIDE 54

Krugozor

54

Valuation $ MM 365 GBA sq m 62,072 NRA sq m 50,951 Parking # 703 WAULT Years 3.4 Occupancy % 99% ERV $/sq m 655 Indexation %/year 3.74% Land plot sq m 27,078 Land lease agreement Year 2045

(1)

Tenants

South West administrative district
Krugozor is close to Kaluzhskaya

Metro Station (5 minutes walk) Description

Class A office centre
Consists of 2 buildings of different

heights connected together

Reconstructed buildings of former toy

factory

Krugozor MKAD Ring Road

Location

Lease Expiration Profile Top-5 tenants occupy 60% of NRA and 60% of NOI

Note:

1. Cushman & Wakefield valuation report as of 30.06.2013

39 4 324 9 308 933 7 198 6 197 4 702

0,12%

13,22% 28,46% 2,85% 22,01% 18,95% 14,38% 0,00%

1 000

2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 30,00% 2013 2014 2015 2016 2017 2018 2019 2020 Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %

SLIDE 55

Lesnaya Plaza

55

Valuation $ MM 294 GBA sq m 49,520 NRA sq m 39,710 Parking # 318 WAULT Years 4.3 Occupancy % 91% ERV $/sq m 600 Indexation %/year 3.4% Land plot sq m 3,500 Land lease agreement Year 2050

Location

Northern Administrative District between the Garden

Ring and Third Transport Ring

Belongs to Belorusskaya area which is one of the most

prestigious business districts in Moscow (prime office sub-market)

Right next to the Belorusskaya Metro Station (1 minute

walk) and Belorusskaya Railway Station (express trains to Sheremetyevo airport)

Description

Class A office centre
Modern, high-class building completed

in 2005

LG Electronics

Lesnaya Plaza

Tenants

MKAD Ring Road

Lease Expiration Profile

(1)

Top-5 tenants occupy 76% of NRA and 77% of NOI

285

4 599

8 464 9 724 11 109 608 4 587 304 1% 0% 12% 21% 25% 28% 2% 12% 1%

5%

0% 5% 10% 15% 20% 25% 30% 35%

2 000

4 000 6 000 8 000 10 000 12 000 2013 2014 2015 2016 2017 2018 2019 2020 2021 NRA, m² NRA, %

SLIDE 56

LeFort

56

Valuation $ MM 263 GBA sq m 59,781 NRA sq m 56,169 Parking # 714 WAULT Years 3.3 Occupancy % 99.7% ERV $/sq m 450 Indexation %/year 3% Land plot sq m 43,424 Land lease agreement Year 2052

Location

East Administrative District
Well developed industrial area with more

than 300 of the largest industrial companies located there

Close to Preobrazhenskaya Ploschad

Metro Station (7 minutes walk)

Class B office centre
Consists of 10 rentable buildings of

different heights

Reconstructed buildings of former silk

factory (early 20th Century buildings)

Le Fort MKAD Ring Road

Tenants Description

Lease Expiration Profile

(1)

Top-5 tenants occupy 60% of NRA and 65% of NOI

113 11 045 13 399 11 525 13 918 610 4 037 0% 20% 25% 21% 25% 1% 7% 0% 5% 10% 15% 20% 25% 30%

2 000

4 000 6 000 8 000 10 000 12 000 14 000 16 000 2013 2014 2015 2016 2017 2018 2019 NRA, m² NRA, %

SLIDE 57

Stanislavsky Factory

57

Valuation $ MM 256 GBA sq m 43,251 NRA sq m 34,345 Parking # 335 WAULT Years 2.7 Occupancy % 100.0% ERV $/sq m 650 Indexation %/year 3.15% Land plot sq m 19,632 Land lease agreement Year 2051

Location

Central Administrative district (some of the

most prestigious offices are located within district)

Close to Taganskaya and Marksistskaya

metro station (7 and 9 minutes walk respectively)

