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1 Making Sense of Real Estate Worldwide ｨｺｨｦ0505ｨ ｨｹ ｨｦ03ｨ ｨｦｨｺ ｨｺ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005 RUSSIA 2005 REAL ESTATE REVIEW

2 13Colliers International 2005 ｨｺｨｦ0505ｨ ｨｹ ｨｦ03ｨ ｨｦｨｺ ｨｺ ｨ 05ｨ 02ｨｦ05ｨｪｨ apple ｸ apple036ｦ00ｷ3090ｸ apple09 ｨ apple ｸ8 006ｦ ｦ0 066ｦ006036ｦ003: RUSSIA 2005 REAL ESTATE REVIEW For more information about Colliers International, visit our web sites at

3 ｨｺｨｦ0505ｨ ｨｹ ｨｦ03ｨ ｨｦｨｺ ｨｺ ｨ 05ｨ 02ｨｦ05ｨｪｨ ｨｺｨｬ ｨｹ 0500ｨｺ05ｨ ｨｹ 05ｨｦ0500ｨｺ050204ｨ 00 ｨｺ fl. ｨｴ ｹ apple ｦ0 ｨ ｷ ｨｦ ｦ0fl ｦ ｦ0fl ｨｪ07apple ｦ0fl ｦ ｨｨ000300apple 04apple6 7 ｨ ｷ ｨｦ ｦ0fl ｦ ｦ0fl ｨｪ07apple ｦ0fl ｦ0fl

4 1305 fl006 56ｦ0apple ｦ Colliers International 0ｸ8026ｦ0 08apple ｦ0 08apple000309fl ｹ ｦ ｦ apple6ｦ003016ｦ apple040ｹ fl 08apple ｦ apple0ｹ Central & Eastern European Real Estate Quality Awards

5 13ｨｺ fl ｨｴ ｹ apple ｨｨ ｦ0 ｨｨapple6ｦ ｦ0 ｨｺ apple6ｦ00ｷ30909, 006ｦ008apple6ｦ ｦ0fl 006ｦ0 0401apple ｦ001apple07-0ｹ ｹ ｦ , 6ｦ0 036ｦ ｸ806 08apple076 7apple apple apple apple000ｸ803 apple000207apple apple6ｦ ｸ ｹ ｹ apple ｦ0. ｨ ｦ0020ｸ903000ｸ800 apple000900apple6 50ｸ8 ｨｺ ｦ ｹ000apple apple000107apple 6ｦ apple ｦ0 61,9 % ｨC 06 $76,9 0302apple (006ｦ0 1 fl006 56ｦ0applefl ) 07 $124,5 0302apple 1 006ｦ0 (1 fl006 56ｦ0applefl ) apple006ｦ ｸ apple ｦ0 0505ｨｨ ｦ ,9% 2, 0ｹ ｸ ｦ apple09fl ｹ ｹ ｨB0ｸ apple0706 ( ｹ ｸ ｷ300006ｦ ｦ ), 6ｦ0 036ｦ apple6ｦ apple apple apple07066ｦ0. ｨｨapple ｦ00ｸ90ｸ fl 0ｹ ｹ apple ｦ00ｸ90ｸ fl 04apple fl0ｷ30909, ｦ ,7% 3, ｦ ｹ ｸ9 apple006ｦ ｸ803 apple6ｦ ｦ06 76ｦ ｸ ｸ ｦ fl. 05 fl006 56ｦ0apple00 ｨC 00016ｦ0 apple apple6ｦ ｸ ｸ90ｸ apple ｸ8apple ｦ0 9% 4, 0ｹ00307 fl apple090ｹ apple ｦ apple apple6ｦ apple07036ｦ0 apple ｹ apple ｦ0 11,8% fl03 026ｦ apple09fl ｹ ｹ ｨB0ｸ apple0ｸ8, apple ｦ apple apple07066ｦ apple6ｦ ｦ ｦ ｦ0fl ｷ ｦ0fl 00fl apple apple00 08apple09fl apple6 76ｦ ｦ00ｷ30906 ｨC 07 ｨB ｦ ｦ apple ｦ0 10,8% ｦ ｦ0fl 036ｦ001apple070ｹ ｹ ｦ0fl ｦ00ｷ309fl 006ｦ0 08apple07-03fl apple ｦ00ｸ90ｸ fl apple ｦ00ｸ fl 02fl 08apple ｦ apple6ｦ000000ｸ ｷ ｨｦ ｨB apple6ｦ000000ｸ ｷ30906, ｦ ｸ apple 0ｹ fl006 56ｦ0apple00 ｨC fl apple ($29,1 0302apple 7 ) 0ｸ ｦ ｦ ｸ ｦ0 0800apple ｦ apple00 0ｸ8 040ｸ ｸ8, apple apple6ｦ000000ｸ ｷ apple ｦ0 060ｹ ｹ fl 01apple ｨｦ ｨB applefl030ｸ apple6ｦ ｸ ｷ ｦ0 fl006 56ｦ0apple00ｨC fl apple ｦ $5,6 0302apple 8, 0ｹ ｦ0 19,8% apple6ｦ ｸ apple6ｦ000000ｸ fl applefl030ｸ apple ｦ008apple6ｦ06 502fl ｸ9 08apple07030ｸ , 0307apple ｸ ｸ ｦ , 6ｦ0 036ｦ ｸ ｸ9 08apple07030ｸ ｨｴ apple6ｦ fl6 502fl ｦ apple ｦ ｸ apple6ｦ fl apple6ｦ ｦ ｦ0026ｦ ｹ apple0907 6ｦ0 apple000207apple ｸ apple6ｦ0006ｦ apple6ｦ00309, ｸ fl apple ｸ ｷ ｹ ｨｺ , apple ｦ0-6 56ｦ apple036ｦ00009fl, 05ｨｰ02, apple, apple026ｦ000 0ｸ8, 000ｸ apple6 7, apple09036ｦ00009fl, 06apple6ｦ0000ｷ309fl. ｨｪ6ｦ ｷ36ｦ apple ｸ806 apple ｨｺ06 ｨｺ apple fl096ｦ apple6ｦ ｦ0020ｸ90300 Standard & Poor ｯs BBBｨC Fitch Ratings BBBｨC Moody's Investors Service Baa3 ｨｨapple apple ｨｨapple6ｦ ｦ0 ｨｺ apple6ｦ apple6ｦ fl ｦ000066ｦ00309, 0703apple6ｦ ｦ0fl06fl ｸ ｹ ｦ0apple ｦ0, 006ｦ ｦ00ｹ ｸ ｦ0-020ｸ903000ｸ803 apple000900apple ｹ ｦ ｦ00ｷ ｦ0 ｨｺ06, ｦ ｦ fl ｸ fl ｦ0apple07 000ｸ80309 apple ｸ ｦ ｦ00309 Fitch Ratings ( fl applefl ) 09 Standard&Poor's (31 fl006 56ｦ0applefl ) apple apple apple ｦ0 ｨｺ apple6ｦ00ｷ apple fl ｷ apple fl ｨC. ｨｨapple ｨｺ ｷ apple ｦ0 03apple0003fl ｸ ｦ0apple07 000ｸ ｦ ｦ apple ｹ ｸ ｷ apple ｸ9 0ｹ ｨｦ0809 6ｦ fl, 0ｹ ｨC ｸ ｷ300000ｸ8 006ｦ , apple apple apple0ｸ800016ｦ apple , 006ｦ0applefl apple6 56ｦ ｸ ｦ apple6ｦ ｸ9 6 50ｸ ｹ ｹ apple ｦ0 6 5 ｨｺ ｨｪ6ｦ ｷ36ｦ0 1. ｨｦ ｸ ｦ001apple070ｹ ｹ ｦ0096ｦ ｨｺ apple6ｦ00ｷ30909 ｨｴ ｹ ｦ00307apple0ｸ ｨｨ ｨｪ ｸ8 apple ｦ0 0505ｨｨ, % 9,0 5,0 4,7 7,3 6,9 6,3 ｨ ｦ0020ｸ903000ｸ800 apple000900apple6 50ｸ8, $ 0302apple 28,0 36,6 46,3 76,9 124, apple ｦ , $ 0302apple 46,3 34,2 31,7 60,5 71,4 - ｨｨapple ｷ ｸ ｦ0, % ｨｨ 2,3 3,3 1,4 1,7 4,1 1,5 ｨ fl0ｷ309fl, % 20,2 18,6 15,1 12,0 11,7 8,5 ｨｪ ｸ8 apple ｦ ｸ800 06apple ｦ0, % 17,4 8,7 2,6 12,5 10,8 9,5 ｨｪ ｸ8 apple ｦ0 apple006ｦ ｸ ｦ fl, % 9,3 6,8 9,9 14,9 9,0 9,0 ｨ 006ｦ00ｹ ｦ0 ｨｺｨｪ05 006ｦ ｷ ｦ0 138,0 253,0 353,0 569,0 614,0-1 ｨ ｹ : apple6ｦ ｸ ｦ00001 ｨｺ ｨ ｹ : apple ｹ ｹ apple6ｦ fl apple ｨｺ06 ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

6 1302ｨｦ

7 ｦ0 ｨ ｷ30909 ｨ ｷ apple0ｸ apple0ｹ ｸ8 036ｦ0apple6ｦ apple ｦ00206fl 6 50ｸ apple ｷ ｦ ｦ ｸ8apple6ｦ ｸ ｷ309fl0309 0ｸ80209 apple apple ｦ ｦ ｹ06ｦ , 6 50ｸ ｦ000000ｸ806 08apple ｸ apple (08apple ｦ ｸ apple ｦ0apple07 000ｸ803 01apple ｸ ｹ0apple ), 6ｦ0 036ｦ ｸ ｹ apple0ｸ800016ｦ0 6 5 apple ｦ00300 apple ｦ ｹ ｦ0, 07 ｨB00036ｦ0, apple fl 08apple0709apple6ｦ00ｹ ｷ ｸ ｹ apple ｦ apple fl030006fl apple ｸ ｸ8, apple0ｸ800, ｹ009 apple6ｦ009070ｹ06ｦ0apple076 56ｦ0000ｸ ｸ ｸ ｦ ｸ9 apple apple0ｸ800016ｦ0 6ｦ0010ｷ30906, 6ｦ0 036ｦ ｹ flapple apple ｦ00309 apple0ｸ800016ｦ ｦ00ｷ30906, 06036ｦ ｦ06 56ｦ apple6ｦ apple000009fl 6ｦ apple006ｦ ｸ ｷ ｸ803 6ｦ ｦ fl0ｸ apple0003fl ｸ fl0306fl 01 08apple ｸ9 0800apple6 50ｸ , apple00 08apple07fl fl ｸ90ｸ ｸ9apple09-090ｹ apple03, 0703apple6ｦ ｹ ｦ fl , 6ｦ0 036ｦ ｦ ｸ806-03apple apple ｦ0 07 ｨB00036ｦ0 6ｦ , 006ｦ00307 fl0ｸ fl apple6ｦ , ｸ ｸ ｹ ｦ apple ｦ ｸ ｹ06ｦ apple0ｸ800016ｦ0. ｨ 6ｦ0apple0708-6ｦ00ｸ90ｸ76ｦ0fl06fl 0703apple6ｦ ｦ ｸ ｷ ｸ (ｨｨｨ 0604) apple09apple076 56ｦ0026ｦ ｸ9 6ｦ , fl ｷ ｸ ｸ apple6ｦ apple6ｦ apple fl 0703apple6ｦ ｸ9apple09 090ｹ , ｹ ｦ ｸ803 6ｦ apple6ｦ ｸ8 0ｹ ｷ ｦ ｦ ｹ ｦ ｦ00ｸ90ｸ ｦ00009fl 026ｦ fl 036ｦ ｦ ｦ apple076 5, apple00 08apple09fl ｦ0apple ｸ ｹ06ｦ , ｦ00ｸ90ｸ apple apple ｸ8, 6ｦ0 036ｦ apple0907 apple00036ｦ00ｸ90ｸ ｸ ｨB ｸ apple0ｹ fl ｦ00009fl. ｨ 6ｦ ｦ ｦ ｦ ｦ00ｷ ｦ0 016ｦ00ｹ ｸ ｨB ｸ8 08apple fl0ｸ apple0ｹ ｦ ｦ0 50ｨC100 6ｦ ｸ ｦ fl0ｸ apple0003fl 006ｦ00307 fl0306fl ｦ0086ｦ ｨC13% 02fl 02040ｹ ｸ ｨB ｨC14% 02fl 0307apple ｸ803 0ｷ apple ｨB street-retail, apple6ｦ ｸ ｸ apple ｸ apple09 07apple ｸ ｦ ｦ fl ｸ apple ｦ fl apple00000ｷ ｦ apple6ｦ000090ｹ apple ｨB ｷ apple fl, fl apple apple070ｹ apple ｦ apple07fl030007, 0ｹ ｸ76ｦ0fl ｦ ｹ ｦ0 2ｨC3 08apple070ｷ ｸ ｦ0, ｹ ｦ000030ｸ806 apple apple070ｷ ｸ ｦ ｨｰ apple07fl ｦ apple apple6 50ｸ ｷ apple07 6ｦ apple ｸ803 0ｷ apple ｦ apple ｸ ｷ ｸ ｦ apple0907 apple apple ｦ apple , 6ｦ0 036ｦ apple036ｦ0apple ｦ ｦ0apple ｷ ｸ Eastern Property Holdings, ｸ90ｸ ｦ ｷ36ｦ0apple apple0800, ｦ00009fl Central Tower ｦ ｨｬ ｨｨ00apple ｦ00009fl Toko Towers ｦ ｨ ｦ ｦ ｨｨ ｹ0046ｦ00ｸ90306fl fl apple ｦ apple076 56ｦ00009fl 07 ｨB apple0ｹ ｦ fl0ｸ apple0003fl 06036ｦ fl00000ｸ803 01apple ｦ ｦ0apple0009apple040ｸ903-06fl ｦ0086ｦ LIBOR + 5ｨC8%; 06apple apple fl ; ｸ90306fl ｸ8 6ｦ00307apple ｦ00ｷ ｸ apple07016ｦ ｦ0 apple0ｸ apple0ｹ ( ｦ0apple ｦ , 00036ｦ apple6ｦ ｨｺ6ｦ ｦ ｦ ) 08apple apple ｦ ｹ0apple apple6ｦ ｦ ｨC 00076ｦ000066ｦ0 6ｦ , ｦ001020ｸ90ｹ apple6 50ｸ apple ｦ apple076 56ｦ000090ｸ apple0ｹ ｨｨapple ｦ apple076 56ｦ , 08apple ｦ00ｸ90ｸ ｦ06 56ｦ fl 0ｹ0apple ｸ80ｹ06ｦ ｦ0 6ｦ00ｹ fl apple apple0ｹ , ｸ fl000306fl ｦ000016ｦ00309 ｨｺ ｦ0096ｦ ｦ0006ｦ0, 08apple ｦ0fl ｹ06ｦ apple apple ｦ apple ｦ00009fl ｹ06ｦ ｦ0010ｷ apple ｦ ｦ ｹ apple ｦ ｦ fl0ｸ fl apple ｦ000000ｸ apple ｦ apple076 56ｦ00009fl ｸ apple ｦ0, apple0ｸ ｹ ｹ ｦ ｸ apple ｸ90ｸ apple apple ｸ ｦ apple fl apple ｦ00009fl ｦ0 6 50ｸ ｦ ｦ0026ｦ fl ｸ90ｸ ｸ8036ｦ0, apple ｦ ｦ00ｹ009006ｦ00ｸ903 08apple ｦ003apple096 56ｦ fl 01 08apple ｦ apple076 56ｦ000090ｸ apple apple apple0ｹ ｦ apple ｦ ｦ , ｦ00ｸ90ｸ70000 apple apple6ｦ00ｷ3090ｸ apple ｦ apple6ｦ ｷ ｸ apple6ｦ001036ｦ003, ｸ ｸ apple6ｦ apple , 066 5fl096ｦ000000ｸ ｦ apple076 56ｦ apple ｦ0, fl ｹ ｸ9 0ｹ ｦ0 036ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

8 13 ｨｦ ｦ0fl ｦ0 ｨｦ ｦ0fl P 0ｸ ｸ ｸ ｸ8 08apple ｦ fl ｹ00100 apple6ｦ fl, ｦ ｦ ｦ0apple0000 0ｸ ｦ ｸ8, 6ｦ0 04apple ｦ0016ｦ ｸ ｸ ｦ00ｹ009006ｦ ｸ8-046ｦ fl. ｨｺ6ｦ apple0ｸ800016ｦ ｸ ｸ ｹ applefl ｦ ｸ ｸ , apple0ｸ apple fl ｦ apple0ｸ800016ｦ apple6ｦ ｸ8 006ｦ0 apple6ｦ ｸ apple0ｸ800016ｦ ｦ ｦ ｨｺ ｨｨapple006 50ｸ apple fl 006ｦ0 0608apple ｦ0 ｨｪ ｷ apple0ｸ800016ｦ0, 2004ｨC ｨｬ ｷ30909 apple0ｸ800016ｦ ｷ apple6ｦ ｦ00ｷ30909, 0807fl apple0ｸ , 08apple apple apple6ｦ00ｷ apple apple6ｦ ｦ0apple ｦ00ｹ06ｦ ｦ fl apple6ｦ apple fl066ｦ ｸ8. 050ｸ ｦ0 0603apple ｸ ｸ76ｦ ｦ ｨｴ00016ｦ003, 00016ｦ ｦ002 07apple apple006ｦ0fl 036ｦ00400fl03, 0ｹ ｦ ｦ ｦ0apple03 6ｦ ｷ apple ｦ ｦ apple apple ｦ0apple016ｦ0, ｹ06ｦ00ｸ90ｸ ｦ0apple07 000ｸ ｦ000 6ｦ0apple036ｦ003, 006ｦ0 0701apple6ｦ ｸ8 ( ｦ0apple apple0ｸ8026ｦ ｸ803). ｨｬ ｹ ｹ ｦ apple ｦ0apple ｦ0apple apple07 6ｦ ｦ fl fl ｸ ｦ00ｹ009030ｸ ｸ803 08apple ｦ0apple apple fl ｦ0apple03 016ｦ00ｹ ｸ apple apple ( ｦ003 ｨｨ III03, 00ｨｴapple ｦ008 ｨｨ026ｦ0096ｦ003), apple0ｸ ｸ8 096ｦ0 6ｦ ｸ ｦ000 6ｦ0apple030ｸ8 016ｦ00ｹ ｦ apple ｸ ｸ803 0ｷ apple ｨｪ0ｸ ｨｨapple ｦ0 apple0ｸ ｦ0apple apple apple ｦ006066ｦ0 (6ｦ00300apple09016ｦ ｦ Swanke Hayden Connell Architects, Skidmore, Owings & Merrill (SOM) 09 Hellmuth, Obata + Kassabaum, Inc (HOK)). ｨｨapple ｷ apple07 6ｦ ｦ apple6ｦ ｦ0 0ｸ ｦ ｷ apple6ｦ06 5 6ｦ0apple0000-6ｦ00307apple6ｦ0 (sale-lease back) ｦ00ｸ90ｸ fl 06036ｦ ｦ ｦ ｦ00ｷ ｨｦ, ｨｪ6 500apple06016ｦ0fl-ｨｨapple000ｹ ｦ0 0902ｨｦ, ｨｪ6 500apple06016ｦ0fl-05apple ｦ apple , ｨｦ, 05apple ｦ0-ｨｪ6ｦ06 76ｦ000016ｦ0 0902ｨｦ, ｨ 6ｦ apple000ｹ apple ｨ 6ｦ0086ｦ ｦ apple6ｦ apple07-ｨ 6ｦ0086ｦ ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

