Tashir Group is a large Russian holding company founded in 1990 that operates in various industries including finance, construction, and commercial real estate development and management. It has a real estate portfolio of over 4.4 million square meters, including 1.75 million square meters of operational space. Tashir Group plans to open 11 new projects in 2012 totaling over 600,000 square meters, including nine shopping centers and two hotels. It generates revenue primarily from rental income and has traditionally maintained low debt levels.

1. International number: +44 20 3397 3306
UK Toll Free number: 0800 1488 224
Mobile: +359 88 8436 403
E-mail: office@propertyxpress.com
PropertyXpress.com Company Report
Last update: April 23 2012
TASHIR GROUP
Company Tashir Group
Telephone number(s) +7 (495) 514 20 96
Address Moscow, 13/5 Podkolokolny lane,
Build. 1
E-mail tashir@tashir.ru
Web www.tashir.ru
Management • Samvel S. Karapetyan,
President;
• Varuzhan Artenyan, First
Vice President in charge of
financial direction
including investment
activity;
• Vitaly Efimkin, Vice
President in charge of
business development.
Number of Employees 30,000
BUSINESS OVERVIEW
Tashir Group is a Russian holding founded in 1990 in Kaluga by Armenian
businessman Samvel Karapetyan as a successor of the previously acquired
Kalugaglavsnab. Tashir incorporates more than 200 companies working in
various industries, from finance to construction. One of the group’s
primary focuses is development and management of commercial real estate.
At the end of 2011 Tashir Group’s real estate portfolio totaled around
4.4 mln sq. m: 1.753 mln sq. m are operational, while 818,000 sq. m are
under development. The group’s retail portfolio comprises 1.19 mln sq. m
of operational real estate and some 700,000 sq. m under development.
1
------------------------------------------------------------------------------------------------------------------------------
© 2012 PropertyXpress.com. All rights reserved. Data in this report is for general information only, subject
to future revisions. Although every update has been cross-checked to the greater extend we bare no legal
responsibility for any loss or damage resultant from the contents of this document.

2. International number: +44 20 3397 3306
UK Toll Free number: 0800 1488 224
Mobile: +359 88 8436 403
E-mail: office@propertyxpress.com
Besides retail and office centers the investment portfolio of Tashir
Group also includes several hotel, health and resort properties as well
as two operational and one under development logistics centers. 2011
revenues reached US$ 2.8 billion compared to US$ 1.7 billion in 2010.
RETAIL
Over the years, Tashir has built a strong retail business through
establishing various chains and obtaining master franchises, which helps
the group fully make use of its own shopping centers. Selected brands
include:
Cinema Star: The chain presently operates six movie theaters: in RIO
(Moscow), Erevan Plaza (Moscow), Megamall RIO (within City-Park Moscow),
Kaluga XXI Century (Kaluga), RIO (Yaroslavl) and RIO (Kolomna).
Nash Dom DIY chain: There are three Nash Dom hypermarkets: in RIO
(Moscow), Megamall RIO (City-Park Moscow) and RIO (Kolomna).
Modniy Alliance: Modniy Alliance is a network of multibrand department
stores, which works in the middle price segment.
Euro Fashion: Euro Fashion is a network of multibrand stores positioned
in the “upper-middle” market segment.
Jeans wear shops RangeR in the “lower-middle” market segment and Wild
West in the “middle” and “upper-middle” market segments.
Other chains and master franchises include: Kids Garden (full-format
children’s shops), FreshMarket (organic food), GoldenMarket (jewelry),
Vinograd (wine and spirits), QUIZ (apparel), Daskalides chocolate
boutiques and Ruspetrol (gas stations).
2
------------------------------------------------------------------------------------------------------------------------------
© 2012 PropertyXpress.com. All rights reserved. Data in this report is for general information only, subject
to future revisions. Although every update has been cross-checked to the greater extend we bare no legal
responsibility for any loss or damage resultant from the contents of this document.

