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May 2004 Russian Real Estate Market Overview Presented by Real Estate Opportunity in Russia & CIS

Market Opportunity ATTRACTIVE MARKET OPPORTUNITY CRITICAL MASS One of the largest, quickly growing and most sustainable industries in Russia CAPITAL GAP Large capital gap between supply and demand in real estate market LEVERAGE Sophisticated financing solutions became available over recent years VALUE & EXIT Coming institutional capital will boost asset values within several years Industry poised for institutionalization

Strong Market Fundamentals Large, quickly growing and sustainable industry Moscow Office Market: Stock & New Construction Source: Colliers International Shopping Center Stock vs. Other European Cities Source: Noble Gibbons Moscow Office Market: Rental Rates Moscow Office Market: Vacancy Rates Source: Colliers International Source: Colliers International

Positive Macro Outlook Strong economic fundamentals and political stability form basis for further growth Nominal GDP Inflation Rate Source: State Statistics Committee ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Market Momentum ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The right time to gain exposure to Russian real estate

Multiple Exit Options ,[object Object],[object Object],[object Object],[object Object],[object Object],Liquidity grows as a result of more sophisticated exit options

Asset Class Return Characteristics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Attractive risk/reward parameters across various investment strategies Institutional Investors’ Dilemma: Shortage of existing investment grade assets forces institutional capital into more speculative investment areas.

Fundamental Issue of the Industry ,[object Object],[object Object],[object Object],[object Object],Though profitable and growing, industry suffers from shortage of “smart” money Solutions Opportunity Funds REIT-like Structures

Opportunity Funds ,[object Object],[object Object],[object Object],[object Object],Attractive market fundamentals brought new types of foreign investors Focus on Moscow and St Petersburg NA $90mm target/ not closed Torus Investment Managers Torus real estate fund Targeting existing and development office and residential projects Swiss listed company $35mm/ closed MCTrustco Eastern Property Holdings Acquisition of existing Class A commercial buildings in Moscow with emphasis on trophy status Private closed end partnership $60mm/ closed Fleming Family & Partners Fleming Family & Partners Russia Real Estate Ltd. STRATEGY LEGAL FORMAT SIZE/ STATUS SPONSOR FUND

REIT-like Structures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Provide financing and securitization alternatives for real estate industry

III. RCF’s Real Estate Activities

RCF Highlights ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

RCF’s Construction Financing Vehicle Financing and securitization mechanism for real estate and construction industry Unit Purchase Banks Insurance Companies Institutional Investors “ Closed Real Estate Mutual Fund” Construction company Real Estate Assets Investments Construction Process Individuals Private Investors Pension Funds

RCF Real Estate Fund ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Investment Themes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Based on market opportunity, sponsor’s capabilities and team experience

Transaction Sourcing ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],In opaque Russian market, access to the best opportunities is essential

Hands-on Portfolio Management ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],HANDS-ON PORTFOLIO MANAGEMENT

Contact Information ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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