1. Development company A+ Development 2006

2. Development company A+ Development Investment concept Investment purpose The investment purpose of development company A+ Development is acquisition of stable income from warehouse immovables rental revenues and profit earnings at sale of properties due to increase in their cost. Investment strategy The warehouse immovables building of class A and B on Moscow region territory is based on the following principles: «Good location, High quality» Benefits for A+ Development partners Investment into booming market of warehouse immovables Annual investment income from warehouse immovables rental revenues Annual increase in building value – “hedge against inflation”

3. Development company A+ Development Location of existing high quality warehouses on highways HighwayAllocation 1. Leningradskoe32 2. Yaroslavskoe10 3. Simferopolskoe9 4. Novoryazanskoe9 5. Kashirskoe6 6. Other highways31 TOTAL100 Source

4. Development company A+ Development Classification of current projects and new high quality warehouse development on highways, sq. m. Source

5. Development company A+ Development Demand analysis on size of rented area Source QI 2005

6. Development company A+ Development Approximate rental rates for warehouses of class A and B depending on the remoteness from MKAD Remoteness from MKAD, km Rental rates, $/sq. m/year* 0 (MKAD)140 from 5 to 10125—135 from 10 to 20115—135 from 20 to 30105—130 * All rates are put without VAT (18%) and operation expenses. Source

7. Development company A+ Development Standard conditions of agreements * Other expenses can be partially included by the owner in rental rate (for instance, heating). Source Class AClass B Lease term 5-10 years $110-130/sq. m/ per year 3-5 years $ 90 – 110/sq. m/ per year Base rate (abating operational expenses and municipal costs) Operation expenses$25-30/sq. m/ per year Municipal costs $8 -12/sq. m/ per year$6-10/sq. m/ per year* Insurance deposit 1-3 months1 month Prepayment 1-3 months 1 month VAT18%

8. Development company A+ Development Property of investment Property selection criterion Property type: warehouse immovables of class A and B Properties: Property put in operation avoiding “development risk”, with predictable income of rent and industrial landed property (long lease) with design documentation ready for warehouse construction. Location: strategic highways of Moscow region. oTarget yield of project oCurrent yield (lease) – from 10% to 16% yearly depending on property type oIncrease in property value – from 5% yearly. Transparent structure of property acquisition agreement Area: from 8 to 100 thousand sq. m Property cost increase potential Cost: ominimum 5 million omaximum 100 million