[PPT] - Company Presentation at Sberbank Conference April, 2013 Contents PowerPoint Presentation

SLIDE 1

Company Presentation at Sberbank Conference

April, 2013

SLIDE 2

Strategy and corporate overview 3 Market overview 10 Asset portfolio overview 17 2012 Achievements & acquisitions and divestments 21 2013 Initiatives 27 Debt & Liquidity 30 Financial performance – Historical 32 Financial performance – Projections 34 Our equity story 37 Appendix: yielding assets 42

2

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3

Strategy & Corporate Overview

SLIDE 4

Dmitriy Mints Alexander Ostrovskiy Michael Stanton Tomasz Zamiara Pavel Barbashev

Management Team

4 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 $3Bn 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

SLIDE 5

5

The Idea

100% Office 100% Moscow ~ 80/20 Yielding/ Development ~ 50/50 Leverage

SLIDE 6

A Moscow Office Pure-Play

6

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 426,793 sq. m. of as of 01 February 2013 (2)

Development portfolio includes 50% stake in 1 project
Independent portfolio valuation of US$ 3.7Bn
Yielding: US$ 3.67Bn
Developments: US$0.03Bn (3) (not consolidated)

Total value = US$3.7 Bn Yielding assets = US$3.67 Bn Development (not consolidated) = US$0.03 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 (tenant

performance, etc.) Asset Management and Leasing Sourcing / Business Development Acquisitions Development Supervision

Notes

1. Cushman & Wakefield valuation report as of 31 December 2012; assets ownership as of 01 February 2013
2. NRA including only yielding assets; except development projects (incl. White Square but excl. Olympia park )
3. O1 stake in development project is 50%
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

99% 1% Yielding Assets Development Projects

Fully Integrated Office Real Estate Platform

SLIDE 7

7 7

Asset Quality: Diversified Portfolio Across Moscow

Yielding Assets

Avion Krugozor Le Fort Stanislavsky

Development Projects

Lighthouse Vivaldi Plaza Sheremetyevskaya Lesnaya Plaza Value: $0.03 Bn NRA: 31 171 sq m

Current Portfolio (1)

Completion: 2016

100% Moscow Office

Avion $107 MM Le Fort $261 MM Stanislavsky Factory $256 MM Lighthouse $237 MM

MKAD Ring Road

Sheremetyevskaya $29 MM Vivaldi Plaza $423 MM Lesnaya Plaza $280 MM Sheremetyevo Airport Domodedovo Airport 5 km Kremlin Yielding Asset Development Project Vnukovo Airport Notes

1. Olympia park was sold in Feb 2013, all data are given without Olympia park
2. Annualized full occupancy NOI as of Feb 2013 incl. parking
3. O1 owns a 50% interest in Sheremetyevskaya

Krugozor $359 MM

Silver City

Silver City $361 MM Ducat III $380 MM

Ducat III

Yielding Assets make up 99% of Portfolio Value

Feb 2013 Value (US$ Bn.) 3.7 NRA (sq. m) 426,793 Occupancy 98% LOI’s 0,2% Annualized 2013 NOI ($ MM) (2) 336 Weighted Average ERV (US$) 752 White Square

White Square $1 002 MM

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Strong Board

8 Value-Add Board Members and Strong Corporate Governance

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 Operating Officer

Tomasz Zamiara

Chief Financial Officer

Michael Stanton

Chief Investment Officer

Dmitriy Mints

Chairman of the Board and Chief Executive Officer

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

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9

Group structure chart (pro-forma)

85%

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10

Market Overview

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11

Key Highlights Market Position

4) Moscow –Investment into Real Estate Rising 5) 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 12

1) Macros: Lowest debt levels

12

Source: The Economist (Global debt guide September 2012)

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2) Moscow: Russia’s Office Market

