Location of Operations

Land leases contained in the land bank are either contracts with individuals or contracts with local authorities. Land leases with individuals which form the core of the land-bank tend to run for 10 to 15 years, whereas land leases with local authorities tend to run for less than 5 years. In addition to land in the land-bank, the Group has "Joint Co-operation Agreements" over an additional 16,773 hectares of land a majority of which is in Crimea.