9 ｦ0 ｨｦ ｦ0fl ｨｺ ｹ ｦ0 08apple ｦ ｸ apple ｦ0 apple0ｸ , apple apple07066ｦ apple00 apple ｦ apple076 56ｦ00009fl 09 08apple ｦ apple076 56ｦ00009fl, 0807fl apple ｦ ｸ apple ｦ apple076 56ｦ00009fl 09 08apple ｦ apple076 56ｦ00009fl. ｨｦ 0ｸ apple apple apple apple apple04010ｷ309fl 08apple * ｸ ｸ ｦ ｸ8026ｦ0 096ｦ06 500apple ｦ ｨｪ6ｦ ｷ36ｦ ｦ ｦ00ｹ009030ｸ ｸ ｦ00009fl, ｸ apple ｨ 6ｦ , 6ｦ0 apple ｦ ｦ00009fl 02apple ｦ0fl ｦ0fl ｸ76ｦ0 00, ｨ 6ｦ ｨｺ0505, ｦ ｦ0fl 0402.,. 41/ ｨｮ00appleapple09 ｨｪ6ｦ0040ｹ1apple03, ｨｨapple ｸ909006ｦ0fl 0402., I03, 03. ｨｦapple 0ｸ800016ｦ , apple ｦ0fl 006ｦ0.,. 7, 0603apple ｦ00003apple09 ｨｨ6ｦ0apple0103, ｨｨ6ｦ ｦ , 19, ｦ00400fl 006ｦ0 046ｦ0 00apple , 09 6ｦ A, ｦ , 01apple6ｦ apple ｦ0fl 006ｦ ｦ , 056ｦ0apple046ｦ ,. 5, 0603apple ｷ apple 006ｦ0 03apple ｷ300, 1-fl 03apple ｦ0fl 0402.,. 29/ ｷ apple 00020ｹ1apple070807apple0303, 4-fl ｦ0apple036ｦ0,. 66ｦ ｷ apple 00ｨｨ6ｦ ｷ , ｹ apple., ｷ apple 00ｨ , 3-fl ｨｹ fl,. 18ｨC ｦ0fl 0402., apple07086ｦ0 076ｦ , apple., ｨ 6ｦ00ｷ300086ｦ , ｷ apple 00ｨｨ6ｦ , ｨｨ6ｦ ｦ0fl 0402., ｨｪ6ｦ ｷ36ｦ ｦ ｦ00ｹ009030ｸ800 08apple ｸ8, 08026ｦ00009apple ｸ ｹ ｦ0036ｦ00ｷ3090ｸ ｨ 6ｦ , 6ｦ0 apple ｦ ｦ00009fl 02apple ｦ0fl ｦ0fl ｸ76ｦ0 00, ｦ0apple apple0ｸ8026ｦ ｸ803, 09 6ｦ00009fl 02, 05, 05, D, 01apple0ｸ8026ｦ ｦ0fl 0402., apple07apple6ｦ ｨｨ6ｦ0apple0103, 2-fl 070ｹ000apple00 00, 056ｦ ｹ ｦ0fl 0402., ｦ ｦ002 ｨｨ026ｦ0096ｦ ｦ , apple., ｷ apple 00ｨｨ ｦ0apple0603, 0500apple ｦ0fl 0402., ｦ ｦ apple03, ｹ ｦ0fl 0402., ｦ003 ｨｨ III03, 076ｦ ｦ , ｦ00400fl 006ｦ0 046ｦ0 00apple , 09 6ｦ , ｦ , 01apple6ｦ apple ｦ0fl 006ｦ apple6ｦ002 ｨｪ6ｦ0040ｹ1apple03, ｨｦ6 50ｹ ｦ0fl 006ｦ0., apple6ｦ apple, ｦ0036ｦ0apple090003, ｨｦ0900apple ｦ0fl 006ｦ0., ｦ0 ｨ 006ｦ , 1-fl 070ｹ000apple00 00, ｨ 006ｦ ｦ , ｦ0apple0ｸ apple03, ｨｹ ｦ ｦ0fl 006ｦ0.,. 4/ * ｨ ｦ ｹ ｨC 6ｦ0apple ｦ0fl ｦ0fl ｸ76ｦ0 00. ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

10 13 ｨｦ ｦ0fl ｦ ｨC fl ｸ ｦ006066ｦ ｸ ｨB apple ｦ ｦ06 502fl026ｦ % (2001) 07 33% (2002), ｦ ｦ ｦ0 50%. 0503apple apple6ｦ ｦ008apple ｦ000090ｸ9 Colliers International 036ｦ ｦ0: 05096ｦ06 7apple6ｦ003036ｦ fl ｦ006066ｦ ｸ ｨB apple ｦ ｦ ｦ0 35% ( ｨBfl0600fl000306fl , 0ｹ00307 applefl 08apple ｸ ｦ06 500apple apple0701). 46% ｸ apple ｸ ｸ ｸ apple apple6ｦ apple6ｦ , 0ｹ ｦ0 28% apple6ｦ ｸ apple ｸ ｨ 6ｦ008apple07060ｸ8 6ｦ0apple0000 6ｦ00307apple apple6ｦ ｸ ｦ0 23% 9% 68% ｦ0fl fl apple076 5, ｦ06 500apple apple ｸ ｸ ｦ ｨｦ 006ｦ00107, ｦ ｷ ｦ003, 0ｹ06ｦ apple ( ) ｸ apple ｦ apple apple apple ｦ ｸ ｸ fl apple6ｦ000fl000306fl 006ｦ0 6 50ｸ apple apple apple ｹ ｹ ｦ ｸ ｸ ｸ76ｦ * (net absorption) ｦ apple ( fl ｦ000000ｸ ｦ0096ｦ ｦ00206fl apple ｦ ). ｨｦ 0ｸ ｨB ｦ0apple0000 0ｸ apple07 6ｦ ｸ ｸ ｦ ｦ apple6ｦ ｦ0apple0000 0ｸ apple07 6ｦ00809, ｹ ｨｦ ｨB % 7% 79% 21% 0% 20% 40% 60% 80% 100% 02apple0000 6ｦ0 ｨｨapple07 6ｦ0086ｦ ｹ apple07 6ｦ ｸ ｨB ｦ001020ｸ90ｹ ｸ apple6ｦ ｦ % ( apple6ｦ ｸ % ), apple6ｦ ｦ ｹ apple07 6ｦ ｸ ｨB ｦ001020ｸ90ｹ ｸ % % apple ｨｪｨｪ01 05apple apple6ｦ ｸ8 016ｦ apple , 0608apple ｦ ｸ ｸ fl ｷ apple09apple076 56ｦ ｷ apple6ｦ ｹ06ｦ apple07 6ｦ0: 6ｦ0006ｦ ｹ ｦ00ｷ , 08apple090300apple % 6ｦ0apple0000-6ｦ00307apple ｸ ｦ00ｸ ｸ apple ｦ apple6ｦ apple6ｦ ｦ0; 0702fl 6ｦ0apple0000 6ｦ00307apple076 5, apple6ｦ ｦ003apple096 56ｦ00ｸ90ｸ apple6ｦ apple ｦ ｦ0 07 ｨｪapple apple6ｦ apple ｷ36ｦ0, 6 50ｸ8apple ｦ apple6ｦ ｸ apple00 0ｸ8 040ｸ ｦ ｦ ｦ0 23% ( apple6ｦ ｸ % ) ｹ ｸ ｦ06 502fl % ｹ ｦ , fl 096ｦ008apple ｦ ｦ ｦ06 502fl % ｦ ｦ008apple ｦ0090ｸ86 56ｦ00003, 0ｹ ｦ0 apple0ｸ ｦ0apple0000 0ｸ8 006ｦ apple ｦ000000ｸ80309 fl6 502fl0ｸ90306fl ｸ ｸ76ｦ0 000ｸ , 6ｦ ｸ ｸ803 08apple ｹ fl03 006ｦ ｦ008apple6ｦ ｦ000030ｸ80309 fl6 502fl0ｸ90306fl ｸ76ｦ0 09, 08apple00 026ｦ06 76ｦ000030ｸ ｦ0apple ｦ ｦ $ $ ｦ ｹ000036ｦ , ｸ ｸ fl 01026ｦ ｦ0 apple0ｸ apple07 6ｦ ｦ apple ｦ0000ｸ ｸ76ｦ ｦ006066ｦ0 05 (0ｷ ｦ0086ｦ $ ｦ ) apple6ｦ apple ｦ0016ｦ ｸ ｸ76ｦ ｦ ｦ0applefl 6 50ｸ apple ｸ9 0608apple07066ｦ0 006ｦ ｸ ｸ fl, 6ｦ ｦ apple ｦ0 0603apple ｦ apple ｸ ｦ0096ｦ ｦ0016ｦ ｸ ｸ76ｦ ｷ apple0ｸ ｸ ｸ ｦ fl ｦ fl 006ｦ0 04apple ,6%, ｦ06 502flfl 6 5 apple6ｦ009000ｸ fl0ｷ30ｸ ,5% 07 5,1% ｦ00009fl ｦ006066ｦ ,5% 07 10% ｦ00009fl ｦ006066ｦ0 05. * ｨｨ ｸ apple6ｦ0086ｦ ｸ ｹ ｦ0 096ｦ000fl030ｸ ｸ76ｦ ｦ0 apple0ｸ ｹ apple apple0907 6ｦ0 6 5apple (016ｦ001 08apple6ｦ , 0708apple fl000306fl 006ｦ ). ｨｨ ｸ apple6ｦ006060ｹ009030ｸ86 56ｦ fl 016ｦ001 apple6ｦ ｷ36ｦ ｹ ｦ0 096ｦ000fl030ｸ ｸ ｦ ｷ ｦ0 006ｦ00ｹ06ｦ ｦ0. 9 ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

11 ｦ0 ｨｦ ｦ0fl ｦ06 7apple6ｦ003036ｦ0 2(6ｦ0) ｨ 6ｦ008apple07060ｸ8 006ｦ0 6ｦ0apple (apple6ｦ apple ｸ ) 05096ｦ06 7apple6ｦ003036ｦ0 3(6ｦ0) ｨ 6ｦ008apple07060ｸ8 006ｦ (apple6ｦ apple ｸ ) 13% 13% 19% 61% 3% 36% 15% 40% ｨC ｨC ｨC ｨｦ ｨC ｨC ｨｦ ｦ06 7apple6ｦ003036ｦ0 2( ) 05096ｦ06 7apple6ｦ003036ｦ0 3( ) ｨ 6ｦ008apple07060ｸ8 006ｦ0 6ｦ0apple ( 0ｸ ) ｨ 6ｦ008apple07060ｸ8 006ｦ (0ｷ300006ｦ0) 57% 2% 11% 19% 30% 58% 23% 0507 $350 $351ｨC450 $451ｨC550 ｨｦ03 $ $2 000 $2 001ｨC2 500 ｨｦ03 $ apple6ｦ % ｨｬapple ｦ0016ｦ ｸ ｸ ｦ fl0ｸ apple0003fl ｦ00009fl ｦ ｸ ｸ90ｸ ｦ ｦ0apple0000 0ｸ8: 10% 8% 6% 4% 2% 0% IV , 2000 I , ｦ ｦ0apple0000 0ｸ8, 0ｷ300000ｸ8 08apple07 6ｦ00809 II , 2001 III , 2001 IV , 2001 I , 2002 II , 2002 III , 2002 IV , 2002 I , 2003 II , 2003 III , 2003 IV , 2003 I , 2004 II , ｸ ｦ apple076 56ｦ ｦ00ｹ (3,5%) ｸ ｦ ｸ ｦ ｦ0apple0000 0ｸ8 006ｦ ｸ ｸ fl 01026ｦ006066ｦ ｦ006066ｦ ｦ fl 0104apple066ｦ ｦ0apple6ｦ0 0807fl6 502fl0ｸ90306fl 0800apple6 50ｸ ｸ ｨB ｸ8, 6ｦ0apple ｸ ｦ apple0ｸ803 08apple fl0306fl apple07. $/ /6 707 ( ｹ apple6ｦ ｸ8) ｧｬｧﾝｧﾑｧ罘 B ｧｬｧﾝｧﾑｧ罘 A III , 2004 IV , ｨｪ6ｦ ｷ36ｦ ｦ ｦ0apple0000 0ｸ8 02fl 09 6ｦ ｦ ｦ ｦ00009fl 05apple apple ｦ0apple ｸ ｦ ｦ ｦ0 6ｦ0apple0000 0ｸ8 08apple fl ( ｹ000036ｦ , ｹ ), $/ /6 707 A 550ｨC ｨC ｨC ｨｨ 2006 ｨｨ 01026ｦ ｦ apple6ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

12 13 ｨｦ ｦ0fl ｦ0 ｨｪ6ｦ ｷ36ｦ0 4. ｨ 6ｦ008apple6ｦ ｦ000030ｸ800 0ｷ300000ｸ8 08apple07 6ｦ ｦ ｦ00009fl ｦ0apple ｸ76ｦ0 09, $/ A 3 500ｨC5 000, fl0109 ｨC ｨC3 500, fl0109 ｨC ｸ8 08apple07 6ｦ ｦ00ｹ apple6ｦ ｹ06ｦ fl ｦ fl 07 ｨB ｦ0, ｹ fl0009fl apple0ｹ ｦ0apple6ｦ apple ( , 006ｦ002090ｹ009fl 086ｦ0apple , ｸ ). ｨｦ fl0109, 016ｦ001 08apple6ｦ , 08apple00 026ｦ06 76ｦ00ｸ90306fl 006ｦ0 08apple07 6ｦ ｦ00ｹ ｸ ｷ , 0ｹ apple ｸ ｸ ｦ00009fl ｸ ｸ ｸ8 08apple07 6ｦ ｦ ｸ ｸ fl 01026ｦ apple ｦ00ｸ903 apple6ｦ , 0ｹ ｷ ｸ ｦ0 apple0ｸ apple07 6ｦ , 6ｦ0 036ｦ apple apple apple076 56ｦ (06036ｦ ｦ ｦ ｦ00ｷ ｦ ｦ ｦ0 3ｨC4 08apple070ｷ ｸ ｦ0). ｨｪ6ｦ ｷ36ｦ ｦ ｦ00ｹ009030ｸ , apple0000 6ｦ00307apple / ｨｨ ｦ ｨ 6ｦ ｦ00606 ｨｦ ｦ0fl 09 6ｦ00009fl ｸ76ｦ0 00, apple ｨｬapple6ｦ ｦ0fl 01apple ｦ , ｦ ｹ ｦ0fl ｦ00009fl03. 16, 0603apple / ｦ apple ｨｬapple6ｦ ｦ0fl 01apple ｦ , ｦ ｹ ｦ0fl ｦ00009fl03. 16, 0603apple / ｦ ｨ ｨｨ-036ｦ apple ｦ0fl 0402.,. 12/ / ｦ ｦ ｸ803 03apple apple., / ｦ apple6ｦ ｦ0fl ｦ00009fl ｨｺ fl03 ｨｨapple apple6ｦ0,. 3/3 B / ｦ ｨ 6ｦ0apple ｦ ｦ / ｦ ｨ apple096ｦ ｸ apple006 76ｦ ｸ806 6ｦ ｷ apple 00020ｹ1apple070807apple0303 Lease vs Sale 05 / ｦ Intel ｦ0apple apple0ｸ8026ｦ ｸ803, 09 6ｦ D 02 Area 10 absorbed ｨｪ apple ｦ0fl 006ｦ0.,. 7, 0603apple % B 33% BAT ｦ0apple apple0ｸ8026ｦ ｸ803, 09 6ｦ Transaction apple06036ｦ apple6ｦ apple6ｦ002 ｨｪ6ｦ0040ｹ1apple03, ｨｦ6 50ｹ ｦ0fl 006ｦ0., % % 00076ｦ00908apple0703 6ｦ ｨｺ6ｦ ｦ0fl 006ｦ0., IBM 0% 20% 00036ｦ00400fl 006ｦ0 046ｦ0 00apple , 09 6ｦ A 40% 60% A 80% 100% Microsoft Lease Sale ｦ0apple apple0ｸ8026ｦ ｸ803, 09 6ｦ ｨｬｨｴ apple ｦ0fl 006ｦ0.,. 7, 0603apple. 22 B ING Bank apple ｨｨ026ｦ0096ｦ TNK-BP Management 0002apple 6ｦ003, 1003 A ｨｺ ｦ apple6ｦ ｦ apple ｦ0fl 006ｦ0.,. 7, 0603apple. 22 B apple0ｹ ｦ0apple030000apple ｨｪ apple ｦ0apple apple II HFS ｷ apple ｦ001apple6ｦ Emerson ｦ0fl 0402.,. 10, 0603apple. 2 B Exxon Mobil apple, CSFB 00ｨｺ07036ｦ apple II Sun Interbrew ｦ0apple apple0ｸ8026ｦ ｸ803, 09 6ｦ ｨ 0002apple6ｦ00603apple apple0ｸ8 09 ｨ 03040ｸ ｦ0fl 0402.,. 11/ Regus apple07apple6ｦ ｨｨ6ｦ0apple0103, 2-fl 070ｹ000apple Aton Investments ｨｮ apple04 000ｸ806 -apple,. 17, 0603apple ｨ 09 6ｦ ｦ apple ｦ0fl 0402.,. 23 B ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

13 ｦ0 ｨｦ ｦ0fl ｨｨapple ｦ0 2005ｨC apple6ｦ apple apple apple04010ｷ309fl 6,0 ｨｦ 0ｸ ｨB ｸ76ｦ apple , 01026ｦ006060ｸ ｨｦ ｨB00030ｸ apple ｦ0 09 apple apple0401-0ｷ ｦ ｷ ｦ00ｸ90306fl , 006ｦ ｨC ｦ ｦ000000ｸ apple07fl0ｸ fl ｦ00009apple ｸ ｸ ｨB ｦ apple apple ｦ ｦ apple ｦ ｸ803 0ｷ apple apple ｨｪapple apple6ｦ apple ｷ304, ｦ apple ｹ ｷ ｸ apple6ｦ0 096ｦ ｸ ｦ apple6ｦ fl 036ｦ apple ｸ ｨB apple ｦ ｦ ｦ %, , 016ｦ ｦ fl, ｦ %, 6ｦ ｨC %. 0508apple ｨC apple apple07066ｦ0 006ｦ ｸ ｸ fl ｦ fl, 016ｦ ｦ fl, 006ｦ ｸ apple ｸ8apple6ｦ , 08apple09 0ｹ ｹ ｸ apple0ｸ ｸ ｸ76ｦ ｦ ｨC ,0 4,0 3,0 2,0 1,0 0, ｨｨ 2006 ｨｨ ｨｦ 0ｸ apple (006ｦ00ｹ06ｦ ｦ0) apple ｦ ｦ0apple0000 0ｸ ｦ ｦ0apple0000 0ｸ8 006ｦ ｸ76ｦ ｦ00009fl ｦ ｷ ｦ06 56ｦ fl 006ｦ0 08apple apple apple6ｦ fl ｷ309fl 006ｦ ｦ apple6ｦ ｹ0000ｸ803 6ｦ0apple ｸ ｦ ｦ ｸ ｸ fl ｦ ｹ1036ｦ0086ｦ0 09 6ｦ00009fl. ｨｨ02070ｸ76ｦ ｦ ｸ ｹ1036ｦ0086ｦ003, 6ｦ0, ｦ , ｸ90ｸ ｹ , apple00 026ｦ06 76ｦ fl ｸ ｦ ｦ apple6ｦ ｸ ｸ76ｦ0 fl0309, apple6ｦ ｸ ｦ ｹ1036ｦ0086ｦ003. ｨｬ ｹ fl 0608apple ｦ0 6ｦ0apple ｸ ｸ ｦ ｦ apple03 056ｦ0016ｦ ｸ ｸ76ｦ ｸ ｦ0fl 0603apple ｦ0fl 6ｦ apple apple apple ｸ ｸ9 04apple fl 6 56ｦ0016ｦ ｸ ｸ ｨC (04apple ｦ0016ｦ ｸ ｸ76ｦ ｦ06 502fl0300 6ｨC12% ｦ ｦ006066ｦ0 09 6ｦ00009fl) apple07apple6ｦ ｨｨ6ｦ0apple0103, 2-fl 070ｹ000apple ｦ ｦ002 ｨｨ026ｦ0096ｦ ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