13 Moscow Office Market 5 times larger than St Petersburg

Source: Cushman & Wakefield, as of Feb 2013

9.34 MM sq m 2.14 MM sq m 1.20 MM sq m (11.4% of Class B) 0.42 MM sq m (16.6% of Class A)

Moscow Office Stock & Vacancy Breakdown

Total Stock (sq m): 13.1 MM Class A Class B Vacant class B Vacant class A

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3) Moscow Office Market: Low Levels Class A Stock

14

New office Construction

Source Cushman & Wakefield, as of Feb 2013

Moscow’s Stock & Vacancy

Source Cushman & Wakefield, as of Feb 2013

Million sq.m. New York Budapest Prague Warsaw Frankfurt Milan Madrid Moscow London Paris 0.0 5.0 10.0 15.0 15.0 30.0 45.0 60.0 Total Office Stock (sq m MM)

Low Relative Stock Per Capita

Population (MM)

Source Cushman & Wakefield, as of June 2012

500 1 000 1 500 2 000 2 500 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Class B (B+ and B-) Class A

Attractive Yield Dynamics

8,5 6,3 6,0 7,3 4,5 4,0 2,9 4,5 5,8 6,4 2,1 1,8 2 4 6 8 Moscow (Russia) Warsaw (Poland) Madrid (Spain) Budapest Paris (France) London (UK)

Office yield Government bonds yield

%

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4) Increasing Investments into Real Estate

15

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

Foreign Participation Small But Rising

Name Market YEAR Rentable area, sq m Investor Estimated Value, US$ MM Metropolis Shopping Center Moscow 2013 200,000 Morgan Stanley (MSREF) $1 200 Galleriya 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

Recent foreign investment transactions

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

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5) O1 is The Leading Player in Moscow Office Market

16

O1 Investment Portfolio Increase

O1 has 426,793 sq. meters of completed and yielding Class A and B+ Office Space with an additional 100,000

sq meters under development

We estimate 4 – 5 million of total office stock would be classified as Class A or B+, with the remainder being

lower quality Class B

Our potential market share in Class A / B+ segment is probably in the range of 10% - 12%

321 363 396 427 2 105 2 525 2 982 3 665

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 1Q 2013 NRA, thous. sq. m GAV, MM USD

Source: Company data

Thous. sq. m

MM USD

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17

Asset portfolio overview

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High Quality Cash-Generating Asset Portfolio

18 Strong Rent-Generating Assets and Selected Development Exposure

Portfolio Description (1)

All Properties Class A and Class B+ (except for LeFort which is

Class B)

Top-tier tenants, principally multinationals corporations and leading

Russian companies

Existing yielding real estate portfolio comprised of 10 properties with

426,793 sq. m. NRA as of Feb 2013

Independent yielding portfolio valuation of US$ 3.7Bn

18

Properties (1)

Avion Yielding Assets (99% of GAV) Krugozor Lesnaya Plaza Le Fort

Valuation:

$255.5 MM

NRA:

34,345 sq m

WAULT:

3.0 years

Occupancy:

100.0%

Valuation:

$106.7 MM

NRA:

18,429 sq m

WAULT:

0.9 years

Occupancy:

100%

Stanislavsky Factory Vivaldi Plaza

Valuation:

$422.5 MM

Total NRA:

48,051 sq m

WAULT:

6.9 years

Occupancy:

100%

Completion Date:

4Q 2011

White Square

Valuation:

$1001.9 MM

NRA:

76,542 sq m

WAULT:

6.2 years

Occupancy:

99,4%

Lighthouse

Valuation:

$280.3 MM

NRA:

39,710 sq m

WAULT:

4.5 years

Occupancy:

91%

1. Notes

Asset portfolio excludes Olympia park since it was sold in Feb 2013. Valuation based on Cushman & Wakefield valuation report as of 31 Dec 2012. WAULT – weighted average unexpired lease term as of Feb 2013. Company information as of Feb 2013

Silver City

Valuation:

$360.8 MM

NRA:

41,766 sq m

WAULT:

3.0 years

Occupancy:

98%

Valuation:

$261.4 MM

NRA:

56,169 sq m

WAULT:

3.4 years

Occupancy:

100%

Valuation:

$380.1 MM

NRA:

33,333 sq m

WAULT:

2.8 years

Occupancy:

98%

Ducat III

Lease Expiration Profile, % of NRA

41 316 35 119 55 311 40 440 73 892 36 975 31 284 83 736 6 192 8 055 9,88% 8,40% 13,22% 9,67% 17,66% 8,84% 7,48% 20,02% 1,48% 1,93% 10 000 20 000 30 000 40 000 50 000 60 000 70 000 80 000 90 000 100 000 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total Expired NRA from total signed tenants m² Total Expired NRA from total signed tenants %

Valuation:

$358.9 MM

Total NRA: 50,951 sq m
WAULT:

3.6 years

Occupancy:

100%

Valuation:

$237.1 MM

NRA:

27,405 sq m

WAULT:

6.9 years

Occupancy:

93%

Completion Date:

1Q 2012

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Well Diversified Yielding Portfolio

19

Notes

1. Property valuation as of 31 Dec 2012 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.

Low Asset Concentration underpins Stable Cash Flows

As of 30 Sep 2012 As of April-2013

Total Value: $2.6 Bn Total Value: $3.7 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% Avion 3% Krugozor 10% Le Fort 7% Stanislavsky Factory 7% Lesnaya Plaza 8% Lighthouse 6% Vivaldi Plaza 12% Silver City 10% Ducat III 10% White Square Bld.1 (PWC headquarter) 12% White Square Bld.2 15%

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Secure Cash Flows Due to High Quality Tenants

20 Mostly : Multinational Tenants or Russian RTS/LSE Listed

Key Tenants (as of 01 Feb 2013, including White Square, Ducat III and excl. Olympia Park)

# Tenant NRA, m² NRA, % 1 PwC 33 151 7,93% 2 EurAsEC 23 875 5,71% 3 Deloitte 15 946 3,81% 4 Nomos Bank 10 622 2,54% 5 SUEK 10 096 2,41% 6 Citibank 9 706 2,32% 7 Volkswagen Group 9 470 2,26% 8 General Electric 8 098 1,94% 9 Slavneft 7 917 1,89% 10 McKinsey & Company 7 722 1,85% 11 LG Electronics 6 236 1,49% 12 Mail.ru 6 217 1,49% 13 Weatherford 5 702 1,36% 14 Arguments&Facts 5 561 1,33% 15 Nokia Siemens Networks 5 370 1,28% 16 ABB 5 160 1,23% 17 Alacatel 4 831 1,16% 18 Rolf Import 4 756 1,14% 19 Regus 4 587 1,10% 20 CHTPZ Group 4 395 1,05% 21 Toyota Bank 4 393 1,05% 22 Europa Media Group 4 322 1,03% 23 McDonalds 3 981 0,95% 24 Roche Diagnistics 3 853 0,92% 25 Orgenergogaz 3 763 0,90% # Tenant NRA, m² NRA, % 26 Swedbank 3 708 0,89% 27 Clifford Chance 3 690 0,88% 28 FESCO Transportation Group 3 595 0,86% 29 TimService 3 486 0,83% 30 IBM 3 428 0,82% 31 Nike 3 383 0,81% 32 Sistematika 3 382 0,81% 33 BNPP 3 265 0,78% 34 Goldman Sachs 3 182 0,76% 35 Kvartal stroy 3 148 0,75% 36 Bacardi 3 113 0,74% 37 Agropromkredit 3 101 0,74% 38 REPUBLIKA 3 017 0,72% 39 Cordiant 3 016 0,72% 40 Canon 2 993 0,72% 41 Jones Lang LaSalle 2 831 0,68% 42 John Deere 2 766 0,66% 43 Olympus 2 748 0,66% 44 Syngenta 2 680 0,64% 45 Marsh Insuarance 2 579 0,62% 46 Boston Consulting Group 2 466 0,59% 47 Sovcomflot 2 463 0,59% 48 Cushman & Wakefield 2 463 0,59% 59 ConocoPhillips Russia, Inc. 2 400 0,57% 50 VNIIR 2 385 0,57%