Class A- office centre
Consists of 6 buildings
Reconstructed buildings of former

factory

Stanislavsky Factory MKAD Ring Road

Tenants Description

Lease Expiration Profile

(1)

Top-5 tenants occupy 51% of NRA and 50% of NOI

3 519 6 650 7 182 6 407 10 431 10% 19% 21% 19% 31% 0% 5% 10% 15% 20% 25% 30% 35%

2 000

4 000 6 000 8 000 10 000 12 000 2013 2014 2015 2016 2017 NRA, m² NRA, %

SLIDE 58

Avion

58

Valuation $ MM 101 GBA sq m 19,147 NRA sq m 18,429 Parking # 63 WAULT Years 1.3 Occupancy % 51% ERV $/sq m 550 Indexation %/year 4.3% Land plot sq m 9,428 Land lease agreement Year 2054

Location

North Administrative District
Close to Aeroport metro station
The property resides along Leningradsky

Prospekt, a principal route from the Moscow city centre to the Sheremetyevo airport

Right next to Aeroport Metro Station
Class B+ office centre
Consists of 2 buildings connected

together

Reconstructed in 2005

Avion MKAD Ring Road

Tenants Description

Lease Expiration Profile

(1)

Top-5 tenants occupy 85% of NRA and 86% of NOI

371 1 490

676

536 2 626

6,51%

26,14% 11,86% 9,41% 46,08% 0,00%

500

1 000 1 500 2 000 2 500 3 000 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 30,00% 35,00% 40,00% 45,00% 50,00% 2013 2014 2015 2016 2017 2018 2019 2020 Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %

SLIDE 59

Vivaldi Plaza

59

Location

Central Administrative district (some of the

most prestigious offices are located within district)

Close to Paveletskaya metro station (2 minutes

walk)

One of the most well developed business

districts in Moscow

Class A office complex
Consists of 3 buildings, 11 stories

each

New development completed in late

2011 Tenants Description

MKAD Ring Road Vivaldi Plaza

Lease Expiration Profile

Valuation $ MM 434 GBA sq m 71,809 NRA sq m 48,051 Parking # 754 WAULT Years 6.6 Occupancy % 100% ERV $/sq m 700 Indexation %/year 4.3% Land plot sq m 16,322 Land lease agreement Year 2060

(1)

Top-5 tenants occupy 75% of NRA and 75% of NOI

62

4 132
11 894

26 751 4 395 635 0% 0% 9% 0% 25% 56% 9% 1%

10%

0% 10% 20% 30% 40% 50% 60%

5 000

10 000 15 000 20 000 25 000 30 000 2015 2016 2017 2018 2019 2020 2021 2022 NRA, m² NRA, %

SLIDE 60

Lighthouse

60

Valuation $ MM 260 GBA sq m 44,581 NRA sq m 27,405 Parking # 332 WAULT Years 6.7 Occupancy % 98% ERV $/sq m 700 Indexation %/year 3.4% Land plot sq m 6,200 Land lease agreement Year NA

Location

Garden Ring
Central Administrative district (some of the

most prestigious offices are located within district)

Close to Dobrininskaya and Paveletskaya

metro station (3 and 5 minutes walk, respectively)

Class A office centre
14 floors building
New development completed in early

2012

McDonalds Fitch Ratings Knight Frank Fitness Lighthouse MKAD Ring Road

Tenants Description

Lease Expiration Profile

(1) (1)

Top-5 tenants occupy 51% of NRA and 47% of NOI

119

1 469

885 961

3 757

2% 0% 0% 0% 20% 12% 13% 0% 0% 52%

10%

0% 10% 20% 30% 40% 50% 60%

500

1 000 1 500 2 000 2 500 3 000 3 500 4 000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 NRA, m² NRA, %

SLIDE 61

Silver City

61

Valuation $ MM 361 GBA sq m 56,033 NRA sq m 41,766 Parking # 446 WAULT Years 3.1 Occupancy % 98% ERV $/sq m 700 Indexation %/year 2.2% Land plot sq m 3,500 Land lease agreement Year 2050

Location

Central Administrative District within the Garden Ring
Between Taganskaya and Paveletskaya metro

stations.