14 ｦ ｦ0fl ｦ ｦ ｦ0fl P 0ｸ ｦ ｸ apple ｦ fl ｦ0030ｸ ｸ ｦ003090ｹ00007 apple6ｦ ｦ00ｸ90ｸ fl apple apple0ｸ800016ｦ apple0ｹ apple6ｦ ｸ806 6ｦ0006ｦ ｦ00ｹ ｦ ｦ0096ｦ fl, 016ｦ ｹ ｦ00ｹ ｸ ｦ ｸ apple6ｦ0060ｹ ｦ ｹ ｦ fl 02fl ｸ8 09 applefl 6ｦ0 01apple ｸ apple apple6ｦ0, 006ｦ06 702fl ｦ0090ｸ86 56ｦ ｷ3096ｦ002, apple0ｸ ｦ0 6ｦ00003 apple apple0ｸ ｦ ｸ ｨｺ6ｦ ｸ apple ｦ ｦ ｸ fl ｦ0apple ｦ00ｹ ｦ0, 6 50ｸ ( apple6ｦ ｸ apple apple6ｦ0006ｦ00309) 06036ｦ ｦ0apple0000 0ｸ ｦ00ｸ ｸ9 08apple ｦ ｦ ｦ0 6 5 ｨｺ fl apple ｦ0apple07 000ｸ apple apple6ｦ ｦ , ( ｹ00002.; ) ｨｦ 0ｸ apple ｦ ｸ apple6ｦ apple ｦ0 ｨｨapple ｦ , ｸ90ｹ06ｦ0fl 08apple apple07 0ｸ8 ( ｹ00002.) ｨｦ 0ｸ apple ｦ ｸ ｦ0apple ｦ00ｹ ｦ0 ( ) ｦ ｹ ｨｨ07 006ｦ ｷ ｦ003, 07 0ｸ apple ｦ00ｹ ｸ ｦ ｸ ｦ ｦ06 502fl , apple0ｸ803 08apple090300apple ｹ06ｦ00ｸ ｦ0apple07 000ｸ ｦ000 6ｦ0apple036ｦ003. ｨｦ ｦ ｸ ｦ0apple ｦ00ｹ ｦ0 0ｸ apple ｦ0 apple0ｸ apple6ｦ ｦ ｷ309fl 08apple ｸ : apple apple07066ｦ0 08apple apple ｦ apple fl. ｨｨapple ｦ0apple6ｦ apple ｦ00206fl 6ｦ ｸ ｸ803016ｦ ｦ ｦ ｸ apple apple ｨｨapple09 0ｹ applefl apple076 5, 096ｦ0fl ｸ ｦ0 apple0ｸ ｦ ｦ0 000ｸ ｦ , apple ｸ apple fl0309, 0ｹ apple ｦ000030ｸ803 06apple ｹ06ｦ00009fl 0603apple ｦ0 (006ｦ008apple090300apple, 08apple ｦ0apple0103, apple006ｦ ｸ806 apple ｦ ｦ0fl 056ｦ00ｹ06ｦ apple6ｦ0000ｷ ｦ Bouygues) ｦ ｸ ｦ0fl ｸ ｦ0 apple0ｸ ｦ0apple07 000ｸ ｹ apple076 5, apple0ｸ ｦ fl0206fl apple ｦ00ｸ90ｸ ｦ apple ｦ ｦ0 6 5 ｨｺ fl6 502fl- 0ｸ90306fl apple fl ｸ apple apple ｷ30906 apple6ｦ fl ｦ apple0ｸ800016ｦ ｦ apple apple07000ｸ apple apple apple ｦ ｨｨapple090300apple ｦ ｦ0 fl6 502fl000306fl 08apple ｨ 0603apple6ｦ ｦ , apple ｸ8 006ｦ0 ｨｹapple ｦ apple6ｦ ｦ00409apple (00ｨ apple096ｦ ｸ ｦ0apple ). ｨｺ apple07066ｦ apple07000ｸ ｹ ｸ ｦ0086ｦ0 000ｸ ｦ ｦ0 apple6ｦ ｸ apple ｦ apple ｦ0apple ｸ ｦ0 6ｦ ｦ fl apple apple ｦ000090ｸ apple09-6ｦ ｸ ｦ0apple , apple0ｸ ｸ90ｹ06ｦ00ｸ fl ｦ ｸ fl 09 08apple ｸ ｸ8. ｨｬ016ｦ0096ｦ ｸ ｷ3090ｸ fl 006ｦ ｦ ｦ0030ｸ86 56ｦ0-0ｸ90ｸ70006, ｦ0 0ｹ ｹ0000ｸ800 08apple ｸ8, apple ｦ000000ｸ ｦ fl0ｸ apple0003fl ｦ00ｸ90306fl ｦ ｸ ｹ ｦ ｹ ｸ ｹ ｦ ｹ ｦ apple6ｦ ｦ , 08apple ｦ06 502fl0ｸ90ｸ ｹ apple ｸ800 08apple ｸ apple ｦ ｦ fl 07016ｦ0096ｦ00009fl ｹ apple006ｦ ｦ ｦ00ｷ ｦ ｦ0fl ｹ ｦ0fl ｦ00009fl03, ｦ0fl 056ｦ00ｹ06ｦ0 026ｦ0apple , FM Logistic 09 applefl apple fl 0ｹ apple ｸ ｨB apple ｦ0 016ｦ00ｹ ｸ ｦ ｸ ｦ ｦ0 08apple090300apple % ｦ0fl fl apple ｨB apple ｦ0 016ｦ00ｹ ｸ ｦ ｸ ｷ ｦ fl 006ｦ ｦ0 04apple ｨC ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

15 ｦ ｦ ｦ0fl apple apple ｦ ｦ ｸ fl ｦ0apple ｦ00ｹ ｦ ｦ fl 6 50ｸ apple ｸ803 6ｦ0apple0000 6ｦ00307apple ｦ ｸ ｸ90ｸ ｦ apple0909: ｦ , 08apple ｦ06 502fl0ｸ90ｸ ｹ ; apple ｦ0apple07 000ｸ apple ｸ ; 01apple ｸ800 apple ｦ0apple07 000ｸ800 08apple apple0300apple0ｸ ｦ0apple apple07066ｦ0 (FMCG), 08apple ｦ00009fl; 08apple apple0300apple0ｸ ｦ0apple fl 07036ｦ0, 01apple ｸ803 0ｸ ｸ803 0ｹ apple ｦ0apple076 5, 0603apple ｸ ｦ00300apple096ｦ , 096ｦ0080ｹ06ｦ fl 6ｦ apple6ｦ apple036ｦ0, 09 08apple ｦ ｸ ｦ fl apple07066ｦ0 006ｦ0 016ｦ00ｹ ｸ ｦ ｸ fl, 0ｹ ｨBfl0600fl000306fl apple ｷ apple ｦ apple apple0ｸ800016ｦ apple0ｹ ｷ , apple6ｦ ｦ0 08apple ｸ90ｸ ｦ0 apple0ｸ apple ｸ ｦ0 apple0ｸ ｸ803 apple ｦ0apple07 000ｸ ｦ , apple6ｦ apple ｸ ｸ apple ｸ ｦ0apple ｦ fl0ｸ apple0003fl apple076 56ｦ000000ｸ apple0706 (6ｦ ｸ fl6 5000ｸ806) 006ｦ0 016ｦ00ｹ ｸ ｦ ｸ fl, ｦ ｷ ｦ003, ｦ06 502fl ｦ ｦ0apple0000 0ｸ ｦ ｦ0apple0000 0ｸ apple6ｦ ｦ0 08apple ｸ apple ｦ $140ｨC ｦ ( ｸ90ｹ06ｦ0fl ) 02fl ｸ , ｹ06ｦ0-0ｸ90ｸ ｦ0apple07 000ｸ ｦ000 6ｦ0apple036ｦ apple ｸ ｦ ｦ ｸ fl ｦ00ｹ ｦ0 006ｦ ｦ0086ｦ $90ｨC ｦ ( ｸ90ｹ06ｦ0fl ). 050ｸ ｦ0096ｦ000000ｸ ｦ ｸ90ｹ06ｦ00ｸ903 0ｹ ｦ0036ｦ00ｷ ｸ800 apple6ｦ ｸ8 ｨC apple6ｦ ｸ8 006ｦ0 0408apple6ｦ ｦ , 0703apple6ｦ0006ｦ0, ｹ ｦ , ｸ90ｹ06ｦ00ｸ ｦ ｸ ｦ ｦ008026ｦ00009apple076 56ｦ000000ｸ ｨC ｨB ｸ apple006ｦ ｦ0000ｸ8, ｦ apple fl 06036ｦ ｦ0apple0000 0ｸ8. ｨｺ0ｸ ｦ0 00ｨ apple , ｨｦ ｸ apple ｦ00ｸ90ｸ ｦ apple0703 6ｦ apple6ｦ fl apple0ｸ800016ｦ ｦ ｦ ｦ fl 08apple ｦ0 096ｦ001apple0ｸ apple6ｦ apple0ｸ800016ｦ ｸ ｹ06ｦ applefl 6ｦ ｦ ｦ , 006ｦ008apple6ｦ ｸ ｦ apple076 56ｦ apple0309apple076 56ｦ00009fl apple6ｦ apple0ｸ800016ｦ , 6 5 6ｦ apple0ｸ800016ｦ ｦ fl apple ｦ ｹ06ｦ ｨｪ6ｦ001, 006ｦ008apple090300apple, ｦ ｸ fl ｦ ｸ fl006 56ｦ0applefl ｦ fl apple09 08apple07 6ｦ ｸ ｹ06ｦ ｦ apple090ｹ apple0ｸ , 0ｹ ｦ0096ｦ ｦ0 apple0ｸ ｸ ｸ ｹ06ｦ fl ｦ ｦ ｸ8apple ｦ0 10ｨC30% ｦ00307 fl0306fl ｦ0086ｦ $ ｸ $ ｸ ｦ0 6 76ｦ0 ( ｸ90ｹ06ｦ0fl ); 6ｦ000006ｦ0fl 0ｷ300006ｦ ｸ90ｹ06ｦ , 0ｹ ｹ ｷ ｦ ｸ % ｦ apple ｹ06ｦ ｦ0 096ｦ apple6ｦ fl, ｦ0, 006ｦ002090ｹ009fl apple , 6ｦ0 036ｦ ｦ0 0909, apple ｦ fl 08apple070ｷ apple fl 040ｹ06ｦ ｦ0, ｹ apple070ｷ ｸ ｦ06 500apple ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

16 13 ｨｪ07apple ｦ0fl ｦ0 ｨｪ07apple ｦ0fl apple6ｦ ｦ ｸ ｦ001apple070ｹ ｹ ｦ0096ｦ , 006ｦ fl , 0708apple ｦ apple09fl apple fl apple6ｦ fl apple0ｸ800016ｦ0 0307apple ｸ ｸ ｨｪ6ｦ001, ｦ000000ｸ apple ｦ0036ｦ003, apple ｨB00036ｦ0 08apple07 6ｦ apple ｦ0apple ｹ000apple ｦ0006ｦ0020ｸ8 apple006ｦ ｦ00ｷ apple6ｦ ｸ ｦ apple090300apple0007 8,4%. ｨｪ076 56ｦ0apple apple ｸ ｦ00009fl apple ｦ0 6,1% apple6ｦ ｸ ｸ90ｸ apple ｨｪ6ｦ ｷ36ｦ0 6 ｨｦ ｸ ｦ001apple070ｹ ｹ ｦ0096ｦ * ｨｦ 07apple0703 apple ｹ apple , apple , % , ｦ ｸ ｸ ｸ8 006ｦ ｦ fl ( ｷ3 2004), apple , % ,10 ｨｺ006ｦ ｸ ｸ ｸ8 006ｦ ｦ fl % ,60 ｨｪ07apple ｸ800 0ｷ apple0ｸ apple apple apple , 0ｹ00307 apple0ｸ apple ｸ ｸ apple6ｦ ｦ00206fl ｦ003070ｹ ｦ003090ｹ00007, 07 0ｹ apple6ｦ apple6ｦ ｨｦ 0ｸ76ｦ0fl ｸ76ｦ0 00, 030ｸ ｦ ｦ0 08apple09apple ｦ ｨB ｸ76ｦ apple ｸ803 0ｷ apple6ｦ003 ** ｨｨ ｦ ｦ0 08apple09apple ｦ ｸ76ｦ apple ｸ803 0ｷ apple6ｦ003 ｨｦ ｨB ｸ76ｦ apple ｸ803 0ｷ apple6ｦ003 08apple09apple ｦ0 016ｦ ｹ ｦ0 0307apple ｸ803 0ｷ apple076 5, 036ｦ ｸ ｸ76ｦ0 09. ｨｴ ｦ apple ｸ apple ｦ ｷ apple ｸ ｨB apple6ｦ apple09apple ｦ apple09apple ｦ ｸ76ｦ apple ｸ803 0ｷ apple6ｦ apple , 6ｦ0 036ｦ apple ｦ ｦ0 0603apple ｦ fl6 502fl000306fl apple ｦ ｸ90ｸ apple ｦ0apple6ｦ apple fl ｸ803 apple , 08apple090ｹ ｸ ｦ0 apple0ｸ apple ｸ ｨB , 06apple apple0ｸ803 ｨC 0307apple ｸ800 0ｷ apple0ｸ I apple ｸ ｦ ｦ00ｹ ｸ806 08apple09apple ｸ76ｦ apple ｸ803 0ｷ apple ｨｨ07 006ｦ ｦ000000ｸ803, ｦ ｸ ( ｸ ｦ0apple apple ｸ ｸ76ｦ (GLA)). ｨｨapple09apple apple ｸ ｸ76ｦ ｸ ｦ00ｹ ｸ apple6ｦ ｸ apple00 0ｸ8 04-0ｸ ( apple6ｦ ), ｷ ｦ0 07 0ｸ76ｦ0fl ｸ76ｦ ｷ apple040ｸ90ｸ apple ｸ803 0ｷ apple apple ｦ , ｸ apple0ｸ apple ｸ apple ｸ803 0ｷ apple076 5 ( ｦ ). ｨｦ fl ｦ0 0603apple apple04 apple6ｦ00608apple fl ｸ76ｦ apple066ｦ ｸ apple ｸ803 0ｷ apple6ｦ apple fl03 ( ｦ ) 07016ｦ0090ｸ86 56ｦ00ｸ apple6ｦ000090ｹ fl, 006ｦ001026ｦ0 0ｸ86 56ｦ000030ｸ800 03apple ｦ00009fl ｷ300080ｷ apple , 06040ｸ fl ｦ0090ｸ8-6 56ｦ apple apple07000ｸ ｷ3096ｦ ｸ803 6ｦ0apple0000 6ｦ0-0307apple ｦ ｹ apple apple0ｸ8 096ｦ0fl , ｦ00ｸ90ｸ ｷ309-6ｦ ｸ803 6ｦ0apple0000 6ｦ00307apple076 5, ｦ0090ｸ86 56ｦ00003, 0ｹ apple apple ｦ0 6ｦ apple ｦ ｸ fl ｦ06 76ｦ ｸ8 02fl 0307apple ( ｦ ). * ｨ ｹ : apple ｦ00303 ** ｨ ｹ : Colliers International 15 ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

17 ｦ0 ｨｪ07apple ｦ0fl ｨｪ6ｦ ｷ36ｦ0 7. ｨ 006ｦ00ｹ009030ｸ apple ｸ800 0ｷ apple0ｸ8, apple0ｸ8030ｸ * 046ｦ ｦ apple0006 ｨｦ 0ｸ76ｦ0fl ｨｹ0107apple000ｸ ｦ0036ｦ0 0307apple ｷ apple6ｦ ｸ76ｦ0 00, apple6ｦ00307apple0ｸ apple0ｸ80309fl ｦ ｸ806 02apple 6ｦ ,. 19, 0603apple Constellation Articoli (Bosco di Ciliegi) 00ｨｨ6ｦ0030ｹ1apple , ｦ000 apple 000ｹ ｨｨapple ｦ , ｨｴ apple6ｦ0 0703, 4 036ｦ0apple036ｦ apple ｨｬ0203 ｨｨ00apple00apple6 56ｦ ,. 43, 0107apple , ｦ0apple036ｦ apple ｨｨ6ｦ006066ｦ apple, ｨｺ6ｦ apple03 8 6ｦ008apple ｦ apple6ｦ apple fl apple-, ｦ ｦ0fl ｦ0apple0303, , 00050ｹ106086ｦ0apple apple03036ｦ apple03, ｸ902fl ｦ0apple ｦ0 0ｸ80ｹ ｦ0apple03 II apple , ｦ0apple0303, ｸ ｦ0fl 0402., ｦ00003, 00ｨｴ apple6ｦ fl. 00ｨｨ00apple0001apple , ｹ0000ｸ806 apple6ｦ apple , ｨｪ ｦ003, apple 6ｦ003 ｨｨapple II , apple07apple ｨ , ｦ00003, OBI, ｦ ｨｨfl036ｦ0fl ｸ ｦ0apple046ｦ0026ｦ0 0309apple0ｸ ｦ , ｨｨ00apple0001apple , ｦ0 ｨｨ6ｦ0apple , 0ｹ ｦ0 03apple09 006ｦ apple ｦ000000ｸ803 08apple fl ( ｦ0, 07 0ｸ , 6ｦ0 036ｦ apple6ｦ ｦ apple ) 08apple fl ｸ ｦ0fl ｨｪ6ｦ ｷ36ｦ0 8. ｨｨapple090300apple apple6ｦ00608apple ｸ76ｦ apple ｸ803 0ｷ apple6ｦ apple fl03* ｨｪ07apple ｸ fl ｸ76ｦ ｦ0086ｦ apple ｦ apple ｸ9, % ｸ76ｦ0 0006, ｨｨapple ｸ8 28, ｨC ｨｦ ｦ0 18,0 25ｨC950 ｨｺ6ｦ ｹ fl 14,8 25ｨC4 000 ｨｦ 0ｸ ,5 20ｨC600 ｨｴ apple ｦ0 3,7 20ｨC apple ｸ803 3,4 30ｨC500 ｨｦ ,4 40ｨC ｦ0apple0ｸ8 3,3 10ｨC130 01apple6ｦ ｦ apple ,3 10ｨC400 ｨｪ076 56ｦ0apple0ｸ8 02fl 07036ｦ0 2,4 30ｨC500 ｨｪ076 56ｦ0apple0ｸ8 02fl ,3 50ｨC apple ｦ0 2,1 200ｨC500 05apple ,1 ｨｪ07apple ｸ800 0ｷ apple0ｸ ｦ ｦ0apple0000 0ｸ8 05 0ｷ apple0ｸ ｦ ｦ00009fl 06036ｦ ｦ0apple0000 0ｸ8 006ｦ ｸ fl apple ｸ803 0ｷ apple6ｦ apple , ｦ fl ｸ803 08apple apple ｸ90ｸ ｷ apple ｦ ｦ ｦ ｦ00ｷ309fl 0608apple07066ｦ ｦ ｦ0apple0000 0ｸ8 006ｦ ｸ fl ｦ003apple076 5, apple6ｦ0fl 006ｦ ｦ ｦ apple0ｸ80309fl ｨｦ 006ｦ ｷ ｦ ｦ ｦ00209 apple6ｦ ｦ ｦ0applefl 6 50ｸ ｦ0 apple0ｸ ｸ apple6ｦ00307apple ｦ apple fl ｹ apple00000ｷ ｦ ｦ0apple0000 0ｸ8 02fl 08apple00 08apple09fl ｸ ｦ00009fl apple0ｸ ｹ06ｦ0fl apple09apple040ｸ903 apple ｦ apple00000ｷ ｹ ｦ0apple070ｹ apple apple00 006ｦ0 020ｸ9 6ｦ fl 086ｦ ｦ , 0ｹ fl096ｦ apple6ｦ00ｸ apple07066ｦ apple07000ｸ apple6ｦ00307apple076 5 * ｨ ｹ : Colliers International ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