3. International number: +44 20 3397 3306
UK Toll Free number: 0800 1488 224
Mobile: +359 88 8436 403
E-mail: office@propertyxpress.com
MAJOR PROJECS AND PROPERTIES
Project Location Stage* Total Area
(SQM)
RETAIL
RIO Belgorod F 45,000
Tashir Erevan F 22,000
RIO Ivanovo F 45,000
RIO Kaluga F 20,000
Kaluga XXI Century Kaluga F 25,000
(including
8,000 sqm
hotel)
RIO Kolomna F 45,000
RIO Moscow F 92,000
Megamall RIO Moscow F 220,000
Erevan Plaza Moscow F 42,000
Furnishings Shopping Moscow F 32,000
Center RIO
Europark Moscow F 86,000
RIO Reutov F 175,000
RIO Rostov-On-Don F 100,000
RIO St. Petersburg F 70,000
Paradise Tula F 9,000
RIO Tula F 25,000
RIO Vologda F 50,000
RIO Yaroslavl F 38,000
RIO Yaroslavl F 60,000
FARAON Yaroslavl F 25,000
RIO Kostroma UD 50,000
RIO Lipetsk UD 55,000
RIO Moscow UD 75,000
RIO Moscow UD 76,000
Moscow - Yiwu Moscow UD 100,000
RIO Nizhniy Novgorod UD 100,000
RIO Orel UD 40,000
RIO Saransk UD 25,000
RIO Smolensk UD 30,000
3
------------------------------------------------------------------------------------------------------------------------------
© 2012 PropertyXpress.com. All rights reserved. Data in this report is for general information only, subject
to future revisions. Although every update has been cross-checked to the greater extend we bare no legal
responsibility for any loss or damage resultant from the contents of this document.

4. International number: +44 20 3397 3306
UK Toll Free number: 0800 1488 224
Mobile: +359 88 8436 403
E-mail: office@propertyxpress.com
RIO Tambov UD 58,000
RIO Tver UD 45,000
RIO Arkhangelsk P 40,000
RIO Arkhangelsk P 55,000
RIO Bryansk P 60,000
RIO Kaluga P 90,000
RIO Kirov P 40,000
Shopping center Moscow P 100,000
(Vernadsky Prospect)
RIO Orsk P 45,000
RIO Petrozavodsk P 50,000
FARAON-2 Yaroslavl P 40,000
OFFICE
Business Center TASHIR Erevan F 2,000
Business Center Erebuni Erevan F 15,000
Plaza
Business Center Kaluga F 2,650
Business Center Kaluga F 2,200
Business Center SK- Kaluga F 20,000
Plaza
Business Center on Moscow F 8,000
Podkolokolny lane
Gazoil Plaza Moscow F 37,000
Business Center TASHIR Yaroslavl F 70,000
Business Center SK- Yaroslavl UD 30,000
Plaza
RESIDENTIAL
Tulskaya Str. Kaluga F 15,000
Georgia Dimitrova Str. Kaluga F na
Kronshtadtskiy Moscow F 43,000
Generala Popova Str. Kaluga UD na
Stepana Razina Str. Kaluga UD na
Boldina Str. Kaluga UD 12,500
Dirizhabl Moscow UD 100,000
Gazoil City Moscow UD 207,000
Satellite town Gazoil Moscow P 1,000,000
Park
4
------------------------------------------------------------------------------------------------------------------------------
© 2012 PropertyXpress.com. All rights reserved. Data in this report is for general information only, subject
to future revisions. Although every update has been cross-checked to the greater extend we bare no legal
responsibility for any loss or damage resultant from the contents of this document.