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

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21

2012 : Achievements, Acquisitions & Divestitures

SLIDE 22

2 105 2 525 2 982 3 665 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 March 2013

Mln USD

22 22

2012 Achievements

1) UK Listing: Approved by UKLA for meeting LSE Listing Eligibility requirements and issued Prospectus (though IPO was later

deferred) 2) Acquisitions : Acquired Ducat III, Silver City and White Square 3) Leasing: Leased over 120,000 sq meters and finished the year 98% leased 4) Disposals: Olympia Park was sold to end-user (Kaspersky Lab) 5) Hedging : Locked in Low Interest rates on Ducat, Silver City and White Square Acquisitions 6) Financing : Extended maturities of key debt (Aareal loan matures 2017) 7) Capital Base: Supplemented Capital base by issuing $170 mln of Pref Stock to our Parent Company

Gross Asset Value growth

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2012 Acquisition 1

23

Silver City: Value-add Opportunity in Core Asset

Class: A
ERV 2013: $700
NRA: 41,766 sq m (1)
Parking slots: 446
Occupancy: 98%
WAULT: 3.0 years
Valuation: $360.8 MM (31.12.12 by Cushman&Wakefield)

Rationale of the acquisition:

Prestigious location inside the Garden Ring
Newly build class A office property with major international and

Russian tenants

Short WAULT to be managed by the asset management

department

Latest Acquisition of Standing Assets (Recent Independent Appraisal $360.8MM)

Source Company data as of Feb 2013

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2012 Acquisition 2

24

Ducat III: Core Asset Rationale of the acquisition:

“Trophy” class A office property in Moscow: top international

companies as tenants, superior location and building quality.

Currently under-rented as initially leased were signed during

construction phase in 2005-2006.

Rent ramp-up due to coming lease expirations would create

significant additional value

Class: A
ERV 2013: $1,100 - $1,300
NRA: 33,333 sq m
Parking slots: 474
Occupancy: 98%
WAULT: 2.8 years
Valuation: $380.1 MM

Trophy Class “A” Property (Recent Independent Appraisal $380.1MM)

Source Company data as of Feb 2013

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2012 Acquisition 3

25

White Square: Core Asset Rationale of the acquisition:

Trophy Class “A” Property considered by some to be the finest
ffice building in Moscow.
The property is fully occupied, high quality multinational

tenants, long term secured lease agreements

Winner of the Commercial Real Estate Moscow Awards 2010

for best Class A Business Center

Excellent transport accessibility to the city centre of Moscow as

well as to the Garden Ring (GR), Third Transport Ring (TTR) and Moscow Ring Road (MKAD), proximity to the next metro station – Belorusskaya metro station is next to the property;

The construction and fit-out of the subject property complies

with high quality standards which will ensure a maintaining long-term value of the property;

Modern buildings – capital expenses are not required
Class: A
ERV 2013: $1,000
NRA: 76,542 sq m
Parking slots: 802
Occupancy: 99,4%
WAULT: 6.2 years
Valuation: $1 001.9 MM

Trophy Class “A” Property (Total Value $1 001.9MM)

Source Company data as of Feb 2013

SLIDE 26

Olympia Park divestment

26

Location

North Administrative District
Close to Vodny Stadion metro station

(5 minute walk)

Close to Leningradsky Prospect

which is a principal route from Moscow city centre to Sheremetyevo airport

Class A office complex
Consists of 3 buildings, 5 stories

each

Buildings are located on the bank
f Khimkinskoe lake
New development completed in

late 2011

Olympia Park MKAD Ring Road

Description

(1)

Olympia Park is a Class A office building located in “Leningradsky corridor”, half way from the Kremlin to Sheremetyevo airport.
O1 acquired the property in a semi-developed state in December 2010 for $96.1 MM.
Since the acquisition, O1 invested a further $105 MM into the property and the construction was substantially completed by December 2011.
Another $42 MM have been required to finalize works (approx. $17 MM for fit-out) and buy out the City of Moscow’s interest (approx. $25 MM).
During the construction phase, O1 was able to successfully lease up the property to four major tenants, including Kaspersky and BMW, that together take up 96% of

the NRA.