18 13 ｨｪ07apple ｦ0fl ｦ0 ｨｪ6ｦ ｷ36ｦ0 9. ｨｺ6ｦ00608apple apple07066ｦ apple fl03* ｨｪ07apple ｸ fl 096ｦ008apple ｨ 6ｦ008apple6ｦ ｦ000036ｦ0fl ｸ76ｦ0 00, apple ｦ apple ｸ9, % ｨC036ｦ apple00 00flfl ｨｦ ｦ0 29,0 10ｨC ｨｦ 0ｸ ,9 3ｨC apple6ｦ ｦ apple ,9 7ｨC , ｦ0apple0ｸ8 6,6 30ｨC DIY ( ｦ0apple0ｸ8 02fl apple ｦ0) 6,5 15ｨC ｨｺ6ｦ ｹ fl 6,3 3ｨC ｨｪ076 56ｦ0apple0ｸ8 02fl ,8 16ｨC ｨｴ apple ｦ0 4,3 7ｨC apple ｸ803 3,2 15ｨC ｦ0apple0ｸ8 2,5 2ｨC ｨｬ ,4 0,5ｨC ,4 10ｨC ｨｦ ,3 40ｨC apple ｦ0 2,1 4ｨC apple ,8 ｨｪ6ｦ ｷ36ｦ0 10. ｨｺ6ｦ00608apple ｦ ｦ0apple0000 0ｸ apple fl03* ｨｨapple ｦ0086ｦ ｸ76ｦ0 0006, ｦ ｦ0 6ｦ0apple0000 0ｸ8, $/ /6 707 ｨｹ0107apple000ｸ800 6ｦ0apple0000 6ｦ00307apple0ｸ apple036ｦ0apple ｨC ｨC apple036ｦ0apple ｨC ｨC250 ｨｴ apple ｦ ｨC ｨC apple ｸ ｨC ｨC450 ｨｦ ｦ0 600ｨC ｨC900 ｨｺ6ｦ ｹ fl 250ｨC ｨC250 ｨｪ076 56ｦ0apple0ｸ8 02fl 07036ｦ0 400ｨC ｨC1 000 ｨｪ076 56ｦ0apple0ｸ8 02fl ｨC ｨC400 05apple apple6ｦ00307apple0ｸ8 ｨｦ ｦ0 30ｨC ｨC2 500 ｨｦ ｨC ｨC apple ｸ803 50ｨC ｨC apple6ｦ ｦ apple ｨC ｨC1 800 ｨｪ076 56ｦ0apple0ｸ8 02fl 07036ｦ0 30ｨC ｨC1 800 ｨｪ076 56ｦ0apple0ｸ8 02fl ｨC ｨC ｷ30902apple apple ｦ ｨC ｨC ｦ0apple0ｸ8 20ｨC ｨC apple0ｸ ｦ0apple ｨC ｨC3 000 ｨｦ 0ｸ ( apple03) 20ｨC80 700ｨC1 200 ｨｬ ｨC ｨC1 150 * ｨ ｹ : Colliers International 17 ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

19 ｦ0 ｨｪ07apple ｦ0fl ｦ apple fl 006ｦ ｸ fl apple ｸ803 0ｷ apple6ｦ003, apple6ｦ006060ｹ009036ｦ000000ｸ ｦ0 06apple ｦ fl apple066ｦ apple ｷ apple6ｦ0, ｸ8030ｸ86 56ｦ00ｸ90ｸ apple apple fl0009fl, 06036ｦ ｦ0apple0000 0ｸ apple fl03 02fl ｷ ｦ apple6ｦ00608apple070603apple6ｦ ｸ803 apple6ｦ apple ｦ fl ｸ90ｸ apple ｦ003 ( ｦ ). ｨｦ fl0ｸ ｦ06 76ｦ ｸ apple apple ｦ0 020ｸ9 6ｦ00206fl 096ｦ ｸ806 apple ｸ apple fl. ｨｴ apple apple ｦ ｸ803 apple6ｦ ｦ ｦ0 060ｹ ｸ apple6 50ｸ803 0ｹ1036ｦ0086ｦ ｸ apple apple0008apple apple076 56ｦ00009fl 0800apple ｦ0-0ｹ06ｦ ｸ ｸ apple ｸ800, ｸ apple ｸ apple09 07apple6ｦ apple07 6ｦ0 (40 0ｷ apple6ｦ ｸ ｷ3) apple ｸ ｸ ｹ ｦ00009fl ｸ76ｦ (0800apple apple ｦ ｦ , apple ｦ00003apple , apple0ｸ803 0ｹ1036ｦ ) ｹ ｦ ｸ apple ｸ ｸ apple ｸ ｸ ｦ apple6ｦ ｸ apple ｦ ｦ apple ｸ ｸ8, apple apple6ｦ ｹ ｨｦ0ｹ apple ｹ000apple086ｦ apple09apple ｦ0 08apple fl, ｹ0000ｸ ｹ06ｦ apple ｦ ｦ0090ｸ86 56ｦ ｦ fl0009fl 006ｦ ｦ00ｷ3090ｸ9 006ｦ0 apple0ｸ apple ｦ0apple6ｦ apple ｦ ｸ fl0009fl 026ｦ apple09fl ｦ001apple070ｹ ｹ apple fl fl ｦ ｦ0 0608apple07066ｦ0 0207apple0309apple076 56ｦ0026ｦ fl ｸ90ｸ ｦ apple076 5: 09006ｦ003090ｹ apple6ｦ apple ｸ803 apple ｹ0000ｸ apple6ｦ00307apple076 5 (08apple ｸ , 6ｦ , 6ｦ apple , apple.); 6ｦ apple6ｦ apple apple (09006ｦ00ｹ fl ｸ apple ｸ apple09 07apple076 5); 09006ｦ00ｹ ｹ ｹ ｦ0 08apple00-08apple09fl ｸ ｦ00009fl (apple apple6ｦ0000ｸ8, 016ｦ00200, apple.); apple apple fl0009fl apple07000ｸ8 08apple ｦ ｸ apple ｸ803 0ｷ apple076 5 (06040ｸ fl ｸ ｸ apple ｸ apple09 07apple076 5, apple090200apple ｸ803 apple6ｦ ｦ apple07 6ｦ0); apple6ｦ apple apple6ｦ , 08apple apple ｸ fl ｦ001 6ｦ0096ｦ0 02fl ｹ fl ｦ fl 08apple apple fl ｷ30906, ｦ apple09006ｦ apple ｦ0036ｦ ｦ0, apple0000 6ｦ0 ( fl 02040ｹ apple ｸ apple09 07apple076 5 (0402. ｨｪ6 500apple06016ｦ0fl, ｸ806 02apple 6ｦ003)); ｦ0apple0000 6ｦ00307apple ｸ ｸ ｦ ｦ ｸ fl apple ｸ ｨC 07apple ｦ00ｷ309fl 006ｦ apple070ｹ000040ｸ9 6ｦ0apple ｸ apple ｸ ｦ ｷ apple ｦ ｸ fl 006ｦ ｸ apple ｸ ｷ36ｦ ｦ fl 006ｦ0 6 50ｸ apple , 07 0ｹ apple070ｷ ｦ0016ｦ ｸ ｸ76ｦ ｨC % 07 5% ｸ apple ｸ apple09 07apple6ｦ apple6ｦ009000ｸ apple0907 0ｸ8. ｨｦ fl0ｸ ｦ06 76ｦ ｸ ｦ ｦ0apple0000 0ｸ8 09 0ｷ300000ｸ8 08apple07 6ｦ00809 ｨｨapple apple0309apple076 56ｦ ｦ ｦ0apple0000 0ｸ8 09 0ｷ apple07 6ｦ apple ｹ000apple ｸ9 apple apple6ｦ00ｸ ｹ ｦ0apple6ｦ apple ｸ ( 0702fl ｸ ｸ76ｦ0 0006, 6 50ｸ ｦ ｦ apple.), ｦ00ｹ ｸ ｦ0apple6ｦ apple0ｸ ｹ ｦ ｸ ｦ0apple0000 0ｸ8, apple07 6ｦ008, 036ｦ fl 0107appleapple ｦ00009fl 09006ｦ ｦ ｷ ｨｨ07016ｦ0096ｦ , 08apple ｸ ｦ0 6 7apple6ｦ , fl ｦ ｸ ｦ0apple6ｦ apple apple6ｦ0086ｦ00ｸ ｦ ｸ ｦ ｦ0apple0000 0ｸ8 09 0ｷ300000ｸ8 08apple07 6ｦ ｦ ｸ fl apple0ｸ ｸ apple ｸ apple09 07apple6ｦ apple07 6ｦ0, ｨｦ , 0ｹ ｦ00ｹ ｦ ｦ ｦ0apple6ｦ0 05ｨｰ02 ( % 096ｦ ｦ ｦ0) ｨC 6 56ｦ0020ｸ9030ｸ8, apple apple ｸ apple076 56ｦ0000ｸ ｦ ｷ300000ｸ8, apple076 56ｦ00207 apple ｹ ｦ0096ｦ ｷ , ｦ ｷ ｦ003, 096ｦ0 08apple apple ｦ ｦ0apple0000 0ｸ8 0ｸ ｦ ｸ ｦ % ｸ apple ｸ apple09 07apple6ｦ apple07 6ｦ0. 046ｦ0 apple0ｸ apple07 6ｦ ｸ ｦ ｦ0: 08apple07-6ｦ0086ｦ ｸ ｹ0000ｸ ｦ fl apple07 6ｦ0-086ｦ0 02fl ｸ90ｸ ｦ00ｹ ｦ0apple ｸ ｹ ｸ ｸ ｹ apple ｦ ｦ ｦ ｦ00ｷ ｹ0000ｸ803 02fl ｦ003: 10ｨC12% ( ｸ apple ｸ apple09 07apple0ｸ8) ｨC 02fl 0800apple % ｨC 02fl apple ｦ0. ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

20 13 ｨｪ07apple ｦ0fl ｦ0 07apple6ｦ ｨｪ6 500apple06016ｦ0fl apple 6ｦ ( ｦ0fl apple07006ｦ0) 02apple 6ｦ fl ｨｪ6 500apple06016ｦ0fl-ｨｹ ｦ0fl apple ｦ ｷ apple-03 ｨｨ07fl ｸ apple036ｦ fl applefl ｷ ｦ ｨｪ6 500apple ｨｹ ,. 7, apple0ｸ80206fl 0800apple6 50ｸ ｨｺ ｦ00603apple ｹ Fauchon. 046ｦ0 apple apple0ｸ ｸ8 0807fl fl ｸ apple ｷ ｦ0fl ｦ00009fl 05&02, ｷ3096ｦ apple040ｸ90ｸ76ｦ0fl06fl 006ｦ0 08apple07 6ｦ ｸ8 02fl 06apple ｦ006066ｦ0, 6ｦ0apple ｦ0026ｦ ｸ apple II ｸ ｦ apple , apple II apple0ｸ80206fl 0800apple6 50ｸ ｨｺ apple036ｦ06 7 Boyner, 08apple09006ｦ ｦ00ｸ apple ｨｪ04apple0ｷ ｦ ｦ0 apple0ｸ apple ｹ apple apple ｸ ｦ0apple6ｦ00309 Boyner apple0ｸ86 56ｦ00ｸ90306fl apple036ｦ British House ｸ ｸ apple0ｸ8030ｸ apple036ｦ apple ｸ803 0ｷ apple6ｦ I03, II applefl apple ｹ apple036ｦ apple apple Rewe 6 50ｸ ｦ0 apple apple0ｸ apple036ｦ apple ｸ apple036ｦ0apple Billa. ｨｨapple ｦ ｨｪ07apple ｸ800 0ｷ apple0ｸ ｦ ｦ0apple0000 0ｸ8 09 0ｷ300000ｸ8 08apple07 6ｦ apple ｸ ｸ * 0ｷ300006ｦ0 08apple07 6ｦ ｦ ｦ0 6ｦ0apple0000 0ｸ ｦ ｦ0 6ｦ0apple0000 0ｸ8, $/ /6 707 ( ｹ apple6ｦ ) ｦ0 08apple07 6ｦ00809, $/ ( ) ｨｦ0809 6ｦ fl 0807fl ｦ00ｹ009030ｸ ｦ0 apple0ｸ ｷ ｸ803 08apple07 6ｦ apple ｸ803 0ｷ apple ｨｬ ｹ fl 0702fl 08apple , apple0ｸ apple07fl0306fl 096ｦ0 060ｹ ｦ ｸ803 06apple ｨｬ ｹ fl ｹ apple , apple0ｸ apple07fl0306fl 06 08apple ｹ ｦ0apple07 000ｸ803 6ｦ0apple apple000ｸ ｦ apple6ｦ009apple6ｦ0 6ｦ0030ｸ86 56ｦ fl 08apple ｸ8 0603apple ｦ appleapple ｦ ｸ apple ｸ803 0ｷ apple ｦ ( ｸ ｦ I II03). ｨｦ0809 6ｦ fl 6 50ｸ ｦ0 apple0ｸ ｸ ｦ0- apple07 000ｸ ｦ0apple ｹ ｨB apple ｦ0 08apple ｦ ｸ apple ｸ ｨB ｹ apple6ｦ ｸ apple ｸ ｷ apple6ｦ apple ｦ ｦ00ｹ ｷ300080ｷ , 0ｹ apple ｸ ｷ ｨｦ0809 6ｦ fl 0807fl ｦ00ｹ009030ｸ803 08apple ｦ0 apple0ｸ apple apple ｸ803 apple ｦ ｸ apple ｨｪ ｸ8 08apple09apple ｦ0 0307apple ｸ ｸ76ｦ apple ｸ803 0ｷ apple6ｦ003 apple ｸ80400, 0ｹ ｨｦ0809 6ｦ fl apple00000ｷ apple apple6ｦ00309, 6 5 0ｹ06ｦ , apple6ｦ00307apple6ｦ apple036ｦ0apple , 0ｹ apple , ｦ003apple076 5, 6ｦ ｦ0apple fl fl0909, 07 0ｸ ｦ00009fl ( apple03). ｨｨapple ｦ ｨｦ fl0ｸ ｦ06 76ｦ ｸ ｦ ｦ00ｷ309fl 07 ｨB apple fl ｸ apple ｸ apple09 07apple6ｦ ｸ apple apple07036ｦ00ｷ ｦ0apple0000 6ｦ00307apple fl ｸ ｦ ｸ ｦ ｦ ｦ0apple0000 0ｸ apple ｹ fl 07 ｨB apple ｨｺ ｹ ｦ0 08apple07 6ｦ ｹ0000ｸ ｦ fl ｦ apple apple07066ｦ apple07000ｸ ｸ apple6ｦ00307apple apple6ｦ00307apple076 5 apple apple ｦ ｦ0apple0000 0ｸ apple0309apple076 56ｦ fl fl ｦ ｦ apple076 5, 016ｦ apple6ｦ ｷ ｸ ｦ ｦ0apple6ｦ0, 6ｦ0 036ｦ apple6ｦ apple ｨB00036ｦ ｸ76ｦ apple036ｦ apple ｸ803 0ｷ apple * ｨ ｹ : Colliers International 19 ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

21 ｨｪ-ｨｨ00ｨｪ00ｨｺ03ｨｬｨｺ07

22 13ｨ ｷ ｨｨ000300apple 04apple6 7 ｨ ｷ30909 ｨｨ 07 6ｦ000000ｸ apple6ｦ00ｷ ｦ ｨｨ000300apple 04apple6 76ｦ ｨB apple6ｦ000000ｸ ｷ ｹ apple07 6ｦ apple ｦ0 40% ｦ $ ｨｦ ｸ apple6ｦ0-006ｦ ｹ ｦ00309 fl6 502fl ｨｰ02 (28%), apple (14%), apple09036ｦ00009fl (11%), fl00 09fl (11%), apple026ｦ000 0ｸ8 (9%). ｨｨapplefl030ｸ ｷ ｦ % ｨB00036ｦ apple6ｦ000000ｸ ｷ apple ｨｨapple6ｦ apple00 08apple ｦ ｦ ｸ ｦ apple076 56ｦ000090ｸ ｷ ｨｨapple0900fl03 096ｦ ｨｦ ｨ 6ｦ ｦ ｨｨ000300apple 04apple6 76ｦ0 00ｨｦ 006ｦ ｸ ｦ00303, apple0ｸ ｸ ｦ ｦ0 08apple09 0ｸ ｸ apple6 76ｦ ｦ00ｷ ｨｨapple apple6ｦ00ｷ ｦ apple ｦ apple07030ｸ ｸ ｷ309fl0303, apple040ｸ90ｸ70000 apple6ｦ ｸ appleapple090307apple0906, ｦ apple apple6ｦ00603apple apple0ｸ apple ｦ00ｸ90ｸ ｷ ｸ800 08apple ｸ apple00 08apple07030ｸ apple070ｹ0000ｸ806 apple ｦ ｨｨ000300apple 04apple6 76ｦ ｸ ｦ Moody's 07 04apple fl Baa3. Standard & Poor's 09 Fitch apple apple apple07 6ｦ0 006ｦ0 04apple fl03 BB 09 BB ｦ00ｹ06ｦ0030ｸ8 01apple ｸ800 08apple ｸ ｷ ｸ800 08apple ｸ8: 0603apple ｦ ｦ apple ｦ00ｷ apple ｦ00009fl 00ｨｴ ($ ), 096ｦ ｦ apple ｨｺ ｦ000 6ｦ0apple0303 ($ ), 08apple ｦ ｦ0 00ｨｨ apple ($ ), apple6ｦ apple apple ｦ0 00ｨｨ000300apple 04apple6 7 ｨｨapple07 6ｦ ｨ apple (0307apple ｦ0fl 036ｦ0apple016ｦ0 Gillette) ($ ). ｨｨapple ｸ ｸ8 0ｸ80300 apple006ｦ ｦ0000ｸ ｦ ｨｨ000300apple 04apple ｦ00ｹ06ｦ ｷ apple076 56ｦ apple6 50ｸ ｦ001apple0ｸ8030ｸ ｦ ｸ ｷ ｸ ｸ ｦ0030ｸ800 01apple ｸ ｨC 00ｨｺ ｦ0fl ｦ0fl apple ｦ ｸ ｨｦ02ｨｦ 0001ｨ ｨｪ03 ( apple076 56ｦ apple0ｹ ｸ ｸ apple ｦ003), ｦ0fl ｨｦｨｦｨｦ 00ｨｬ01 ｨｨapple07030ｸ apple ｦ000016ｦ003, 00ｨｨ00apple6 50ｸ806 ｨｨ000300apple 04apple applefl030ｸ ｷ (07 ｨB apple076 56ｦ00009fl ｨC ｷ apple 00046ｦ0apple ) ｨ (apple6ｦ apple ｦ ｨｪ6ｦ0 6ｦ00103) ｨｦｨｦｨｦ 00ｨｬ ｨｨ6ｦ0apple030000apple0ｸ apple6ｦ00ｷ apple07 6ｦ0 0ｸ apple ｸ8 0307apple apple07 6ｦ apple09006ｦ ｦ00ｸ apple ｸ ｦ ｦ0010ｷ ｷ ｸ8 07apple ｦ0fl03, ｦ0fl03, ｦ0fl03, 00ｨｪ04apple ｨｮ6ｦ006016ｦ003. ｨｦ 0ｸ76ｦ0fl ｦ ｷ ｦ ｦ $ fl0306fl 01 08apple07 6ｦ ｦ ｸ ｷ3 00ｨｨ ｦ0fl03, 00ｨｨapple09 6ｦ ｦ0fl03, apple09fl03, 00ｨｦ0103fl apple ｦ0fl03, ｦ ｦ ｦ003. ｨ fl 08apple070ｷ apple00 6ｦ00ｹ ｸ ｹ06ｦ ｦ00603apple ｦ ｨ ｷ apple apple apple ｦ apple ｦ0 08apple6ｦ ｦ0apple0000 0ｸ apple ｦ , apple0ｸ806 08apple ｦ06 76ｦ apple ｦ apple6ｦ00ｸ apple000ｹ000fl , ｦ00107, ｦ06 502fl ｦ ｦ ｦ ｨｨapple apple ｦ ｦ00009apple fl ｨｨapple ｸ ｨC ｦ0fl ｹ06ｦ ｦ apple ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