Description

Class A office centre
Modern, high-class building

completed in 2007

Silver City

Tenants

MKAD Ring Road

(1) (1)

Lease Expiration Profile

Top-5 tenants occupy 58% of NRA and 62% of NOI

11 023 347 6 580 4 319 8 767 8 151 2 579 26% 1% 16% 10% 21% 20% 6% 0% 5% 10% 15% 20% 25% 30%

2 000

4 000 6 000 8 000 10 000 12 000 2013 2014 2015 2016 2017 2018 2019 NRA, m² NRA, %

SLIDE 62

Section 8: Development Projects

SLIDE 63

Greenpoint

63

Location

North-East Administrative District
700 m to Third Transport Ring
Close to Maryina Roscha metro station (7

minutes walk)

Class B+ office complex
New development completed in progress

MKAD Ring Road Greenpoint

Project Description

Management anticipates significant

increases in office demand in the respective area and expects the property to generate a very high yield on the acquisition/ development costs

O1 has acquired a 50% JV stake in the

development for $9.6MM in June 2011 and another 35% in April 2013.

Description

Valuation $ MM 33 GBA % 43,954 NRA sq m 31,000 Parking # 470 ERV sq m 500 Land plot sq m 4,675 Land lease agreement Year 2052-53 (2) Completion Year 2016 Development cost $ MM 125 O1 share % 85%

(1) (1)

SLIDE 64

Bolshevik

64

Location

Northern Administrative District between the Garden

Ring and Third Transport Ring

Belongs to Belorusskiy area which is one of the most

prestigious business districts in Moscow (prime office sub-market)

Borders Liningradskiy prospect (route to Sheremetievo

airport)

Close to Belorusskaya Metro Station (10 minutes walk)
19th century industrial buildings
Currently used as chocolate factory (Kraft)
Conversion into class A-/B+ office space in

case of acquisition

MKAD Ring Road Bolshevik Factory

(1) (2)

Project Description

The project will take place in two phases of

equal size, with expected completion in Q1 2014 and Q1 2015 respectively

Redevelopment will perfectly utilize the

capabilities of the former Horus employees that are now part of the O1 team (Horus used to be specialized in the redevelopment of industrial assets into quality office space)

In July 2013 pre-lease with Publicis Group

was signed for more than 10 000 sqm.

Description

Valuation $ MM 137 GBA % 100,000 NRA sq m 85,000 Parking # 860 ERV sq m 600 Land plot sq m 58,504 Land lease agreement Year 2050 Completion Year 2014/15 Development cost $ MM 111.0 O1 share % 50%

(1) (1)

SLIDE 65

Future acquisition – ICube Project

65

Location

Address: Nakhimovsky av., 58
Profsoyuznaya Metro Station is only a

7 minute walk

Close proximity to 4 key transportation

routes:  Vavilova str.: 50 m.  Leninsky av.: 750 m.  Profsoyuznaya str.: 700 m.  Sevastopolsky av.: 1800 m

ICube meets all modern standards

for A-class office building, from floor efficiency to elevator capacity and HVAC

11-storey building with two levels of

underground parking

MKAD Ring Road ICube

Project Description

In September 2013 O1 Properties

entered into a contract to acquire the Project. The Transaction will be closed when the building is fully leased.

Management anticipates significant

increases in office demand in the respective area and expects the property to generate a high yield on the acquisition/ development costs Description

Valuation $ MM 114 GBA % NA NRA sq m 19,210 Parking lots # 250 ERV sq m 600 Land plot sq m NA Land lease agreement Year NA Completion Year 2013 Outstanding capex (est) $ MM 6 O1 share % NA

SLIDE 66

Thank you

66