As at 31 December 2012 Cushman & Wakefield valued the property at $318.3 MM with $17 MM remaining to be spent. In December 2012 we signed SPA with

Kaspersky Lab for the sale of Olympia Park.

The sale price of $345 mln was almost 10% higher than 31 Dec 2012 independent valuation.

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27

Initiatives for 2013

SLIDE 28

Bolshevik Development Underway

28

Bolshevik Factory

Redevelopment project:

Bolshevik Factory asset is 19th century industrial building and used to

be a Kraft Foods factory

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)

The asset is located between the Garden Ring and the Third Transport

Ring and is expected to be re-developed into a class A-/B+ office asset

The development will take place in two phases of equal size, with

expected completion in Q4 2013 and Q2 2015 respectively Class A-/B+ ERV, US$/sq m/year 600 Valuation, USD$MM 88.5 O1 share Option to acquire 100% NRA, sq m Circa 75,000 Completed (phases I and II) 2013 and 2015 GAV, $MM (100% share) 88.5 Total outstanding development cost, $MM (Phase I) 50.0

O1 has an Option to acquire a Low risk and highly profitable refurbishment project

Notes: Company estimates as of 30 September 2012 (based o Cushman & Wakefield valuation report as of 30 June 2012)

SLIDE 29

Sheremetyevskaya: Starting 2H 2013

29

Sheremetyevskaya

Development project:

O1 has been closely following the status of the project since three

years ago when it was already offered to O1 by the previous owner

Sheremetyevskaya will become a class B+ office in the northeast

administrative district of Moscow

O1 has acquired a 50% JV stake in the development for $9.6MM in

June 2011 and increased its stake to 85% in March 2013.

Management anticipates significant increases in office demand in the

respective area and expects the property to generate a very high yield

n the acquisition/ development costs

Class B+ ERV, US$/sq m/year 500 Valuation, USD$MM 29.3 O1 share 50% NRA, sq m 31,000 Completed 2015/16 GAV, $MM (100% share) 29.3 GAV, $MM (O1 share) 14.65 Total outstanding development cost, $MM 125.0 Total outstanding development cost, $MM (O1 share) 62.5

Development Project

Notes: Company estimates as of 30 Feb 20123 (based on Cushman & Wakefield valuation report as of 01.12.2012)

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30

Debt and Liquidity

SLIDE 31

Debt Maturity Profile

31

$ MM

Outstanding Debt (incl. White Square, excl. Olympia as of Feb 2013)

Vivaldi debt was refinanced with a loan from Sberbank to mature in 2020 Total debt: US $2,4 Bln (incl. White Square)

Note: debt repayment in 2017 in total sum of $877 MM includes Aareal bank loan - $441MM (Krugozor, Stanislavsky, Lefort), VTB loans - $139MM (Lesnaya Plaza); $110MM (Lighthouse) and Bank of Moscow (VTB Group) – $187MM (Silver City)

Avion Alfa Bank loan maturity

47 59 64 69 60 40 40 9 3 217 127 184 882 567 230 45

100 200 300 400 500 600 700 800 900 1000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Principal Ammortization

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32

Financial Performance - Historical

SLIDE 33

33

Equity & Capital Structure

+ Ducat III + Silver City

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

Note: Equity of 1,078 as of year end 2012 includes issuance of preferred stock of $171mln (for Ducat acq.) Equity as of 31 March 2013 includes $202 MM preferred stock for White Square