23 1305.-ｨｨ000300apple 04apple6 7 ｨ ｷ30909 ｨｪ6ｦ ｷ36ｦ apple ｸ ｷ ｸ800 08apple ｸ8, apple006ｦ ｦ000000ｸ ｨｦ ｨB ｨｨ02070ｸ76ｦ0 00, ｨ apple/ apple ｨ ｷ30909, $ ｨｪ07apple ｸ ｨB ｸ8 00ｨｪ apple ｨｪ09 ｨｨｨ ｨｨ0003apple070209apple ｨｪ apple0104apple III, IV 070ｹ000apple ｦ0036ｦ apple036ｦ0apple ｨｦ' * apple0900 6ｦ , ｦ0-603 Cash & Carry ｨｪ02 Cash & Carry ｨｪ apple 03 - II 070ｹ000apple ｦ0036ｦ , 0002ｨｦｨｺ ｦ06 76ｦ DIY 00026ｦ ｨｦｨｦｨｦ 00026ｦ ｦ0-503 Cash & Carry ｨｪ02 Cash & Carry ｨｪ09 ｨｦ0900apple ｦ0036ｦ ｨｦ ｸ800 0ｷ apple0ｸ , ｨｨ Renaissance House Renaissance Construction 5 ｨｨapple ｨｨapple / 00ｨｨ00apple6 56ｦ0fl ｦ0fl 026ｦ0 apple09016ｦ ｨｨapple apple ｦ00009fl ｦ apple03 12 * ｹ ｦ0fl 086ｦ0apple ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

24 13 ｨｦ ｦ0fl ｨｨ000300apple 04apple6 7 ｨｦ ｦ0fl P 0ｸ ｸ ｸ ｦ0apple6ｦ apple ｦ00206fl 096ｦ apple6ｦ fl. ｨ ｦ008026ｦ00009apple076 56ｦ000000ｸ ｸ ｸ76ｦ ｸ ｹ ｦ0036ｦ00ｷ3090ｸ ｨｦ0301apple0ｸ apple0ｸ ｷ apple076 5, 006ｦ003000ｹ ｦ ｷ , 0800apple ｦ0 I ｨｨapple ｦ ｷ ｸ ｨB ｸ ｸ ｷ apple6ｦ ｦ ｨｨ000300apple 04apple6 76ｦ ｦ ｨｨapple , 016ｦ apple00 0ｸ8 040ｸ ｸ8, apple ｦ0 060ｹ ｸ803 0ｷ apple ｦ006066ｦ0 05 (67% ｸ ). 0503apple apple6ｦ0 apple0ｸ800016ｦ ｸ803 0ｷ apple ｦ006066ｦ apple6ｦ ｸ apple6ｦ ｹ ｦ apple6ｦ apple apple ｸ ｸ ｸ76ｦ0 09, 030ｸ apple6ｦ ｨｺ6ｦ00608apple apple09apple ｸ76ｦ ｸ803 0ｷ apple6ｦ ｦ ｦ ｦ ｦ ｦ0 006ｦ00ｹ06ｦ ｨｨapple09apple ｦ ｦ ｦ fl ｦ ｸ ｷ apple6ｦ0: Geneum , 3803 (036ｦ ) ｦ00009apple fl ｹ ｦ0036ｦ00ｷ3090ｸ ｦ006066ｦ0 02 (036ｦ ). ｨｪ6ｦ apple6ｦ , ｷ ｨB ｦ006066ｦ ｹ fl 006ｦ0 75%. ｨ 6ｦ0 08apple ｦ ｦ0apple0000 0ｸ ｸ ｸ76ｦ0 fl ｦ006066ｦ ｸ8apple apple ｦ003 5%. ｨ 6ｦ008apple6ｦ ｦ000030ｸ ｦ ｦ00307 fl0306fl ｦ0086ｦ $ $620/ , ( , ｸ90ｹ06ｦ0fl 0ｹ ｦ0036ｦ00ｷ3090ｸ9) ｦ apple apple ｦ0016ｦ ｸ ｸ ｦ0apple ｸ ｦ , 01026ｦ % % 320 ｨｦ ｸ806 apple0ｸ ｦ ｦ006066ｦ fl ｸ ｷ apple6ｦ00309, 07 0ｸ ｸ76ｦ0 000ｸ apple ｸ ｦ ｦ ｸ76ｦ ｦ006066ｦ ｸ90306fl ｦ0086ｦ $260ｨC480/ , ( , ｸ90ｹ06ｦ0fl 0ｹ ｦ0036ｦ00ｷ3090ｸ9). ｨ 6ｦ ｸ8apple ｦ0 6%. 07apple6ｦ % 5% ｦ0016ｦ , % 07apple6ｦ % ｨ 6ｦ008apple6ｦ ｦ000030ｸ ｦ ｦ0apple0000 0ｸ8, $/ apple apple ｦ0016ｦ ｸ ｸ ｦ0apple ｸ ｦ , 01026ｦ apple apple ｦ0016ｦ ｸ ｸ ｦ0apple ｸ ｦ , 01026ｦ % % 180 9% % 7% 3% 1% 139 5% 4% 5% ｦ0016ｦ , % ｨ 6ｦ008apple6ｦ ｦ000030ｸ ｦ ｦ0apple0000 0ｸ8, $/ ｦ0016ｦ , % ｨ 6ｦ008apple6ｦ ｦ000030ｸ ｦ ｦ0apple0000 0ｸ8, $/ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

25 1305.-ｨｨ000300apple 04apple6 7 ｨｦ ｦ0fl ｦ ｸ ｨB ｸ ｸ76ｦ ｦ apple apple ( %). ｨｦ 006ｦ ｦ ｸ ｹ ｦ0036ｦ00ｷ3090ｸ ｷ apple (036ｦ ). ｨ 6ｦ008apple6ｦ ｦ000030ｸ ｦ ｦ0apple0000 0ｸ ｷ apple6ｦ ｦ006066ｦ ｦ06 502fl0ｸ $160ｨC290/ , ( , ｸ90ｹ06ｦ0fl ｦ ｸ ). ｨ 6ｦ ｦ ｸ8apple ｦ0 7%. 0508apple apple ｦ ｸ ｸ fl ｦ fl 006ｦ0 6 50ｸ apple ｦ ｸ fl 01026ｦ006066ｦ apple0309apple fl, , 096ｦ0 060ｹ apple6ｦ000000ｸ apple ｸ803 apple ｦ ｦ apple ｦ0000ｸ ｹ apple ｸ fl ｸ76ｦ0 000ｸ9 100ｨC ｨｨapple09 0ｹ ｹ06ｦ00ｸ700 6ｦ0apple0000 6ｦ00307apple0ｸ8 096ｦ apple ｦ0000ｸ8 ｨｪ6ｦ ｷ36ｦ apple0ｸ ｷ apple0ｸ8 056ｦ ｨｨ000300apple 04apple6 76ｦ0 ( 00016ｦ0 apple ) ｨｨ02070ｸ76ｦ0 00 ｨ 6ｦ008apple6ｦ ｦ000030ｸ ｦ ｦ apple ｸ803 ｨ 6ｦ fl ｦ ｦ0apple0000 0ｸ8, ｸ , , % $/ , ｹ , ｦ , 3803* apple., ｨC apple006ｦ0fl ｷ36ｦ ｦ0. apple , apple apple-03, ｨC620 00ｨｰ ｸ ｦ0fl 0402.,. 1/ Geneum* apple-03, ｸ ｹ apple06016ｦ0fl 0402., ｦ0apple6ｦ06 56ｦ000006ｦ0fl, ｦ0apple6ｦ06 56ｦ000006ｦ0fl 0402., / 01026ｦ00606 B 00ｨｨ0003apple apple fl apple-03, ｨC apple03 ｨｨ0003apple076 7apple6ｦ ｦ0fl 006ｦ0., ｨC apple ｦ , ｨC400 Renaissance House* 2-fl ｦ0fl 0402., ｨC400 Goldex ｨｰ086ｦ00200apple006ｦ0fl 0402., Europa House 02apple apple ｦ0fl 0402., ｨｨapple ｨｬ046ｦ ｦ0fl 006ｦ0., ｦ fl fl 05. ｨｦ., ｦ00307apple03* 01apple ｦ , ｦ00307apple09fl03 050ｸ8 07apple ｦ0fl 006ｦ0., ｨC apple6ｦ00203* 046ｦ0. ｨｦ ｦ0006ｦ0026ｦ0, ｦ0. ｨｦ ｦ0006ｦ0026ｦ0,. 936ｦ ｨｨ6ｦ002026ｦ0 6ｦ003 01apple6ｦ ｦ0apple ｦ0fl 0802., ｨC300 00ｨｪ05-ｨｨ ｨｮ6ｦ0080ｸ ｦ , ｸ apple apple ｦ0fl 0402., ｨｮ00apple006ｦ0fl ｨｺ000ｹ0016ｦ003 (I-fl 070ｹ000apple00 00) _ ｦ ｦ0apple6 56ｦ00300apple ｦ0006ｦ , apple6ｦ apple06016ｦ0fl 0402., ｦ ｦ apple-03, ｨｴ6 5apple09016ｦ ｦ , apple07apple6ｦ (I-fl 070ｹ000apple00 00)* ｨｰ6ｦ00403fl006ｦ0 08apple., * ｷ apple0ｸ8, ｸ ｹ ｦ0036ｦ00ｷ3090ｸ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

26 13 ｨｦ ｦ0fl ｨｨ000300apple 04apple ｸ ｦ003 ( ), ｦ ｦ0 apple0ｸ ｦ0 020ｸ9 6ｦ fl ｦ ｸ803 08apple ｸ803 0ｷ apple6ｦ ｦ ｦ0fl 0ｹ06ｦ ｦ0fl apple fl 006ｦ ｸ fl ｸ76ｦ0 000ｸ9 50ｨC ｨｨapple ｦ00009apple fl ｸ ｸ76ｦ0 0006, % ｨC ｸ76ｦ ｦ006066ｦ ｦ0 apple0ｸ apple6ｦ fl ｦ00ｷ309fl ｦ0026ｦ000066ｦ0 0608apple07066ｦ apple fl, 0800apple00006ｦ0060ｸ80ｸ fl apple0ｸ800016ｦ ｸ ｸ ｦ apple0003fl apple fl. ｨｦ0809 6ｦ fl ｦ00ｹ ｸ806 apple ｦ ｦ0apple0000 0ｸ apple ｦ003 5ｨC8% (06 040ｹ fl0ｷ fl 0104apple ｦ0020ｸ903, apple006ｦ ｸ806 04apple ｦ0apple ｸ ｦ ｦ fl), 096ｦ fl ｸ803 0ｷ apple ｦ fl 6 50ｸ ｨｨ07fl ｷ apple ｦ ｷ ｦ ｸ ｹ000036ｦ apple , ｹ , apple6ｦ ｦ ｷ309fl0309 (00ｨｨ026ｦ , , 3803, ｷ30ｸ800ｨB03, River House). 01apple ｸ ｸ fl ( ) ｦ fl apple ｦ0000ｸ8 006ｦ0 apple0ｸ , 08apple fl 036ｦ apple apple07066ｦ0 006ｦ0 08apple0907 apple ｸ ｸ76ｦ ｨｪ00appleapple090307apple096ｦ ｸ apple ｦ ｷ apple076 5 ( ｹ ｦ006066ｦ0 02, 05+) apple090ｹ ｷ apple6ｦ apple07 6ｦ ｸ apple0309apple040ｸ90ｸ fl ｸ800 apple6ｦ ｸ8. ｨｪ6ｦ ｷ36ｦ ｷ apple0ｸ8, 08026ｦ00009apple ｸ apple0ｸ803090ｸ ｦ ｦ apple ｦ00606 ｨｦ ｦ0fl 02apple0000 6ｦ0, ｸ76ｦ0 00 $/ ( ) apple006ｦ0fl ｷ36ｦ003 (II-fl 070ｹ000apple00 00) ｸ , ｦ0-076ｦ ｨｨ0003apple076 7apple6ｦ ｦ0fl 006ｦ0., ｦ00307apple03 ｨｮ6ｦ , ｦ00307apple03 056ｦ ｦ0fl 0402., ｨｨ026ｦ apple06016ｦ0fl, apple ｷ apple03 ｨｦapple apple ｦ0fl 0402.,. 4 02ｨC (ｨｦ 0ｸ76ｦ0fl) ｦ00307apple03 ｨｮ6ｦ0086ｦ ｦ0, apple ｦ0fl 006ｦ0., ｦ000036ｦ , apple6ｦ00203 (II-fl 070ｹ000apple00 00) 046ｦ0. ｨｦ ｦ0006ｦ0026ｦ0, River-House (II-fl 070ｹ000apple00 00) 02016ｦ ｦ0 ｨｨ6ｦ ｦ , ｨｰ00apple ｨｨapple ｦ00ｹ00001, ｨｪ ｦ , ｨC ｦ apple-03, ｨｰ086ｦ00200apple006ｦ0fl, 5403 ｨｰ086ｦ00200apple006ｦ0fl, ｨｨapple07 6ｦ0086ｦ ｨC1 800 ｨC fl 05ｨｦ,. 76ｦ ｨｨapple07 6ｦ0086ｦ ｨC1 760 ｨC fl apple., ｨｨapple07 6ｦ0086ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

27 1305.-ｨｨ000300apple 04apple6 7 ｨｦ ｦ0fl ｨｪ6ｦ ｷ36ｦ ｦ apple ｸ ｦ0apple apple0000 6ｦ00307apple 02 apple0006/ｨｨapple ｦ00606 ｨｨ02070ｸ76ｦ0 00, Skanska ｦ ,. 9 / 0001apple apple0103 B Motorola ｦ ,. 12 / ｨｪ apple ｦ ｦ ｦ0apple ｨｨ0003apple ｦ0fl ｦ0,. 1 / 00ｨｨ0003apple ｨ ｦ ｦ apple ｦ0fl 0402.,. 2 / 00ｨｪ6ｦ Banque Societe Generale Vostok 2-fl ｦ0fl 0402.,. 17 / Renaissance House ｨｨ apple-03,. 25 / apple Citibank ｨ 036ｦ00200fl ｦ0fl 0402., (apple6ｦ apple ) Outo Kumpu ｨｮ6ｦ0086ｦ ｦ ,. 15 / ｦ00307apple ｦ0. apple ,. 36 / apple006ｦ0fl ｷ36ｦ Canon 046ｦ0. apple ,. 36 / apple006ｦ0fl ｷ36ｦ Fortum apple-03,. 25 / apple DHL apple-03,. 10 / Geneum ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

28 ｦ ｦ0fl ｨｨ000300apple 04apple ｦ ｦ0fl ｨｨ apple ｦ00ｸ90ｸ fl apple6ｦ ｹ ｦ ｨｨ000300apple 04apple6 76ｦ0, apple apple07030ｸ apple ｦ apple , 0807fl apple ｦ0apple07 000ｸ ｸ apple6ｦ00307apple ｸ fl apple apple07066ｦ0 006ｦ apple ｸ ｦ ｸ fl, apple0ｸ ｷ apple0ｸ ｹ06ｦ fl ｦ fl0ｸ apple0003fl apple6ｦ ｦ ｨｨ000300apple 04apple6 76ｦ0 0ｸ apple0900fl0307 apple apple0309apple076 56ｦ fl ｸ803 08apple07030ｸ ｦ ｦ0 0701apple6ｦ009006ｦ apple07 6ｦ0 07 0ｸ ｸ76ｦ0 000ｸ ｦ0: 00ｨｰ04046ｦ0apple0ｸ8-203, ｦ apple , ｦ0fl 006ｦ003036ｦ003, 00ｨｨapple apple ｦ0fl-303, apple apple ｦ003. ｨ apple006ｦ0fl ｦ0 6ｦ000000ｸ appleapple090307apple ｦ0 060ｹ apple07 6ｦ0. ｨｪ ｷ apple fl6 502fl000306fl ｦ ｦ0apple ｨC 08apple ｦ apple6ｦ fl00030ｸ apple096ｦ ｸ ｦ0apple ｨｨapple ｨｦ ｸ9 0ｹ06ｦ apple fl ｦ06 502fl0ｸ ｨB ｸ8, 006ｦ00307 fl0ｸ fl 006ｦ0 0300appleapple090307apple0909 0ｸ apple07030ｸ ｸ apple applefl0ｸ90ｸ apple ｦ00009fl03 6ｦ0apple0000 6ｦ00307apple ｦ ｹ ｸ76ｦ ( % ｸ ｹ ｦ0 08apple ) 08apple00 026ｦ06 76ｦ fl ｷ $50ｨC70/ ( ｸ90ｹ06ｦ0fl ｦ ｸ ) ｹ ｦ00ｹ ｸ ｦ ｸ ｦ ｨｨ000300apple 04apple6 700, ｹ06ｦ00ｸ90ｸ ｦ0apple07 000ｸ ｦ000 6ｦ0apple036ｦ003, ｦ06 502fl (00ｨ apple0300apple ｦ00203, 00ｨｦ03036ｦ0 ｨｪ00apple ｦ00203, 0300apple ｦ ｦ JFC 09 apple.) ｦ00009apple fl 6 50ｸ806036ｦ ｦ0 08apple07 6ｦ ｹ06ｦ ｸ76ｦ0 000ｸ ｦ0, apple000ｸ ｦ00ｷ309fl apple07030ｸ apple020503apple ｦ003. ｨｦ ｹ06ｦ fl 0600apple00fi09000ｸ ｷ apple apple ｸ ｦ ｸ ｸ ｦ006066ｦ ｸ76ｦ0 000ｸ ｸ apple ｦ apple ｸ90306fl ｦ ｸ fl : ｨC ( , apple07000ｸ apple apple ｦ ), 6ｦ0 036ｦ apple ｸ ｸ fl ｸ76ｦ0 000ｸ ( ｦ0apple07 000ｸ apple ｸ800 apple apple apple0ｸ8, ｹ ｦ ). ｨｬ ｹ ｦ fl ｹ ｦ0fl ｦ /6ｦ0apple ｦ apple ｸ ｸ ｦ apple apple07 6ｦ003 ( apple ｹ000apple030ｸ8). ｨｨ076 50ｸ8046ｦ00ｸ90306fl 03apple ｦ00009fl 6ｦ0apple0000 6ｦ00307apple ｸ ｹ06ｦ00ｸ700 08apple ｹ009036ｦ00ｸ ｦ0apple ｦ apple ｸ ｦ ｸ fl, ｹ06ｦ apple09 0ｹ ｷ300020ｸ ｦ ｸ , 006ｦ008apple090300apple, 036ｦ apple apple , ｹ000036ｦ0, apple ｹ00007-apple6ｦ0096 7apple ｹ0000ｸ apple ｦ ｦ0apple0000 0ｸ apple07 6ｦ00809 ｨｺ ｦ ｦ0apple0000 0ｸ8 006ｦ ｦ ｸ fl 096ｦ ｦ apple ｨC17% fl ｦ00ｹ ｸ ｦ ｸ apple ｸ ｦ ｦ ｸ fl 01026ｦ006066ｦ ｦ00ｸ903 $160/ ｸ apple ｸ ｦ ｦ ｦ ｦ000030ｸ ｸ fl 06apple ｦ006066ｦ ｦ06 502fl0ｸ903 $80ｨC100/ ｦ ｦ000030ｸ ｸ fl fl ｦ00ｸ90306fl 0807 $10ｨC50/ apple00 00flfl 0ｷ300006ｦ0 08apple ｸ ｦ ｸ , 08apple00 026ｦ06 76ｦ000030ｸ ｦ0 08apple07 6ｦ00804, ｦ ｦ0 $ / , 006ｦ0 6 50ｸ ｦ00ｹ ｸ ｸ fl 0ｷ300006ｦ ｦ00003 $700ｨC1 000/ apple ｸ803 08apple ｸ ｸ76ｦ ｦ06 502fl0300 $150ｨC300/ ｸ8 006ｦ apple6ｦ ( apple ｹ000apple030ｸ8) 006ｦ0 20ｨC25% , 0ｹ ｨｨ000300apple 04apple6 700, 08apple09 6ｦ0006ｦ ｹ apple6ｦ apple6ｦ00603apple apple0ｸ8. ｨｪ ｷ ｦ ｹ apple07066ｦ0 006ｦ0 016ｦ00ｹ ｸ ｷ3096ｦ apple076 56ｦ000000ｸ ｦ ｸ fl fl ｸ apple00066ｦ apple apple07000ｸ ｹ ｸ apple6ｦ000000ｸ apple ｨｬ ｹ ｹ ｦ ｦ apple ｸ ｨB , apple6ｦ ｸ ｦ0 0701apple6ｦ009006ｦ apple apple07 6ｦ ｦ ｨｨ000300apple 04apple6 76ｦ0, 0ｹ fl096ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

