1. OKHTA GROUP, Ltd. ST. PETERSBURG, RUSSIA September 2005

2. 1 OKHTA GROUP GENERAL INFORMATION Okhta Group is a St. Petersburg - based investment and real estate development company. Okhta Croup was founded by the independent owners in the spring of 2003. The goal set for the managers of Okhta Group was to make the company a major player in the St. Petersburg real estate market and a leader in adaptation of new investment vehicles, such as real estate investment funds.

3. 2 OKHTA GROUP GENERAL INFORMATION Okhta Group ’ shareholders and executive managers have more than 10 years ’ experience in the financial sphere – investment market, stock and real estate markets. They used to hold senior positions in banks and investment companies The general principles of the company ’ s business are establishing, maintaining and enhancing profitable stakeholders ’ relationships, so that the objectives of all parties involved are met.

4. 3 OKHTA GROUP MISSION To supply a broad audience of direct and portfolio investors with the opportunity to invest in the St. Petersburg real estate market in an efficient and attractive way, based on high professional standards, a transparent and reliable structure of property, management, and profit making.

5. 4 CORE ACTIVITIES Okhta Group ’ s core activities involve investments in the real estate market investments in commercial real estate management of commercial real estate projects management of real estate investment funds via its subsidiary Svinin & Partners Asset Management, Ltd.

6. 5 CORE ACTIVITIES The company is engaged in projects related to: development of office centres leasing, stabilization and sale of commercial real estate to professional investors development of mixed-use real estate properties development of industrial parks residential building projects in St. Petersburg and Moscow.

7. 6 THE MAIN OBJECTIVIES To become a leader amongst investment companies dealing with real estate in St. Petersburg To raise the company investment portfolio up to USD 300 million by the year 2010 To provide clients with high quality services based on high professional standards; transparent and reliable structure of property, management, and profit making. To build and maintain good working relationships with the authorities and with reputable domestic and international partners.

8. 7 GENERAL PERFORMANCE According to the results for 2004 Okhta Group ’ equity capital amounted to about 1.1 billion RUR the estimated value of the company ’ s property amounted to 2 billion RUR Okhta Group projects in St. Petersburg buildings with a total floor area exceeding 120, 000 sq.m plots of land whose total area is about 190, 000 sq.m

9. 8 PROJECTS MAP

10. 9 CURRIENT PROJECT PORTFOLIO Income producing properties Askold Business Center Total area – 7,200 sq m The project was implemented almost from scratch. Reconstruction began in 2001 and the business center was commissioned in 2003. www.spb700.comwww.spb700.com

11. 10 CURRIENT PROJECT PORTFOLIO Income producing properties Pallada Business Center Total area – 8,600 sq m This was the first business center created by the company. The company entered the project at the outset, when the building was purchased in 2000. www.spb700.comwww.spb700.com

12. 11 CURRIENT PROJECT PORTFOLIO Income producing properties 17, Sofijskaya, Business Center Total area – 9,200 sq m The building was purchased in 2003. Today it is operating as a going concern. Reconstruction efforts are underway to enlarge rentable areas Narvsky, Shopping and Office Center Total area – 5,300 sq m The property was purchased in March 2003. A part of the building is under reconstruction Narvsky Industrial Park Buildings floor area – 8,200 sq m Land plot area – 6,200 sq m Purchased in August 2003

13. 12 CURRIENT PROJECT PORTFOLIO Income producing property partly under refurbishment Karelia Hotel Buildings floor area – 25,000 sq m Purchase and sale transaction was completed in 2003. Significant efforts were taken to reconstruct and renovate a part of the building At present, there are 275 rooms It is planned to extend the number of rooms up to 400 and create a conference hall of about 6,000 sq m www.karelia.spb.ru

14. 13 CURRENT PROJECT PORTFOLIO Development projects District 700 – Territory to be Developed Land plot area – 45,000 sq m Okhta Group, in cooperation with a Finnish development company, SRV (www.srv.fi), has proposed a project for integrated development of territory, located in the historical center of St. Petersburg. The project includes construction of business centers, a trade and entertainment center, hotel and residential houses. www.spb700.comwww.srv.fiwww.spb700.com Project scope Total building area is about 205,000 sq.m. Shopping Mall in three floors of over 63,000 sq.m. of leasable area Largest Car parking in the city for about 2,500 cars A-class offices in Business Center (BC) of about 25,000 sq.m on top of TEC building, looking on Neva and Okhta rivers Three star hotel of about 355 rooms on top of TEC building, overlooking the Neva and Okhta rivers

15. 14 CURRENT PROJECT PORTFOLIO Development projects Khimikov Street Industrial Park Buildings floor area – 53,800 sq m Land plot area – 114,000 sq m The property complex was purchased in August 2004. The company has planned and are successfully implementing the development concept for the industrial park with a renewed infrastructure and an integral professional management.

