Michael Lakshin

Konsta Real Estate Properties Ltd. was formed in 2005. Its operations began on January 1, 2007. Its principal business is to acquire, develop and invest in real estate. Its acquisition and development strategy has focused, and will to focus, primarily in the Sochi, Russia real estate market, and secondarily on Moscow and St. Petersburg, in Russia, and then on other major cities in the Russian Federation, or the RF. Through its operating subsidiaries, they are in the process of developing two real properties, none of which to date have been completed.