29 1305.-ｨｨ000300apple 04apple ｦ ｦ0fl ｦ00009apple ｸ ｦ ｹ000apple ｹ06ｦ ｦ ｷ ｦ apple fl ｸ803 08apple07030ｸ ｸ ｹ ｦ0036ｦ00ｷ3090ｸ ｸ803 08apple07030ｸ ｦ ｸ76ｦ apple6ｦ009apple0ｸ apple apple , ｦ fl 6ｦ0apple ｸ ｦ fl ｹ ｦ ｨｨ076 50ｸ apple00066ｦ0 6ｦ0apple0000 6ｦ00307apple ｨB ｦ003, apple6ｦ ｸ ｦ apple apple07 6ｦ ｦ ｨｨ000300apple 04apple6 76ｦ ｦ ｦ006066ｦ ｨｦ03036ｦ0 0300apple ｦ00203 ｨｪ6ｦ ｷ36ｦ ｸ90ｸ apple ｸ ｦ ｹ ｸ ｦ006066ｦ ｦ ｨｨ000300apple 04apple ｦ ｦ0fl 046ｦ ｦ ｸ76ｦ0 00, apple/ ｨ 00090ｷ3096ｦ00307apple ｸ90ｸ ｨ apple0300apple ｦ00203 ｨ 07006ｦ0 00ｨｨ6ｦ0apple006ｦ apple ｦ ｦ ｨ ｦ ｨ 07006ｦ0 00ｨｨ6ｦ0apple006ｦ ｦ06 500apple006ｦ003 ｨｪ00apple ｦ ｦ JFC ｦ0fl 0402., apple ｦ0 JFC (Joint Fruit Corporation) 00ｨｦ03036ｦ0 ｨｪ00apple ｦ00203 ｨｴ0000apple apple Megalogistic 00ｨｬ ｦ0 096ｦ ｨｦ0103fl apple ｦ0fl 006ｦ0.,. 104/ Craftrise Markitantov group ｨｨ00apple ｸ ｹ ｷ apple 0707apple ｨ 02ｨｦ apple apple ｹ ｷ apple ｦ0fl apple ｦ ｦ ｨ ｹ ｷ apple ｨｰ04046ｦ0apple0ｸ PNK Logistics ｹ ｷ apple ｨｨ00apple ｹ ｸ8 07apple ｨｨ0503, ｷ300apple00 Schenker ｦ apple ｦ002 ｨｰ04046ｦ0apple0ｸ Sunway ｦ apple ｦ002 ｨｨ Tilman Kraus Property apple000ｸ apple ｦ002 05/ 06036ｦ0000ｷ309fl 00ｨｨapple apple ｦ0fl apple ｦ ｦ apple ｹ ｷ apple ｨｨapple ｦ ｦ apple ｨｦｨｦｨｦ 00ｨｪ apple6ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

30 13 ｨｪ07apple ｦ0fl ｨｨ000300apple 04apple6 7 ｨｪ07apple ｦ0fl ｨｦ 07apple0703 apple ｹ apple ｸ ｦ00009fl ｦ ｨｨ000300apple 04apple ｦ ｦ $7,4 0302apple ( ｨC $6 0302apple ), ｹ apple ｸ ｦ00009fl ｨC $ ( ｨC $ ). ｨｨapple ｨ 6ｦ ｨｨ000300apple 04apple ｸ ｨｦ 0ｸ76ｦ0fl ｸ76ｦ apple ｸ apple ｸ803 * 07 ｨB ｦ ｷ ｦ ｦ0 1, ( apple6ｦ ). 07apple6ｦ ｨｦ 0ｸ76ｦ0fl ｸ76ｦ0 00, 030ｸ ｨｨapple09apple ｸ76ｦ apple ｸ apple ｸ ｨB ｨｨ 046ｦ0 006ｦ00ｹ06ｦ ｦ0 ｨｨapple09apple ｦ ｨｨ000300apple 04apple ｦ fl0ｸ apple0003fl ｸ apple ｸ apple ｸ ｨB , 0603apple07fl0306fl/ apple apple0409apple040ｸ90306fl ｨｨ07 006ｦ002090ｹ0090ｸ ｸ76ｦ ｸ90ｸ apple ｸ ｨB ｦ apple040ｸ903 ｨｨapple090307apple , 050ｸ8 07apple apple6ｦ ｸ806 apple6ｦ ｸ8. 046ｦ ｦ0fl 0603apple ｦ0fl 6ｦ ｦ0 020ｸ9 6ｦ fl ｸ8 07apple , ｨｨapple090307apple apple6ｦ ｦ003. ｨｺ6ｦ00608apple apple ｸ apple ｸ ｨB apple ｦ06 7apple6ｦ apple ｦ apple apple ｸ803 0ｷ apple6ｦ apple ｸ90306fl ｸ fl ｸ76ｦ0 000ｸ9 50ｨC fl 6 56ｦ0016ｦ ｸ ｸ76ｦ apple ｸ803 0ｷ apple ｦ ｦ ｦ0 04apple ｨC10% 006ｦ ｷ ｦ ｦ0apple0000 0ｸ8 / ｸ8 08apple07 6ｦ apple ｸ ｦ apple ｸ803 0ｷ apple6ｦ ｦ apple000300apple ｦ00ｹ ｸ ｨｨapple6ｦ ｦ0 08apple07 6ｦ apple6ｦ06 56ｦ0 6ｦ0apple0000 0ｸ apple0ｸ fl apple6ｦ apple ｸ803 0ｷ apple6ｦ apple ｦ00ｹ ｦ ｸ apple ｸ803 0ｷ apple6ｦ ｸ ｦ00ｸ903 fl0107apple000ｸ800 6ｦ0apple0000 6ｦ00307apple0ｸ8 ｨC apple6ｦ00307apple0ｸ8 08apple ｸ ｦ0apple076 5, 0ｸ ｹ apple , ｦ0 08apple07 6ｦ ｦ fl ｦ0086ｦ $ $ ｦ ｨ 006ｦ00ｹ009030ｸ ｸ80309fl ｨｪ04apple000ｷ3016ｦ0fl ｦ00009fl Ramenka apple0ｸ8026ｦ0 0800apple- 6 50ｸ ｦ ｨｨ000300apple 04apple ｨｺ6ｦ apple ｨｪ apple03 ( ｦ0apple6ｦ0fl 0500apple fl03), ｸ76ｦ0 000ｸ ｦ00009fl 08026ｦ00009apple apple0ｸ ｸ ｦ0 07 ｨB ｦ ｦ apple ｸ803 0ｷ apple ｸ806 ｨｪ09 006ｦ fl apple ｦ00009fl Kesko ｦ0026ｦ0 ｨｨapple ｦ00300apple000009fl ｨｪ apple0907 apple apple ｦ ｦ0 6ｦ0010ｷ ｸ ｦ06 76ｦ ｦ0apple fl 0603apple ｦ0 09 apple ｦ apple ｦ apple ｦ06 76ｦ ｦ apple 04apple apple0ｸ8 006ｦ00300apple00000ｸ8 apple6ｦ ｦ ｸ ｦ06 76ｦ DIY (Do It Yourself) ｨC K-Rauta. ｨｪ6ｦ ｷ36ｦ apple ｸ ｦ fl fl0107apple000ｸ803 6ｦ0apple0000 6ｦ00307apple apple ｸ803 0ｷ apple6ｦ003 ｨｨapple apple00 00flfl ｸ76ｦ0 00, ｦ ｦ0, $/ /6 707 ｨｨapple ｸ8: apple036ｦ0apple ｨC ｨC apple036ｦ0apple ｨC ｨC ｸ ｦ0fl ｦ ｨC ｨC360 ｨｪ076 56ｦ0apple0ｸ8 02fl apple036ｦ ｸ8036ｦ ｨC ｨC360 ｨｦ ｦ0, ｨC ｨC , 6ｦ ｨC apple ｷ309fl ｨｦ ｨC240 ｨｺ6ｦ ｹ fl ｸ ｨC ｨC216 * ｨｨ07 01apple ｸ apple ｸ ｨB ｦ apple6ｦ ｦ00ｸ90306fl 07 ｨB ｸ8 0307apple ｸ76ｦ0 000ｸ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

31 1305.-ｨｨ000300apple 04apple6 7 ｨｪ07apple ｦ0fl ｦ06 7apple6ｦ003036ｦ apple apple6ｦ0 apple0ｸ800016ｦ ｸ90ｸ apple ｸ apple ｸ ｨB ( ｸ76ｦ0 fl03), 006ｦ ｷ % 12% 8% ｦ ｨｨ6ｦ0030ｹ1apple , apple03-036ｦ apple03, ｨｨ00apple0001apple apple6ｦ apple apple ｦ0 apple0ｸ ｦ ｨｨ000300apple 04apple6 76ｦ0 07 9, 8, ｨB apple6 50ｸ ｦ0 apple0ｸ ｸ ｦ apple03, apple0ｸ ｦ0 036ｦ06 76ｦ ｦ ｦ0apple fl ｦ apple ｸ803 0ｷ apple076 5, 09 00ｨｺ apple07016ｦ00303, apple0ｸ86 56ｦ00ｸ90ｸ ｦ ｸ ｨｪ09 00ｨｨｨ ｦ00009fl Dorinda apple0ｸ8026ｦ0 0ｹ apple030ｸ apple- 036ｦ0apple ｨｦ' ｸ ｸ76ｦ0 000ｸ apple036ｦ0apple ｦ fl0107apple000ｸ apple6ｦ00307apple ｸ70003 ｨｪ09 00ｨｨapple090307apple (ｨｨapple090307apple / ｨｨ026ｦ00000apple006ｦ0fl) ｦ00009fl ｦ003 Cash & Carry apple0ｸ8026ｦ0 096ｦ ｦ0 07 ｨB ｦ0, ｹ ｸ ｦ06 76ｦ ｦ00009fl 036ｦ ｦ0026ｦ0 01apple ｸ apple apple ｦ apple apple04010ｷ apple6ｦ fl 07 08apple ｹ $ apple ｦ ｦ0 08apple ｹ ｸ800 06apple ｦ ｦ ｦ00009apple apple0ｸ ｦ ｨｨ000300apple 04apple apple09ｨC0ｹ000030ｸ8apple00 07 ｨB ｦ0 Cash & Carry ｦ00009fl apple070307apple apple0ｸ8026ｦ0 0800apple6 50ｸ apple036ｦ0apple ｦ0apple ｦ0 08apple ｨｨ026ｦ0000ｸ ｦ % ｷ3096ｦ apple076 56ｦ000000ｸ ｸ800 0ｷ apple0ｸ8 Cash & Carry ｷ3096ｦ apple076 56ｦ000000ｸ apple ｸ800 0ｷ apple0ｸ8 (DIY) apple036ｦ0apple ｸ8 ｨｪ07apple ｸ800 0ｷ apple0ｸ8 63% ｦ00009fl Metro Cash & Carry, fl0ｸ76ｦ0fl ｷ Metro AG, 08026ｦ00009apple apple0ｸ apple ｦ06 76ｦ Cash & Carry 006ｦ0 ｨｨ apple036ｦ0apple Real, 036ｦ apple09006ｦ ｦ00ｸ76ｦ0fl ｷ Metro AG, 096ｦ0fl ｦ ｸ ｦ0 apple0ｸ ｦ ｨｨ000300apple 04apple6 76ｦ0. ｨｰ ｦ0fl ｦ00009fl 00ｨ ｦ0fl ｦ ｦ00300apple apple0ｸ apple ｨｪ applefl ｸ90ｸ ｸ ｦ06 76ｦ ｨ ｸ ( ｦ ). ｨ ｷ apple ｦ06 5fl apple036ｦ ｦ0fl ｦ00009fl OBI, fl6 502fl0ｸ90ｸ76ｦ0fl06fl apple076 5 apple0ｸ800016ｦ ｦ0apple076 5 DIY apple00, 08026ｦ00009apple apple0ｸ ｨｨ000300apple 04apple ｹ000030ｸ8apple00 036ｦ06 76ｦ ｦ ｨｨ00apple6 50ｸ , , apple0ｸ ｸ ｹ06ｦ apple07 6ｦ0. 01apple apple00 apple apple Wal-Mart 096ｦ0fl apple07fl apple0ｸ80309fl 6 5 ｨｨ000300apple 04apple apple036ｦ0apple ｦ ｸ76ｦ0 000ｸ apple09036ｦ ｦ0fl ｦ00009fl Kingfisher ｦ ｦ ｦ apple6ｦ fl apple0ｸ apple apple09ｨC0ｹ000030ｸ8apple00 036ｦ06 76ｦ ｦ0 DIY 0807 apple Castorama. ｨｨ026ｦ00009apple ｦ0fl 6ｦ0036ｦ apple0ｸ80309fl 0800apple ｦ06 76ｦ ｦ0 ｨC 006ｦ00ｹ06ｦ apple6ｦ0000ｷ ｦ0fl ｦ00009fl Carrefour, 6ｦ0 036ｦ ｷ ｦ apple076 5 Aldi 09 Lidl apple6ｦ ｦ003apple096 56ｦ00ｸ apple6ｦ fl 0307apple ｸ ｨｨ000300apple 04apple ｨｪ ｷ apple ｸ8 056ｦ ｦ ｨｨ000300apple 04apple6 76ｦ ｸ ｦ0 apple0ｸ ｦ0086ｦ0 000ｸ ｦ00009fl0309, 6ｦ0 036ｦ apple ｸ ｦ0apple07 000ｸ apple6ｦ00307apple apple ｨｬ ｹ ｹ ｦ0 016ｦ00ｹ ｸ apple ｸ803 0ｷ apple ｨｬ apple6ｦ ｦ ｦ apple ｸ803 0ｷ apple6ｦ ｦ apple6ｦ apple 04apple ｦ0-0009fl ｸ apple ｸ ｨB ( ｸ800 0ｷ apple0ｸ ｦ , apple036ｦ0apple ｸ8 00ｨｦ ｯ , 07 ｨB ｸ ｦ003 05ash & 05arry 09 08apple.) ｸ76ｦ0fl ｸ76ｦ apple ｸ apple ｸ ｨB ｹ000 1, ｦ0apple ｸ ｦ ｦ ｦ00ｹ0000ｸ apple ｸ803 0ｷ apple6ｦ apple6ｦ00ｷ309fl 6ｦ0apple0000 6ｦ00307apple ｸ ｦ00ｹ ｸ800 0ｷ apple0ｸ8. ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

32 13 ｨｪ07apple ｦ0fl ｨｨ000300apple 04apple6 7 ｨｪ6ｦ ｷ36ｦ apple0ｸ800 01apple ｸ apple ｸ ｨB ｸ8, apple0ｸ fl ｦ ｦ apple036ｦ apple0006 ｨｦ 0ｸ76ｦ0fl ｸ76ｦ0 00, ｨｦ ｸ apple6ｦ00307apple0ｸ8 056ｦ0036ｦ apple0ｸ80309fl apple ｷ ｦ ｸ806 0ｷ apple (0307apple fl, apple6ｦ ｹ fl, ｷ apple) ｦ0apple6ｦ0fl 00apple fl * 00ｨｺ6ｦ apple03, Intersport, 00026ｦ003apple090ｷ36ｦ003, apple000003, ｦ003apple apple6ｦ ｦ003 (006ｦ ｦ0026ｦ0), Brunswisck (006ｦ apple ), 086ｦ0apple01 6ｦ00303apple6ｦ0010ｷ apple ｨｨ6ｦ0apple fl ｦ0apple apple036ｦ0apple apple-03, ｦ0apple ｦ0apple036ｦ ｷ ｦ ｸ806 0ｷ apple (0307apple fl, ｷ apple, ｦ0 0ｸ8) apple-03 / ｨｺ0ｸ ｦ0fl ** 00ｨｨfl0300apple070ｹ0016ｦ003, 00ｨｪ ｦ ｦ0-V03 Cash & 05arry ｨｪ6ｦ , ｦ003 ｨ 0ｸ ｦ0-VI03 Cash & 05arry 050ｸ8 07apple / ｦ00ｹ06ｦ0apple apple ｦ ｦ IV ｸ , I-fl 070ｹ000apple ｷ3096ｦ apple076 56ｦ ｸ apple ｸ806 0ｷ apple (DIY) ｷ3096ｦ apple076 56ｦ ｸ ｸ806 0ｷ apple ｦ0030ｸ8apple apple-03, ｦ ｨｦ ｦ0apple046ｦ ｦ0fl 0402., ｨｦ apple0104apple090603, III, IV 070ｹ000apple00 09 ｨｪ07apple apple6ｦ ｦ ｸ806 0ｷ apple 056ｦ ｦ , , apple03036ｦ apple03, 00ｨｨ026ｦ ｦ (006ｦ apple ), ｦ0036ｦ , ｸ806 0ｷ apple 0007apple0ｹ ｦ apple 03, II-fl 070ｹ000apple00 00 ｨｪ07apple apple6ｦ ｦ ｸ806 0ｷ apple ｨｨapple ｸ fl 08apple-03, apple apple ｦ003 (006ｦ ｦ ), (006ｦ apple ), 00ｨｪapple6ｦ000096ｦ ｦ ｨｦ0900apple ｨｪ07apple ｸ806 0ｷ apple ｨｴ ｦ0 08apple-03, ｦ , 00ｨｪ ｦ003, Forum, apple ｦ0apple ｨｦ' IV apple036ｦ0apple ｨｨapple090307apple / ｨｨ026ｦ00000apple006ｦ0fl ｨｦ' ｨｨｨ 01 ｨｪ07apple apple6ｦ ｦ ｸ806 0ｷ apple ｦ0fl ｨｨ00apple0001apple , (006ｦ ｦ , 00ｨｺ apple07016ｦ00303), apple03, 00036ｦ apple fl * ｹ000036ｦ ｸ76ｦ ｷ apple6ｦ0 ** ｹ000036ｦ ｸ76ｦ ｷ apple6ｦ ｦ ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

