Industrial Park PAPIVINO

Industrial Park PAPIVINO (Opportunity) Project Brief Project:Industrial Park PAPIVINO (IPP) Project Area:292 hectares (subdivided into 9 individual land plots) Location:2 km from Klin City (North of Moscow region), 72 km from Moscow Project Features: Availability of all requisite infrastructure: Highways Railroad Natural gas supply by pipeline Electricity supply Attractive land property price Professional management company will operate the industrial park & provide a wide array of services to park residents Current Status: Freehold title (private company) Industrial Category without limitations Clean documentation provided by international legal advisors Gaz and electricity capacities are available Perfect strategic access for transport Free of collaterals and debts Solid territory Professional Management Company Supportive local authorities Up to [10%] of land property is subject to sale to Federal Government for construction of new federal Highway Moscow-Saint-Petersburg and new Sheremetyevo – Klin section of Larger Moscow Circle highway. Holding Period: years Exit Through:Option1: Infrastructure complex development. Construction and post construction sale/lease to pre-committed buyers. Option2: Infrastructure complex development. Sale of construction ready sites to industrials/investors/large developers Option3: Sale of the Land Plot (partially or the whole plot) to the strategic investor at market value. Based on market growth estimations and additional benefits (new federal Highway Moscow - Saint-Petersburg) Targeted IRR:up to 20%+ p.a. Industrial

Industrial Park PAPIVINO (Opportunity) Favorable location Industrial Park Papivino is located on one of the main traffic routes connecting St. Petersburg with Moscow and, through Moscow, with southern and eastern regions of Russia, and, more broadly, Russia with Central and Eastern Europe New federal Highway Moscow-Saint- Petersburg (669km long, 10 traffic lines, actual transport traffic up to vehicles a day) will be constructed and positioned to pass along the boundaries of the IPP New federal Highway Moscow-Saint- Petersburg has exits to Papivino industrial park. Toll points are also on site Papivino industrial park is the one and only industrially zoned site on the highway route This decision of the Federal government adds value to the land and increases attractiveness of the park both to the developers as well as to the final users. Klin rail station is within 1.5 km from Papivino. Management Company agreed connection point with local rail authorities. Limit is 200 boxcars daily Industrial

Industrial Park PAPIVINO (Opportunity) Growth factors and constraints for logistic services and industrial in Moscow region* Note: * - Source: Jones Lang LaSalle (1q 2010 report) Growth Factors Stable economic growth Stronger consumer demand due to disposable income growth Active expansion of retail chains Growth of industrial production Accelerating significance of Moscow as a key traffic hub Constraints Lack of transparency in the real estate market Difficult formal process of changing land category from agricultural to industrial Poor infrastructure Financing difficulties Industrial

Industrial Park PAPIVINO (Opportunity) Requirements for land plots considered for construction of logistics complexes and industrial enterprises Note: * - Source: Jones Lang LaSalle (1q 2010 report) Most important Size of a land plot Transport accessibility’ Proximity to Moscow Price of a land plot Important Configuration and landscape Neighbouring land plots Rail road access Infrastructure (water, natural gas, electricity, etc.) Category of land (agricultural or industrial) Proximity to settlements Availability of work force Least important Part of Moscow region Expansion opportunities Proximity to airport/seaport Characteristics of the Industrial Park Papivino are are fully compliant with the expectations of the developers and final users Industrial

Industrial Park PAPIVINO (Opportunity) Government support for industrial parks Possible measures of Federal government support for industrial parks: Grant-in-aid for the development of the industrial park in the amount of 15% of taxes paid by the residents of the IP Subsidize interest rates on investment loans received for projects to create new industries in the territory of the IP; Creation of the Federal Program "Development of industrial parks in Russia." VV Capital Partners is a member of the association of Industrial Parks in Russia and VV Capital Partners projects are included into the Moscow government program. Industrial Moscow Region industrial zone Program – how investor and business can benefit. Joining the Program investor, management company or business is getting: Assurance to the investor and developer that the target usage of the land plots will not be changed through the lifetime of the project; Minimizing time and bureaucratic procedures for documentation processing; Minimizing title risks by prudent supervision of ownership rights transfers and documentation processing and authorization Benefits of the different forms of the regional government support; Clear Program management guidelines and responsibilities Financing education program in order to provide adequate labor force

Industrial Park PAPIVINO (Opportunity) Management Company VV Capital Partners Industrial Park PAPIVINO managed by Vitis Vinifera Capital Partners - reputable company of high-efficiency management team with unique investment experience in Russia. More than 15 years of combined experience in originating, structuring, brokering, negotiating, debt and equity arrangement for, and development of, diversified real estate portfolio, including residential, commercial & industrial project. Extensive experience in well known Russian and foreign investment institutions: Renaissance Capital, VR Capital Group, SOVLINK. Unparalleled knowledge of Russian regions, proven record of well established relationships with municipal authorities in the most prestigious regions of Russian Federation. Completed a number of successfully running projects in commercial and residential real estate, including those with the participation of foreign investors such as: Shopping & Entertainment Mall, Yaroslavl Region; “Vernissage” with a total area of sq. m. Residential Communities on Novorizhskoye highway, Moscow Region: “Stariy Svet”, ”Alexandrovo”, “Yadromino”. Completed in projects comprise 239 Hectares of land. Currently VV Capital Partners operates as Management Company for: PAPIVINO Industrial park “Petrovskiy Park” Residential Community. 337 Hectares of land is in the active pipe-line now. Industrial

Industrial Park PAPIVINO Location: Russian Federation Industrial KLIN MOSCOW St.Petersburg N.Novgorod Kazan KIEV

Industrial Park PAPIVINO Location: Moscow Region Industrial Moscow region KLIN city Industrial Park PAPIVINO MOSCOW

Industrial Park PAPIVINO Location: Klin Region Industrial PAPIVINO KLIN

Industrial Park PAPIVINO Industrial St.Petersburg Moscow Toll points Exits from federal road KLIN Existing access roads Master plan