31 Dec 2012 (est)

+ White square

Olympia Park

$ MM

1 459 1 604 2 012 2 105 2 508 2 984 3 665 37 71 60 72 73 69 79 197 173 224 97 83 127 129 661 749 775 850 901 1 078 1 295 195 201 291 142 137 200 191 836 897 1 230 1 282 1 626 1 902 2 388 54% 53% 58% 60% 63% 62% 63% 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

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34

Financial Performance - Projections

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35

Net Debt / EBITDA (x)

Secured rental income underpins material improvement in credit metrics

Interest Coverage Ratio (ICR) (x) Loan to Value (Net debt to GAV)

Key Credit Metrics

Note: 1) EBITDA for the year / Interest expenses (and amortisation) paid for the year 2) Assumes acquisition of 100% of Bolshevik project in 2015 for $361 million (less assumed debt) Note: Net debt at the end of the year / GAV at the end of the year Note: Net debt at the end of the year / EBITDA for the year

1,67x 1,84x 1,87x 1,96x 1,30x 1,37x 1,40x 1,46x 0,00x 0,50x 1,00x 1,50x 2,00x 2,50x 2013 2 014 2 015 2 016 ICR DSCR excl. PIK 8,63x 7,28x 7,53x 6,58x 0,00x 2,00x 4,00x 6,00x 8,00x 10,00x 2013 2 014 2 015 2 016 62% 61% 58% 56% 52% 46% 48% 50% 52% 54% 56% 58% 60% 62% 64% 2012 2013 2 014 2 015 2 016

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36

Our Equity Story

SLIDE 37

37

IPO Timing May 2012 – Market Conditions Awful

Russia ETF down 20% over 90 day period coinciding IPO Roadshow / Bookbuilding

Go / No Go Decision Decision to defer IPO

EEM : Global Emerging Markets ETF RSX: RTS Index ETF Source: NYSE Data

Sunday May 6, 2012 French & Greek elections

SLIDE 38

38 38

Valuation: Cash Flow & NAV Growth drive Valn.

Price / NAV – driven by NAV growth

1. GAV – Gross Asset Value, LTV – Loan to Value

2012 O1 NAV: 18% yoy growth X 2012 IPO Roadshow

SLIDE 39

39 39

Property Stocks Recover

2013 / 2014 Time to IPO ?

1. Source Morgan Stanley : November 2012 Monthly Chartbook

X

SLIDE 40

Company Highlights

40

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 March 2013, O1 assets are 98% leased
Modern assets: most of the portfolio is brand new or refurbished within the last 5 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 1%, 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 March 2013), which compares well to 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 and positive FFO generation (after interest and dividend payments) and 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 – $3,7 Billion (incl. White Square, excl. Olympia Park)

Low tenant concentration

Total of ca. 240 tenants as of March 2013
PwC, Eurasian Economic Community (EEC) and Deloitte are the only tenants accounting for more than 3% of

Total NRA

SLIDE 41

41

Appendix: Yielding Assets

SLIDE 42

42

White Square

Valuation $ MM 1001.9 GBA sq m 96,704 NRA sq m 76,542 Parking # 802 WAULT Years 6.2 Occupancy % 99,4% ERV $/sq m 1000 Indexation %/year 2.4% 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 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 85% of total NRA

Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

0% 3% 0% 6% 5% 13% 5% 1% 66% 1% 0%

0% 10% 20% 30% 40% 50% 60% 70% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SLIDE 43

43

Tenants

Krugozor

South West administrative district
Krugozor is close to Kaluzhskaya

Metro Station (5 minutes walk)

Valuation $ MM 358.9 GBA sq m 62,072 NRA sq m 50,951 Parking # 703 WAULT Years 3.6 Occupancy % 100% ERV $/sq m 655 Indexation %/year 3.74% Land plot sq m 27,078 Land lease agreement Year 2045

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 55% of total NRA

Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

(1)

15% 3% 29% 3% 20% 20% 9% 0% 0% 0% 0% 10% 20% 30% 40% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SLIDE 44