33 1305.-ｨｨ000300apple 04apple ｦ0fl ｦ0fl ｦ ｨｨ000300apple 04apple apple036ｦ ｦ001apple ｸ8 0ｹ apple090300apple0909 0ｹ fl, ｦ ｸ800 03apple ｦ00009fl 0708apple ｸ8. ｨｴ ｸ ｦ0apple6ｦ apple , 016ｦ00ｹ apple ｦ apple000ｸ , 08026ｦ00009apple , ｦ apple ｦ00009fl, 6ｦ0 036ｦ ｸ (086ｦ0apple ｦ0, 6 76ｦ0apple6ｦ008, ｦ0 0ｹ ｦ0036ｦ00ｷ ). ｨｦ ｸ803 01apple090300apple ｹ fl6 502fl000306fl apple6ｦ apple6ｦ002090ｹ ｦ000000ｸ806 01apple090300apple fl6 502fl000306fl apple07 000ｸ803, 0ｹ apple apple000ｹ ｸ apple076 50ｸ ｷ309fl apple apple6ｦ0 6 7apple6ｦ000090ｷ30ｸ8 0ｹ ｸ ｦ00603apple ｦ ｹ00007 apple6ｦ009030ｸ8030ｸ apple ｸ ｦ ｨｨ000300apple 04apple ｹ ｸ ｹ009036ｦ fl , apple6ｦ , apple6 5040ｸ9 070ｹ000apple00 00, ｷ apple6ｦ ｸ apple07 6ｦ0. 056ｦ apple ｨC , ｦ ｦ0090ｸ86 56ｦ apple ｦ apple0ｷ , apple6ｦ , 0ｹ06ｦ ｹ ｦ0 00apple ｸ apple apple ｹ apple ｦ0 09 apple ｦ fl apple ｦ ｹ ｦ , 04 ｨｪ6ｦ06 5apple090ｹ ｦ0 6ｦ0, 0ｹ06ｦ ｹ ｦ0apple ｦ003apple6ｦ0, ｸ ｷ30ｸ ｦ0 00apple ｸ800 ｨｨ0003apple07-6 7apple6ｦ apple07000ｸ ｹ ｦ apple fl 036ｦ ｦ0 01apple ｦ apple076 56ｦ003, 6ｦ0 036ｦ ｸ apple ｦ ｨｨ000300apple 04apple6 76ｦ0 ( apple ｦ ｦ0 6 5 apple6ｦ apple07apple000ｷ3016ｦ0, ｨｨ , ｨｨ6ｦ apple.). ｨｨapple ｦ0 apple0ｸ apple07 6ｦ ｹ fl apple6ｦ ｦ ｷ309fl apple ｦ0 08apple fl 096ｦ0 060ｹ apple ｦ ｷ apple apple07 6ｦ0. ｨｦ ｸ apple07fl0ｸ fl 07 ｨB ｸ8 08apple ｦ ｸ ｦ ｦ apple ｦ ｸ ｨB ｷ applefl 04 08apple090ｹ apple6 50ｸ803, ｦ0 6ｦ ｹ ｹ ｦ0apple6ｦ apple ｦ apple6ｦ ｸ ｦ0apple0ｸ apple0ｸ803, fl apple ｷ ｦ ｷ apple ｹ009026ｦ apple6ｦ fl ｦ ｸ ｦ0apple0309apple ｦ0 020ｸ9 6ｦ ｦ apple6ｦ ｸ ｦ ｸ ｦ0apple0309apple ｸ ｨB apple6ｦ ｸ ｦ ｸ ｨB ｸ8, apple ｦ06 502fl0ｸ90ｸ apple00066ｦ0 02fl ｷ30906, ｨB ｸ ｦ06 50ｸ ｸ apple ｦ00009fl ｷ ｨｦ0ｸ7040ｸ76ｦ fl ｷ ｹ fl applefl apple07 6ｦ ｦ0 apple0ｸ ｹ ｦ06 707apple ｹ06ｦ fl apple apple fl, fl apple ｸ , fl0ｸ fl ｦ apple0909 0ｹ ｸ803 (036ｦ ). 0502fl 036ｦ fl096ｦ ｸ fl: ｨｪ6ｦ ｷ36ｦ apple07fl0ｸ fl 0ｹ ｸ ｨB ｸ8 056ｦ0036ｦ ｦ ｦ apple ｦ00009fl 06 6ｦ00ｹ ｦ0apple0309apple $/ apple-03, ｦ ｨｦ02ｨｦ apple ｨｨ ｦ0. ｨｺ apple6ｦ0, IV ｨｦ ｨｦ02ｨｦ apple ｨｨ.03 ｨｰ086ｦ00200apple006ｦ0fl 0402.,. 60 I-fl 070ｹ0. ｨC III ; II-fl 070ｹ0. ｨC IV / ｨｦ02ｨｦ 00ｨｨ000300apple 04apple6 7- apple apple04010ｷ309fl apple06016ｦ0fl 0402.,. 4/ IV ｨC ｨｦ02ｨｦ apple ｨｨ ｦ0. apple , ｦ apple apple-03,. 58ｨC60 IV ｨｦ02ｨｦ apple ｨｨ applefl03 046ｦ0. 026ｦ0apple030ｸ ｦ0,. 74 IV ｨｬ ｨｺ070603apple6ｦ ｸ ｨｦ ｸ apple07 6ｦ fl ｦ00009fl 0402.,. 86ｦ0 05 6ｦ ｨｨ00apple ｹ apple apple apple ｨｦ02ｨｦ apple ｨｨ.03 ｨｦ02ｨｦ 00ｨｨ000300apple 04apple6 7- apple apple04010ｷ309fl03 II ｨ 02ｨｦ ｷ30502ｨｬ ｦ0fl ｦ003 ｨｨ ｹ0006ｦ0fl 006ｦ0.,. 14 IV R.B.I. ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ

34 ｦ0fl ｨｨ000300apple 04apple6 7 apple6ｦ ｸ apple006ｦ0fl apple6ｦ00603apple apple6ｦ ｦ ｦ00ｷ30906; 06070ｷ3096ｦ ｦ0fl apple ; 04 6ｦ apple07 6ｦ ｦ0 apple0ｸ ｦ0apple0000 0ｸ ｹ06ｦ fl 0409apple apple6ｦ apple6ｦ ｦ0apple096ｦ , 08apple ｷ apple00-086ｦ apple0706. ｨｴ fl096ｦ , 0ｹ ｦ ｹ apple0907 apple00036ｦ00ｸ fl 06 6ｦ00ｹ ｦ0apple ｦ ｦ0fl 0702fl 08apple apple fl 006ｦ ｦ0apple0309apple0ｸ8 07 0ｸ ｸ76ｦ0 000ｸ ｨC fl 06086ｦ fl apple ｦ0 020ｸ9 6ｦ fl 6ｦ ｸ806 apple apple apple6ｦ008 6ｦ ｸ ｹ ｦ ｹ fl, 0ｸ apple0ｸ ｦ0apple0009apple fl 0703 $ $ ｨｨapple09 0ｹ ｦ fl apple ｹ apple07000ｸ apple6ｦ0000ｷ3006 5, ｦ apple ｦ ｸ90306fl ｦ0apple0309apple0ｸ ｸ76ｦ0 000ｸ9 50ｨC ｨｦ ｷ ｸ ｹ apple ｦ fl ｷ apple ｨｺ apple6ｦ008 6ｦ00000 apple6ｦ006060ｹ009030ｸ86 56ｦ00ｸ ｦ ｨC30%, 6ｦ apple6ｦ000000ｸ800 ｨC 10%. ｨｦ apple ｦ0 6ｦ0apple ｹ ｹ ｦ00ｸ apple6ｦ000000ｸ ｦ , ｦ apple ｸ800 apple ｦ , 6ｦ0apple ｸ90ｸ ｦ0apple0309apple0ｸ8 02fl apple ｦ0 6ｦ0apple ｦ0apple0309apple 02fl apple apple ｦ0 0ｸ ｸ ｦ ｦ06 502fl0ｸ903 $1 000ｨC fl0ｷ3, 0ｹ06ｦ00ｸ ｹ , 03apple ｦ003006ｦ0fl ｦ0apple0309apple6ｦ ｸ76ｦ0 000ｸ9 50ｨC ｷ apple fl apple ｦ , 016ｦ001 08apple6ｦ , 6ｦ0apple ｸ903 03apple ｦ003000ｸ ｦ0apple0309apple0ｸ ｸ76ｦ0 000ｸ9 100ｨC ｹ ｷ apple00 096ｦ0 $2 000ｨC$ fl0ｷ fl apple ｦ ｸ ｸ ｹ $6 000ｨC$ fl0ｷ3 096ｦ ｦ0apple0309apple apple0003flｨC0ｹ000030ｸ8apple0003fl 06086ｦ fl apple apple0701 6ｦ0apple0000 0ｸ ｦ06 502fl ｸ ｸ8 006ｦ0 0ｹ ｦ0apple0009apple040ｸ90306fl 0703 $ $ ｦ , ｦ apple6ｦ fl 07 ｨB ｦ ｹ ｦ0apple6ｦ apple ｦ0030ｸ ｸ ｷ300000ｸ8 08apple fl ｨC ｦ003 0ｹ ｦ00603apple (04016ｦ0096ｦ000000ｸ803 apple6ｦ ). 026ｦ ｦ ｦ0fl 0ｷ300006ｦ0 08apple fl 6 5 6ｦ000000ｸ803 apple6ｦ ｦ003 ｨC $7 000/ apple6ｦ apple6ｦ ｦ0 apple6ｦ ｸ apple $1 500ｨC$3 000, 6 5 ｨｨ0003apple07-6 7apple6ｦ ｨC $1 800ｨC$ ｦ ｦ0apple0000 0ｸ8 0ｹ ｦ fl fl fl0ｹ0006ｦ0fl 0ｷ300006ｦ0 6ｦ0apple0000 0ｸ apple ｦ06 502fl0003 $1 500ｨC$3 000, ｨC $800ｨC$ ｸ8 6ｦ0apple0000 0ｸ8 0ｹ apple6ｦ ｦ00ｹ ｷ apple07 6ｦ00809, ｦ00307 fl0306fl applefl ｦ ｸ ｸ apple6ｦ000090ｹ apple ｸ apple6ｦ ｸ apple ｦ ｨｨapple ｦ fl ｹ apple fl 0ｹ fl fl ｸ apple ｦ0 060ｹ fl 6 5 0ｹ ｦ0036ｦ00ｷ3090ｸ ｸ apple ｦ0 006ｦ apple ｦ0apple0309apple0ｸ ｦ fl 06036ｦ ｸ803, 08apple ｦ06 76ｦ ｷ ｦ apple090ｹ apple0ｸ ( apple0ｸ ｷ ｦ ｨC15%) 6 5applefl apple6ｦ fl 006ｦ ｹ ｨｪ6ｦ ｷ36ｦ ｸ ｦ ｦ apple ｦ ｦ0036ｦ ｹ ｦ00ｹ $/ apple000ｸ apple066ｦ apple006ｦ0fl 0ｹ06ｦ ｦ003036ｦ0, IV ｨC apple ｦ0fl 00096ｦ0apple ｨｨ6ｦ , ｨｪflapple III fl ｨｺ ｦ0fl 04066ｦ0 00 6ｦ003 ｨｨ0706. ｨｺ I-II apple ｨｨ.03 ｨｨ , 006ｦ0 6 7apple6ｦ000090ｷ300 III ｦ ｦ0 33 ｨｦ03ｨ ｨｦｨｺ ｨｺ0ｸ ｨ 05ｨ 02ｨｦ05ｨｪｨ 2005

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37 RUSSIA R EAL ESTATE REVIEW ENGLISH VERSION TABLE OF CONTENTS Russia Economic Overview Moscow Investment Office Sector Warehouse Sector Retail Sector St. Petersburg Investment Office Sector Warehouse Sector Retail Sector Residential Sector

38 13In January, 2005 Colliers International has been awarded the Central & Eastern European Real Estate Agency of the Year as determined by the jury of the Central & Eastern European Real Estate Quality Awards

39 13Russia Economic Overview I n 2004, Russia ｯs economic growth was fostered by the government ｯs macroeconomic policy. It was characterized primarily by economic stabilization and further structural reforms. By the end of 2004, Russia ｯs foreign reserves at the Central Bank reached an all-time high of $124.5 bln 1, compared to $76.9 bln in In 2004, the country ｯs GDP grew by 6.9% 2, while the federal budget surplus made 4.1%. The growth of GDP was driven by two main factors ｨC favorable foreign market conditions (including high oil prices) and the increasing domestic demand. In 2004, inflation fell to 11.7% 3 compared with 12% in Continued economic growth in 2004 led to a 9% 4 rise of real disposable income, which, in its turn, resulted in the rise of consumer spending and retail turnover (11.8%) 5. In 2004, positive world economic trends and higher demand levels (both locally and abroad) pushed the level of fixed capital investment up a further 10.8% 6. Macroeconomic stability over the past seven years and continuing economic growth encouraged the inflow of foreign investments. In 2004, their total volume in non-financial sector reached $29.1 bln 7 ｨC the highest level since As in the previous years, the growth of credits helped to secure more foreign investments. From January to September 2004, foreign direct investments ｨC primarily in the oil, trade, and food sectors ｨC grew by 19.8% (compared with 2003) and amounted to $5.6 bln 8. Table 2. Sovereign rating of RF Rating on Russia ｯs Agency foreign currency bonds BBBｨC Standard & Poor ｯs BBBｨC Fitch Ratings Baa3 Moody's Investors Service During the period of Russian economic reforms these sectors remained the most attractive for foreign investors. In 2004, the pool of active foreign investors did not change and included such countries as Germany, the USA, Cyprus, the Netherlands, Luxembourg, Great Britain and France. International rating agencies Fitch Ratings and Standard & Poor's upgraded Russia's long-term sovereign rating from BB+ to BBB-. This decision was brought about by several factors: the consumer boom, high oil prices (oil has the largest share in the Russian commodity exports), foreign currency reserves exceeding external debt and a swiftly growing stabilization fund. Russia ｯs investment grade rating awarded by three international rating agencies also reflects recent crucial improvements in the country ｯs debt level and external liquidity. It is expected that this will ensure further inflow of investments. High oil prices, external and domestic growth in demand along with the federal budget stability and prudent fiscal policy will ensure a relatively high growth rate of the Russian economy in 2005ｨC2006. Table 1. Major macroeconomic indicators of the Russian Federation Economic indicators F GDP growth (YOY), % Foreign reserves, $ bln Current account, $ bln Federal budget balance, % of GDP CPI inflation, % Investment in fixed assets (YOY), % Real disposable income (YOY), % RTS stock market index at the end of the year Source: Central Bank of Russia 2-8 Source: Ministry of Economy Development and Trade of Russia RUSSIA REAL ESTATE REVIEW

40 13MOSCOW

41 13Moscow Investment Investment I n the year 2004 the commercial real estate market of Moscow was characterized by a high level of investment activity. It exhibited the trend towards greater sophistication due to the entry of new players (professional investors and lending institutions), as well as towards higher efficiency in terms of the number, volume, complexity and transparency of investment deals. The ranks of Commercial Real Estate investors were joined by private Russian pension funds that, as a result of the dismal performance of the country ｯs stock market and the generally negative outlook for bond investments, are increasingly looking at alternative asset classes. Several funds are poised to make the first acquisitions and, as the legal and technical aspects of their investment mandate are worked out and their assets under management rise rapidly, they will become formidable players. The nascent Russian Real Estate Investment Fund (REIF) industry was very active, although the bulk of investment deals were of a small size and were often done to probe the legal, technical and tax status of these collective investment vehicles. Among other noteworthy developments was the activity of Chinese investors ｨC primarily SOEs (State Owned Enterprises) ｨC that are entering development projects, as well as acquiring properties for their own use. Capitalization rates for quality income-producing assets fell by 50ｨC100 basis points last year and are presently in the range of 12ｨC13% for prime offices and 13ｨC14% for shopping centers and high street retail. We expect further compression of current yields due to increased competition for a limited stock of investment grade assets, although in the mid-term they are unlikely to fall by more than 2ｨC3 percentage points, in part due to rising interest rates in the United States. It seems likely that year 2005 will be marked by the first investment sales of shopping centers Among the most notable investment deals of the past year were the acquisition of Berlin House mixed-use complex by the Swiss stock exchange-listed Eastern Property Holdings, which also took a stake in the Mosmart hypermarket chain, LUKOIL Perm ｯs purchase of the Central Tower office project and IFD Capital ｯs acquisition of Toko Towers. Debt financing in the form of permanent loans is readily available at increasingly favorable terms. Interest rates are in the range of LIBOR + 5ｨC8%, loan terms can reach 12 years with flexible amortization schemes. Incumbents in the refinancing business (International Moscow Bank, Societe Generale and Raiffeisen Bank) were joined by the Baltic countries ｯ largest financial institution ｨC Hansa Bank, which marked its entry by closing its first real estate financing deal in Moscow. Project finance remains a daunting task for commercial real estate developers and so far has been realized by a handful of Russian and Kazakh banks, most frequently in the form of mezzanine. Never-the-less, a growing number of Russian banks are turning their backs on the increasingly risky residential development projects, which for a number of years provided them with mouthwatering returns, and, having no competitive advantage in the refinancing business, are testing the waters of project financing for commercial projects. Furthermore, the latest amendment to Russian law, which provides for the registration of investment contracts rights as collateral, is expected to spur the development of project financing by dramatically raising the security of such deals for lenders. RUSSIA REAL ESTATE REVIEW

42 13Office Sector Moscow Office Sector T he Moscow office market is close to equilibrium with its stable rental rates and gradually rising vacancy indicators. In 2004, a number of significant changes took place in the Moscow office market, which will produce a considerable impact on its development in Diagram 1 Real estate market cycle Moscow (SOM) and Hellmuth, Obata + Kassabaum, Inc (HOK)). Sale-and-lease-back transactions. Decreasing capitalization rates. Increasing number of professional investors entering the market, increasing demand for refinancing and project financing, appearance of more attractive refinancing and project financing terms. Moscow districts Recovery Expansion Contraction Recession Office Market Trends in 2004ｨC2005 Further market decentralization, development of submarkets, additional redevelopment of industrial zones and construction of techno-parks. Increasing number of development projects in the midtown districts of Moscow. Beginning of construction by ENKA, Capital Group and Northern Tower within the framework of the major Moscow City project. Development of the first international business park in the outskirts of Moscow (Krylatsky Hills Business Park). Increasing number of pre-lease and pre-sale deals as new international high quality development projects enter the market. Launch of new landmark office development projects (Ducat Place III, Hermitage Plaza). These buildings will set up new quality standards for international office projects in Moscow. Cooperation between developers and leading architects (American companies Swanke Hayden Connell Architects, Skidmore, Owings & Merrill Sq. m., k CBD, Tverskaya-Prechistenka 0 New construction, 2004 CBD, Tverskaya-Sretenka CBD, Sretenka-Taganka CBD, Zamoskvorechye North North-East East South-East South South-West West North-West Class 02 Diagram 2 Class RUSSIA REAL ESTATE REVIEW 2005

43 13Moscow Office Sector Supply In 2004, the construction and refurbishment of approximately 700,000 sq. m. of Class A and B office space was completed. Whereas between 1999 and 2002, Class A offices accounted for 15ｨC33% of new construction, in 2003 they made up 50% of the added stock. In 2004, the proportion of newly constructed Class A office space decreased to 35% (this is due to later than expected delivery dates for some major projects scheduled in 2004). As much as 46% of all office space commissioned in 2004 was in the Central Business District, which is 28% lower than the previous year. Table 1. Major office buildings completed in 2004 Property Class Office rentable area, sq. m. Russian Railways Headquarters, 41/43 B. Spasskaya Ul ,000 Cherry Tower, 56 Profsoyuznaya Ul ,000 Legion-I, 40 B. Ordynka Ul ,000 7 Derbenevskaya Nab., Bldg ,000 Country Park, 19 Panfilova Ul., Khimki 05 16,800 Naberezhnaya Tower, Building A, Moscow City, Krasnopresnenskaya Nab Novodanilovsky Dom, 5 Varshavskoe Sh., Bldg ,400 29/22 1st Brestskaya Ul ,375 Aeroport Business Center, 6a 4th Ul. 8 Marta 05 11,200 Paveletsky Business Center, 6d 1st Kozhevnichesky Per ,300 Golden Age Business Center, 18ｨC20 3rd Yamskogo Polya Ul. 05 8,500 16ｨC18 Novoslobodskaya Ul. 02 8,383 Europa House, 11 Kolokolnikov Per. 02 7, Zatsepa Ul. 05 7,829 Pavlovsky Business Center, 7 Pavlovskaya Ul. 05 7,543 Table 2. Major office projects planned for completion in 2005 Property Class Office rentable area, sq. m. Krylatsky Hills Business Park (Buildings 02, 05, 05, D), 19 Krylatskaya Ul ,000 Avrora Business Park (Phase II), 82 Sadovnicheskaya Ul ,000 Capital Plaza on Lesnoy, 18 1st Lesnoy Per ,000 Pollars Business Center, 11 Derbenevskaya Ul ,830 Stanislavsky Center, 21 Mal. Kommunisticheskaya Ul ,838 Ducat Place III, 6 Gasheka Ul ,000 Naberezhnaya Tower, Building B, Moscow City, Krasnopresnenskaya Nab ,200 Central Tower, 22 Ovchinnikovskaya Nab ,912 9 Strastnoy Blvd ,600 Aquamarine, 28 Ozerkovskaya Nab ,300 Znamenka Complex (Phase I), 3ｨC7 Znamenka Ul ,107 Golutvinsky Stary Dvor, 4/4 Yakimanskaya Nab. 02 9,000 RUSSIA REAL ESTATE REVIEW