16. 15 SVININ AND PARTNERS ASSET MANAGEMENT, Ltd In the autumn of 2003, Svinin and Partners Asset Management,Ltd was founded by Okhta Group as a company licensed to manage investment funds and unit investment trusts Svinin and Partners Ltd. has become the first Russian company to master operating technology for closed-end real estate investment fund for commercial property; and the first Russian company licensed to manage a stock investment fund dealing with real estate. Today there are of two closed-end real estate investment funds and one stock investment fund that are managed by the company. Total assets of the funds are amounted 710 million RUR as at 01.07.2005

17. 16 INVESTMENT FUNDS MANAGED BY SVININ & PARTNERS, Ltd THE FIRST PETERSBURG FUND OF DIRECT REAL ESTATE INVESTMENTS Business organization - closed-end real estate investment fund - detached property complex (not a legal entity) Place of registration – St. Petersburg, Russia Fund registration date – December 10, 2003 Fund activity inception date – July 1, 2004 Termination date – December 31, 2010 Fund Management Company – Svinin and Partners Assset Management, Ltd. (St. Petersburg) Fund Custodian – First Specialized Depository, Ltd. (Moscow) Fund Registrar – First Specialized Depository, Ltd. (Moscow) Auditor – Novatcia, Ltd. (St. Petersburg) Real Estate Manager – Okhta Group, Ltd. (St. Petersburg) Legal Consultant – Okhta Group, Ltd. (St. Petersburg) Fund asset value as at 01.09.2005 - USD 5.5 m Units ’ circulation Over-the-counter market Fund brokers – Baltic Financial Company, Ltd. (St. Petersburg), Alor+, Ltd. (Moscow) Organized stock exchange - units are rated on the Moscow Interbank Currency Exchange (MICEX)

18. 17 THE FIRST PETERSBURG FUND OF DIRECT REAL ESTATE INVESTMENTS The Fund is rental The Fund invests in income producing properties that do not require significant additional investments The Fund is diversified and invests in offices, retail, warehouses, and industrial buildings to lease Basic region for investment – St. Petersburg The Fund ’ s objectives – to provide unitholders with average current income from rent payments and long-term capital appreciation due to the increase in value of investment properties (including as a result of improvements to the properties) The Fund ’ s target yield on current payments is 11-13% per year (excluding capital appreciation) Distribution of income – quarterly At least 85% of income is distributed to unitholders The Fund ’ s objective is to form a real estate portfolio valued at USD 70 – 100 mln. during an investment period of 3 years and to manage the portfolio for another 4 years. The strategy for the Fund ’ s termination (selling of properties) will be determined at least one year before the Fund ’ s termination date (December 31, 2009). The Fund ’ s activity may be extended if the market situation warrants continued operation and unitholders are in agreement. INVESTMENT FUNDS MANAGED BY SVININ & PARTNERS, Ltd

19. 18 INVESTMENT FUNDS MANAGED BY SVININ & PARTNERS, Ltd Nevo-Invest Closed end real estate investment trust Place of registration - St. Petersburg, Russia Date of the Fund ’ s Charter registration - 11. 08. 2004 Fund ’ s termination date - 30.11. 2009 Fund asset value on 01.07.2005 - USD 7.8 m The Fund ’ s objectives are long-term growth of capital and dividend income. The fund seeks to achieve its objectives by investing directly in commercial real estate in St Petersburg. The core Fund ’ s assets is fully operational commercial properties – offices, industrial buildings, warehouses

20. 19 INVESTMENT FUNDS MANAGED BY SVININ & PARTNERS, Ltd Redder Stock investment fund Place of registration - St. Petersburg, Russia Date of the License ’ s issuing - 19.01.2005 Fund asset value as at 01.07.2005 - USD 10.2 m The Fund objective is a high level of income. Capital appreciation is a secondary objective The Fund seeks to achieve its object by investing in securities of companies engaged in and related to real estate industry in St Petersburg. The foreground direction of Fund ’ s investment is real estate projects at the venture stages.

21. 20 INVESTMENT FUNDS MANAGED BY SVININ & PARTNERS, Ltd Redder The Fund ’ s assets profile as of April 2005 Khimikov Street Industrial Park Industrial Buildings and warehouses floor area 53,800 sq m, Land plot area – 114,000 sq m Svinin and Partners, Ltd. has worked out the development concept for an industrial park. Nowadays this concept is being successfully implemented.