5. International number: +44 20 3397 3306
UK Toll Free number: 0800 1488 224
Mobile: +359 88 8436 403
E-mail: office@propertyxpress.com
HOTEL & LEISURE
Park-Hotel Kaluga F 2,500
Skiing complex Kwan Kaluga F 190,000
Hotel Kaluga Kaluga F 8,000
Complex Ugra Kaluga F 2,000
SK-Royal Moscow F 20,000
Complex Tashir Sochi F 7,000
Complex Tashir Yalta F na
Mixed-use recreation Moscow UD 70,000
complex
Hotel Tula Tula UD 17,000
Hotel (part of the Yaroslavl UD 18,000
City-Park 1000 years of
Yaroslavl)
Hotel complex Kaluga P 20,000
LOGISTICS
Commercial and Kaluga F 30,000
logistics center
HOLODILNIK
Promyshlennaya Str. Moscow F 35,000
Production, repair and Moscow UD 13,620
warehouse complex
Source: Tashir Group
*F = Functioning, UD = Under Development, P = Project, PL = Pipeline
Since 2005 Tashir has commissioned 20 shopping centers, most of them
under the RIO brand, in Moscow, St. Petersburg, Kolomna, Yaroslavl,
Belgorod, Reutov, Ivanovo, Tula, Kaluga, Vologda, Rostov-on-Don, and
Erevan.
A further eleven shopping centers are currently under development in
Moscow, Oryol, Kostroma, Tambov, Lipetsk, Saransk, Smolensk, Tver and
Nizhny Novgorod. Nine retail centers are in the “project” phase: in
Moscow, Yaroslavl, Petrozavodsk, Bryansk, Arkhangelsk, Kirov, and Orsk.
Tashir has developed eight office centers: in Moscow, Kaluga, Erevan and
Yaroslavl. There is another one currently under development in Yaroslavl.
5
------------------------------------------------------------------------------------------------------------------------------
© 2012 PropertyXpress.com. All rights reserved. Data in this report is for general information only, subject
to future revisions. Although every update has been cross-checked to the greater extend we bare no legal
responsibility for any loss or damage resultant from the contents of this document.

6. International number: +44 20 3397 3306
UK Toll Free number: 0800 1488 224
Mobile: +359 88 8436 403
E-mail: office@propertyxpress.com
The group’s portfolio also includes several residential complexes:
Gazoil City, Dirizhabl and Kronshtadtskiy in Moscow, the future Gazoil
Park in Moscow region, and five projects in Kaluga.
Tashir has seven functioning hotels: in Moscow, Sochi, Kaluga and Yalta,
as well as three more under development: in Moscow, Yaroslavl and Tula,
and one that is being projected in Kaluga.
FINANCIALS
Tashir Group’s revenues:
3
Revenue in mln US$
2,5
2
1,5
1
0,5
0
2007 2008 2009 2010 2011
Year Mln US$
2011 2,800 (565 rental income)
2010 1,725
2009 1,509
2008 1,347
2007 1,090
Source: Tashir Group
Debt: The debt of Tashir totaled to US$ 450 mln as of the end of 2011.
Traditionally, the group keeps its debt levels low and prefers to
finance its new developments through own resources, including from its
retail business.
6
------------------------------------------------------------------------------------------------------------------------------
© 2012 PropertyXpress.com. All rights reserved. Data in this report is for general information only, subject
to future revisions. Although every update has been cross-checked to the greater extend we bare no legal
responsibility for any loss or damage resultant from the contents of this document.

7. International number: +44 20 3397 3306
UK Toll Free number: 0800 1488 224
Mobile: +359 88 8436 403
E-mail: office@propertyxpress.com
FUTURE PLANS
Tashir Group plans to put 11 projects into operation in 2012, totaling
more than 600,000 sq. m. Among them are nine shopping centers: two in
Moscow, in Rostov-on Don, Nizhniy Novgorod, Orel, Saransk, Kostroma,
Tambov and Arkhangelsk.
Two hotel projects will be completed in the coming months: a 70,000 sq.m
Mixed-use recreation complex in Moscow as well as a hotel in Yaroslavl.
Besides, the group will actively monitor the real estate market looking
to acquire new assets, especially in Moscow.
CLIENTS/TENANTS/PARTNERS
Apart from its own chains, tenant list of Tashir’s shopping centers
include the following retailers: Nash Hypermarket (OAO Seventh
Continent), Spar, Quiz, Eldorado, Sportmaster, Auchan, Victoria
supermarket chain, M. Video, Sportmaster, Cinema Star, Zolla, O’Stin,
Gloria Jeans, Modis, L’Etoile, Centro, Randez-vous, Vito Ponti, etc.
COMPETITORS
Among the competitors of Tashir Group are:
• (shopping centers): IKEA, Adamant, Crocus Group, TEN Group,
Regions Group, Finstroy;
• (residential): Etalon Group, SU-155, Morton, PIK Group.
-------
7
------------------------------------------------------------------------------------------------------------------------------
© 2012 PropertyXpress.com. All rights reserved. Data in this report is for general information only, subject
to future revisions. Although every update has been cross-checked to the greater extend we bare no legal
responsibility for any loss or damage resultant from the contents of this document.