44

Lesnaya Plaza

Valuation $ MM 280.3 GBA sq m 49,520 NRA sq m 39,710 Parking # 318 WAULT Years 4.5 Occupancy % 91% ERV $/sq m 600 Indexation %/year 3.7% 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

Top-5 tenants occupy 78% of total NRA

(1)

Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

1% 0% 12% 20% 24% 19% 2% 12% 1% 0% 0% 5% 10% 15% 20% 25% 30% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SLIDE 45

45

Le Fort

Valuation $ MM 261.4 GBA sq m 59,781 NRA sq m 56,169 Parking # 714 WAULT Years 3.5 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
f different heights
Reconstructed buildings of former

silk factory (early 20th Century buildings)

Le Fort MKAD Ring Road

Tenants Description

Lease Expiration Profile

Top-5 tenants occupy 58% of total NRA

(1)

Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

2% 18% 24% 21% 25% 1% 3% 0% 0% 0% 0% 10% 20% 30% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SLIDE 46

46

Stanislavsky Factory

Valuation $ MM 255.5 GBA sq m 43,251 NRA sq m 34,345 Parking # 335 WAULT Years 2.9 Occupancy % 100.0% ERV $/sq m 650 Indexation %/year 3.16% Land plot sq m 19,632 Land lease agreement Year 2051

Location

Central Administrative district (some
f 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

Top-5 tenants occupy 50% of total NRA

(1)

Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

10% 19% 21% 19% 30% 0%

0% 10% 20% 30% 40%

2013 2014 2015 2016 2017 2018

SLIDE 47

47

Avion

Valuation $ MM 106.7 GBA sq m 19,147 NRA sq m 18,429 Parking # 63 WAULT Years 0.9 Occupancy % 99.5% ERV $/sq m 550 Indexation %/year 4.7% 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 68% of total NRA

Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

77% 8% 9% 0% 5% 0% 0% 20% 40% 60% 80% 100% 2013 2014 2015 2016 2017 2018

SLIDE 48

48

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

Vivaldi Plaza

Description

MKAD Ring Road Vivaldi Plaza

Lease Expiration Profile

Valuation $ MM 422.5 GBA sq m 71,809 NRA sq m 48,051 Parking # 754 WAULT Years 6.9 Occupancy % 100% ERV $/sq m 700 Indexation %/year 4.3% Land plot sq m 16,322 Land lease agreement Year 2060

Top-5 tenants occupy 75% of total NRA

(1)

Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

0% 0% 0% 0% 9% 0% 25% 56% 9% 1% 0% 10% 20% 30% 40% 50% 60% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SLIDE 49

49

Lighthouse

Valuation $ MM 237.1 GBA sq m 44,581 NRA sq m 27,405 Parking # 332 WAULT Years 7.1 Occupancy % 93% ERV $/sq m 700 Indexation %/year 3.5% Land plot sq m 6,200 Land lease agreement Year NA

Location

Garden Ring
Central Administrative district (some
f 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 64% of total NRA

Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

0% 0% 0% 0% 12% 16% 29% 6% 0% 27% 0% 5% 10% 15% 20% 25% 30% 35% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SLIDE 50

50

Silver City

Valuation $ MM 360.8 GBA sq m 56,033 NRA sq m 41,766 Parking # 446 WAULT Years 3.0 Occupancy % 100% 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

Top-5 tenants occupy 58% of total NRA

(1) (1)

Lease Expiration Profile Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

31% 4% 16% 10% 17% 13% 6% 0% 0% 0% 0% 50% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SLIDE 51

51

Ducat Place III

Valuation $ MM 380.1 GBA sq m 46,085 NRA sq m 33,079 Parking # 494 WAULT Years 2.8 Occupancy % 98% ERV $/sq m 1,100-1,300 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

Top-5 tenants occupy 51% of total NRA

(1) (1)

Lease Expiration Profile Note:

1. Cushman & Wakefield valuation report as of 31.12. 2012

1% 40% 7% 15% 12% 15% 3% 1% 2% 0% 0% 10% 20% 30% 40% 50% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SLIDE 52