22. 21 TOP EXECUTIVES Vladimir Svinin General Director, Svinin & Partners Asset Management, Ltd. Chairman of the Managing Board, Okhta Group, Ltd. Mr. Svinin is one of the founders and top executives of Okhta Group, Ltd. He has more than twelve years ’ professional experience in the financial sphere. Prior to establishing Okhta Group in 2003, he worked for Industry and Construction Bank (St. Petersburg) as the Head of the Corporate Banking Services Department. He was also General Director of the Baltic Financial Agency investment company (St. Petersburg, Russia). The areas of his specialization include finance, financial engineering, financial market services, real estate development, advising on mergers and acquisitions, and international tax planning. For the past two years Mr. Svinin has been a leader in designing and successful development of Real Estate Investment Trusts (REITs) which are very new financial vehicles for the Russian market. Mr. Svinin graduated from the St. Petersburg State University Department of Economics. He is married with three children. Тел. +7 (812) 324-05-24, 329-12-31 e-mail: company@svinin.rucompany@svinin.ru

23. 22 TOP EXECUTIVES Mikhail Rivlin Vice-Chairman of the Managing Board, Okhta Group, Ltd. Vice-Chairman of the Managing Board, Svinin & Partners Asset Management, Ltd. Director General, Okhta Group Invest In 2003 Mr. Rivlin became one of the founders and top executives of Okhta Group, Ltd. Before that he worked for ten years at Baltic Financial Agency investment company, initially as the Head of the Research Department, then as the Deputy General Director. In addition, he has extensive teaching and research experience in Mathematical Statistics and Theory of Probability. The areas of his specialization in the company include management of investment projects; structuring financial and investment transactions, and financial engineering. Mr. Rivlin counts as professional achievements his active participation in mergers and acquisitions of Okhta Group ’ s businesses, overseeing large financial transactions, and improving the companies ’ financial transparency. Mr. Rivlin graduated in 1988 from the St. Petersburg State Marine Technical University. In 1993 he received his PhD in Mathematics from the St. Petersburg State University. In 1999 he graduated from the School of Management of the St. Petersburg State Marine Technical University. Mr. Rivlin is 39 years old, and is married with a son. Tel. +7 (812) 324-05-24 e-mail: office@okhta.comoffice@okhta.com

24. 23 TOP EXECUTIVES Dmitry Kiselev Vice Chairman of the Managing Board, Okhta Group, Ltd. Director General, Okhta Group Development, Ltd. Mr. Kiselev is one of the founders and top executives of Okhta Group, Ltd. Prior to joining Okhta Group in 2003, he worked for two years at Industry and Construction Bank (St. Petersburg) as the Head of the Client Services Department. For six years he was the Head of the Branch and Deputy General Director of Baltic Financial Agency investment company (St. Petersburg). The areas of his specialization include development of commercial real estate, financial engineering, investment structuring, and financing of development projects. He has made a significant contribution to the development of Okhta Group, resulting in capitalization about 40 million dollars. Mr. Kiselev graduated from the Geology Department of the St. Petersburg State University. He is 39 years old, married with a daughter. Tel. +7 (812) 324-05-24 e-mail: kiselev@okhta.comkiselev@okhta.com

25. 24 TOP EXECUTIVES Irina Sharipova Marketing Director, Okhta Group, Ltd. Deputy Director General, Svinin & Partners Asset Management, Ltd. Ms. Sharipova jointed Okhta Group Ltd. in 2004 after receiving a degree in Strategic Marketing. Prior to this she worked at Industry and Construction Bank (St. Petersburg) as the Head of the Marketing Communications Department and Adviser to the Chairman of the Management Board. In 1995-1998 she was the Marketing Director of the Baltic Financial Agency investment company. Ms. Sharipova ’ s work has involved strategic marketing planning, marketing communications development, establishing and maintaining relationships with international consultants, partners, major corporate investors and the authorities. The field of her particular interest is marketing and research of Real Estate Investment Trusts (REITs) as a new financial vehicle in the Russian market. Ms. Sharipova graduated from the St. Petersburg State University School of Economics, and in 1988 received her PhD in Economics. In 2004 Ms. Sharipova was awarded a Master ’ s degree in Strategic Marketing at Business School University of Greenwich (London). T el. +7 (812) 324-05-24 e-mail: ish@okhta.comish@okhta.com

26. 25 CONTACT DETAILS Okhta Group, Ltd Svinin and Partners Asset Management, Ltd. 2 Krasnogvardeiskaya ploschad, Askold Business Center 195027, St. Petersburg, Russia phone: +7 (812) 324-05-24 fax: +7 (812) 320-14-65 E-mail: company@svinin.rucompany@svinin.ru www.svinin.ru www.okhta.comwww.svinin.ruwww.okhta.com