44 13Office Sector Moscow According to developers ｯ plans, in 2005 approximately 1,100,000 sq. m. of constructed or refurbished Class A and B office space will be completed. However, we consider that a number of office development projects (representing about 200,000 sq. m.) will not be completed on time. Demand The demand for Class A and B office space remains high. In 2004, the average net absorption * rate was approximately 500,000 sq. m. (for the past years this indicator varied from 300,000 to 500,000 sq. m.). In 2004, total take-up of Class A and B office space amounted to 670,000 sq. m. Diagram 3 Lease vs. Sale, 2004 Transactions Area taken-up 93% 7% 79% 21% 0% 20% 40% 60% 80% 100% Lease Sale In 2004, the number of sale deals slightly decreased and amounted to 7% of all transactions (compared to 10% in 2003). The proportion of sales in the total volume of transactions also decreased (from 30% in 2003 to 21% in 2004). city center, but within the Third Ring Road, increased from 15% in 2003 to 23% in In the leasing segment of the office market the most common requirement was for 250ｨC600 sq. m. offices at rates varying from $500 to 600 per sq. m./year (including operating expenses, net of VAT), i.e. for Class A and B1 office premises. 12% of client requests concerned office space purchase. In the acquisition market, the greatest requirement was for Class B office space of over 2,000 sq. m. at the price of $2,500 per sq. m. and higher. Vacancies In 2004, strong demand for Class A and B office space was covered by a high volume of new construction. Consequently, the weighted average vacancy rate for Class A and B office premises remained stable ｨC at 6.6%. It shifted from 4.5% to 5.1% for Class A buildings and from 7.5% to 10% for Class B. Tenant requests, lease (size) 13% 13% 19% Chart 2(a) Colliers International client inquiries showed, that in 2004, the demand for office space was still concentrated in the Central District (69% were looking for offices in the Central Business District). The share of clients considering locations outside the 15% Less than 150 sq. m. 151ｨC400 sq. m. 401ｨC800 sq. m. 40% Greater than 1,501 sq. m. 801ｨC1,500 sq. m. Chart1 Chart 2(b) Tenant requests, location Tenant requests, lease (rental rate) 23% 9% 68% 57% 2% 11% 30% CBD Third Ring Road Other locations Less than $350 $351ｨC450 $451ｨC550 Greater than $550 * Net absorption represents the change in the occupied stock in a market during the survey period (normally a year) or the amount of inventory or office units that become occupied during a specified period in a given market. The mothballed stock, i.e. floor space held vacant and not offered for rent, usually pending redevelopment or refurbishment, is excluded. 48 RUSSIA REAL ESTATE REVIEW 2005

45 13Moscow Office Sector Chart 3(a) Chart 3(b) Tenant requests, sale (size) Tenant requests, sale (price) 61% 3% 36% 19% 58% 23% 400ｨC1,000 sq. m. 1,001ｨC2,500 sq. m. Greater than 2,501 sq. m. Less than $2,000 $2,001ｨC2,500 Grater than $2,501 Diagram 4 12% 10% 8% 6% 4% 2% 0% 4q., q., 2001 Average vacancy rates Rental Rates/Sale Prices In 2004, rental rates for Class A and B offices slightly increased (3.5%) in nominal terms. Rental rates for some premises are denominated in Euro. Table 3 shows current rental rates for Class A and B office buildings. Sale prices vary widely depending on the location, physical condition, and commercial characteristics (accessibility, availability of parking, telephone lines, etc.) of the property. Acquisition of smaller office buildings is substantially more expensive than that of large office buildings or parts of such premises. 2q., q., q., q., q., q., q., q., q., q., q., q., q., q., q., 2004 $/sq. m./year Class B Class A Table 3. Rental rates Class Asking rental rates, $/sq. m./year, net of VAT, incl. operating expenses A 550ｨC ｨC ｨC450 Table 4. Asking sale prices Class Asking sale prices, $/sq. m. A 3,500ｨC5,000, mansions up to 6, ,500ｨC3,500, mansions up to 4,500 Prices for Class A and B office space are on the rise, driven by its shortage and increasing recognition of real estate as an investment asset with capitalization rates falling by 3 to 4 percentage points over the last three years. Average rental rates (incl. operating expenses, net of VAT) F 2006 F Class 02 Class 05 Diagram 5 RUSSIA REAL ESTATE REVIEW

46 13Office Sector Moscow Table 5. Significant transactions, 2004 Tenant / Buyer Property Class Rentable area, sq. m. SIBUR 16 Krzhizhanovskogo Ul., Bldg / acquisition 16,197 SIBUR 16 Krzhizhanovskogo Ul., Bldg / acquisition 5,530 VIP-Bank 12/2ｨC3 Bol. Gruzinskaya Ul. 05 / acquisition 4,877 Bank of Moscow 4 Brodnikov Per. 05 / acquisition 4,444 Russia Insurance Company 3/3 Prospect Mira B / acquisition 4,269 Zarubezhneftegaz Novodanilovsky Dom 05 / acquisition 2,400 Industrial Saving Bank Aeroport Business Center 05 / acquisition 2,020 Intel Krylatsky Hills Business Park (Building D) 02 10,863 MTS 7 Derbenevskaya Nab., Bldg. 22 B 7,940 BAT Krylatsky Hills Business Park (Building B) 02 7,009 Severstaltrans Central Tower, 22 Ovchinnikovskaya Nab. 02 6,500 Gazprombank 16 Raushskaya Nab. 02 6,400 IBM Naberezhnaya Tower (Building A) A 6,386 Microsoft Krylatsky Hills Business Park (Building A) 02 6,059 SUEK 7 Derbenevskaya Nab., Bldg. 22 B 6,000 ING Bank Amber Plaza 02 5,443 TNK-BP Management 10 Arbat Ul. A 5,130 Renaissance Insurance 7 Derbenevskaya Nab., Bldg. 22 B 5,080 Non-profit partnership 02ｨｪS World Trade Center II 02 4,524 HFS Vlakra Business Center 05 4,000 Emerson 10 Letnikovskaya Ul., Bldg. 2 B 3,528 Exxon Mobil 31 Novinsky Blvd. 02 3,428 CSFB Romanov Dvor II 02 3,347 Sun Interbrew Krylatsky Hills Business Park (Building A) 02 3,300 Siemens Management Infrastructure 11/10 Letnikovskaya Ul. 05 3,038 Regus Avrora Business Park (Phase II) 02 2,833 Aton Investments 17 Chistoprudny Blvd., Bldg ,812 GlavBukh Publishing House 23 Bol. Novodmitrovskaya Ul. B 2, ｨC2006 Forecast New construction and refurbishment 6,0 Total stock and new construction Diagram 6 New construction and refurbishment of an estimated 900,000 sq. m. for 2005 and 1,300,000 sq. m. for Demand In 2005ｨC2006, the demand for international quality standard office space is expected to remain high or will even slightly increase, with a net absorption rate Mln sq. m. 5,0 4,0 3,0 2,0 1,0 0, F 2006 F Total stock (beginning of the year) New construction 50 RUSSIA REAL ESTATE REVIEW 2005

47 13Moscow Office Sector at 600,000ｨC700,000 sq. m. per year. The demand for lease of 5,000+ sq. m. offices is expected to increase. Vacancies In 2005ｨC2006, the high level of new construction will boost the average weighted vacancy rate for Class A and B offices (the vacancy rate will average 6ｨC12% depending on the property class). Avrora Business Park (Phase II) Rental rates Rental rates for Class A and B offices will remain at their current levels. The rates will continue to vary by floor, the higher floors being more expensive because they provide a better view. Capital Plaza on Lesnoy RUSSIA REAL ESTATE REVIEW

48 13Warehouse Sector Moscow Warehouse Sector W arehousing remains the youngest and the fastest growing sector of the Russian commercial real estate market. Positive trends in the Russian economy, soaring demand for international standard warehouse facilities, along with the high rental rates (as compared to warehouse markets in most European countries) make warehouse development in Russia very attractive to both local and international industrial developers. Diagram 7 Industrial Park). Up to 70% of all international quality warehouse space, delivered to the market in 2004, was developed and then occupied by 3PL logistic operators ｨC National Logistic Company, Belaya Dacha Market, FM Logistic and a few others. Approximately 150,000ｨC300,000 sq. m. of international standard warehouse space is scheduled for delivery in 2005 as speculative development. Demand Mln people; mln sq. m International quality warehouse supply Los Angeles Frankfurt Hong Kong London Moscow City & suburbia population (mln people) Quality warehouse supply (mln sq. m.) Sq. m. per 1,000 people Sq. m. per 1,000 people The demand for international standard warehouse space remains high and mostly comes from: 3PL; local and international retailers; manufacturers and importers of FMCG and foods; manufacturers and importers of IT, home appliances, construction materials and other similar goods. Supply The total supply of quality warehouse facilities in Moscow and the Moscow Region is estimated at approximately 1,000,000 sq. m., whereof 450,000 sq. m. meets the international quality standards. About 230,000 sq. m. of the international quality warehouse space was delivered in 2004, 80% of which were built for owner occupation. The 2004 warehouse market development trends will continue and shape the market dynamics in 2005 and onwards. A number of large development projects (e. g., Logopark of Belaya Dacha and Bouygues), scheduled for 2004, were delayed as a result of the difficulties the developers had faced. Industrial parks concept becomes popular (e. g., such projects as Istra Technopark of Kulon and Domodedovo We do not expect any decrease in demand for international quality warehouse facilities in the next several years. At present, the combined (immediate and latent) demand for quality warehouse space is estimated at 500,000ｨC1,000,000 sq. m. Rental Rates In 2004, the rental rates for international quality warehouse facilities remained unchanged, ranging from $140 to $160 per sq. m. per annum (net of VAT). Rents for lower quality premises were between $90 and $120 per sq. m. per annum (net of VAT) including service charges, which cover property management, security, technical maintenance but do not include utilities. If all warehouse development projects announced for 2005ｨC2006 are delivered, rental rents are expected to slightly decrease. 52 RUSSIA REAL ESTATE REVIEW 2005

49 13Moscow Warehouse Sector Land The development of warehouse properties is mainly held back by the non-transparency of land market and by the acute shortage of land suitable for industrial development. However, Federal Government tries to ease the land legislation and thus to ensure gradual land market maturation. In accordance with Chapter 146 of the new Tax Code, starting from January 1, 2005 VAT will not be applicable to land sales transactions in the secondary market, which might have a positive effect on the warehousing market. Intercomplex Warehouse Park, Klimovsk, Moscow Region In 2004, industrial land prices increased by 10ｨC30% and were in the range of $250,000ｨC$350,000 per hectare (net of VAT). These prices do not include any improvements which may run up to 60% of the land price. RUSSIA REAL ESTATE REVIEW

50 13Retail Sector Moscow Retail Sector T hroughout 2004, Russia ｯs major macroeconomic indicators continued to grow. This trend, which has persisted since 1999, provided a favorable market environment for the development of all segments of the commercial real estate market. According to the Moscow Municipal Committee for Statistics (Mosgorkomstat) consumer goods sales through all distribution channels (in comparable prices) grew by approximately 8.4% in Also in 2004, the yearon-year catering turnover increased (in comparable prices) by 6.1%. Table 6 Major macroeconomic indicators * Retail sales, $ mln 42,124.0 percentage change, year-on-year Nominal per capita income (end of 2004), $ percentage change, year-on-year Real per capita income percentage change, year-on-year Shopping Centers. Supply and Demand In 2004, the shopping center sector of the Moscow commercial real estate market developed at a high pace. The growth rate was sustained both in the number of shopping centers and total space. This shows the propensity of retail property developments to attract investment. Diagram 8 Total space, sq. m. k Dynamics of shopping centers space ** F Dynamics of high-quality retail space Total stock of high-quality retail space Diagram 8 shows the dynamics of retail space between 1998 and 2004, and the forecast for In 1999, the decline in construction was caused by the 1998 financial crisis. After 1999, intensive growth was observed (reaching its peak in 2002 with the appearance of several large properties, including MEGA-I and Atrium). In the coming year we expect that shopping center space will grow considerably. According to some sources, it will reach approximately 800,000 sq. m. (or about 450,000 sq. m. of gross leasable area). In 2004, retail space grew substantially compared to the previous year (see Diagram 8). By the end of 2004, the total area of operating shopping centers in Moscow reached 2.5 mln sq. m. with 11 large retail facilities that were introduced to the market (see Table 7). Space distribution in malls (see Table 8) is contingent on the requirements of the shopping center concept. However, the tenant mix is influenced by the demand of potential tenants. The analysis of potential tenants ｯ applications shows that the clothing store space (see Table 9) is still the most demanded. It is remarkable that the combined share of three most demanded segments (clothing, catering, beauty and health) covers about half of all applications. Shopping Centers. Rental Rates In general, rental rates for shopping center space have not considerably changed over the last period. However, the following trends can be observed in certain segments. During the first half of 2004, demand and rental rates for cinema space stabilized. This trend followed a multiplex construction boom driven by the enormous demand for * Source: Mosgorkomstat ** Source: Colliers International 54 RUSSIA REAL ESTATE REVIEW 2005

51 13Moscow Retail Sector Table 7. Major shopping centers opened in 2004 * Name Address Total space, Anchor tenants Date of sq. m. opening Vesna 19 Novy Arbat Ul., Bldg. 1 12,300 Constellation 22-Feb Articoli (Bosco di Ciliegi) Alexander Land 22 Prishvina Ul. 19,700 Paterson, Eldorado, 4-Mar Detsky Mir BUM 43 Pererva Ul., Bldg. 1 31,000 Sedmoy Kontinent, 12-Mar Detsky Mir Novinsky Passage 31 Novinsky Blvd. 16,000 Ramstore 8-Apr Auchan Krasnogorsk 11 Chetvyorty Myakininsky Pr-d 20,000 Auchan 12-May Mosmart, M.Video, Waypark MKAD 71 km 71,000 SportMaster, 30-Jul Starik Hottabych Mosmart 116d Dmitrovskoe Sh. 26,000 Mosmart, M.Video 16-Sep L Lyublinskaya Ul. 62,000 Auchan, Eldorado 3-Nov Perekryostok, Sun Paradise 6 Borovskoye Sh. 11,700 Technosila, 7-Dec Arbat Prestige MEGA II Khimki, District 8 270,000 IKEA, Auchan, OBI, Stockmann 15-Dec 5th Avenue 32 Marshala Biryuzova Ul. 44,000 Perekryostok, 25-Dec Cinema Park movie theatres. By the end of the year, rental rates inched up again as new operators entered the market. In some cases, rental rates in the catering segment grew, driven by severe competition. Rental rates decline can be observed for gifts and souvenirs outlets. This comes as a result of the fall in demand for space in shopping centers targeting middle-class consumers. Table 8. Approximate distribution of space in malls* Segment Share of space, % Size range, sq. m. Staples ,500ｨC15,000 Clothing ｨC950 Entertainment ｨC4,000 Catering/Food-court ｨC600 Electronic goods ｨC2,500 Sport and leisure ｨC500 Footwear ｨC400 Accessories ｨC130 Health and beauty ｨC400 Household goods ｨC500 Children ｯs goods ｨC300 Printed media ｨC500 Other 5.1 In a mild-competitive environment, rental rates by segments for standard-size units in malls are described in the table 10. Street Retail. Supply and Demand 2004 witnessed a significant growth of the aggregate space supply spurred by the reconstruction of premises located on the ground floors of the existing apartment buildings and by addition of retail components to new residential developments, or even by the High Street retail boom. Substantial improvement in the efficiency of space utilization (development of underground floors, second floors, and mezzanines), as well as involvement of non-retail space of administrative and other buildings was typical for the central districts. As in previous years, new construction is virtually absent. It is obvious that opportunities for such increase in supply will be depleted soon, and that the rare new developments will not have much impact on the market. * Source: Colliers International RUSSIA REAL ESTATE REVIEW

52 13Retail Sector Moscow Table 9. Breakdown of demand by segments* Segment Share of applications, Required space, sq. m. % MinｨCmax Average Clothing ｨC3, Catering/Food-court ｨC1, Health and beauty 7.9 7ｨC1, Automotive goods ｨC3, DIY (do-it-yourself) ｨC7,000 3,508 Entertainment 6.3 3ｨC3, Children ｯs goods ｨC3, Electronic goods 4.3 7ｨC1, Sport and leisure ｨC2, Accessories 2.5 2ｨC Services ｨC Furniture ｨC Footwear ｨC Printed media 2.1 4ｨC Other 6.8 Table 10. Distribution of rental rates by segments * Segment Size range, sq. m. Rental rate, $/sq. m./year Anchor tenants Hypermarket 5,000ｨC15,000 70ｨC150 Supermarket 1,500ｨC3, ｨC250 Electronic goods 1,200ｨC2, ｨC350 Sport and leisure 600ｨC1, ｨC450 Clothing 600ｨC1, ｨC900 Entertainment 250ｨC4,000 50ｨC250 Household goods 400ｨC ｨC1000 Children ｯs goods 1,000ｨC3, ｨC400 Other tenants Clothing 30ｨC ｨC2,500 Footwear 50ｨC ｨC1,200 Sport and leisure 50ｨC ｨC1,200 Health and beauty 40ｨC ｨC1,800 Household goods 30ｨC ｨC1,800 Children ｯs goods 40ｨC1, ｨC1,500 Mobile and digital equipment 20ｨC80 3,500ｨC5,000 Accessories 20ｨC70 1,500ｨC4,000 Gift and souvenir shops 20ｨC100 1,000ｨC3,000 Catering/Food-court 20ｨC80 700ｨC1,200 Services 10ｨC ｨC1,150 * Source: Colliers International 56 RUSSIA REAL ESTATE REVIEW 2005

53 13Moscow Retail Sector Besides the influence of the favorable macroeconomic environment mentioned above, the level and dynamics of demand were also determined by the following factors: dynamic expansion of retail chains (grocery chains, drug stores, retail banking, coffee shops, etc.); further development of brand and boutique trade (significant for High Street retail); significant increase in the number of catering operators (restaurants, cafes, coffee shops, etc.); increase in the competitive pressure of professional shopping centers, which affects mainly street retail properties located outside High Streets; growth in the number of flagship stores set up with the purpose of brand promotion; tenants ｯ willingness for considerable investments into fit-out of retail space ｨC extension of the period of leasehold acquisition. On the whole, in 2004 the demand for the High Street retail space was high, which is confirmed by the low vacancy rates ｨC from 0% to 5%. Street Retail. Rental Rates and Sale Prices The major factors influencing the rental rates and sale prices are location and physical characteristics of the space (usable area, ceiling height, etc.). Simultaneously, the number of comparable leasehold, and especially, freehold acquisitions, is too insignificant to describe the dynamics of rates and prices reliably. The data presented in Diagram 9 is indicative and reflects the highest rates and sale prices for the premises located in the main shopping streets of the city based on the 2004 transactions. The growth of these indicators is stimulated by a considerable fall in the purchasing power of the US dollar (more than 30% over the last two years) ｨC the currency commonly used to set rates and prices. Our analysis shows that over the last year the rental rates for premises located in the main shopping streets have generally grown by approximately 10%. The investment market can be divided into two segments: sales to end-users and investment sales. Capitalization rates vary from 10 to 12% for sales to end-users and for investment sales they represent 15%. Emergence of New Retail Concepts The first delicatessen store in Russia ｨC Fauchon ｨC was opened in Moscow in October. A new player entered the Russian clothing market ｨC C&A, the German-and-Belgian company specializing in the clothes for middle-class consumers. It rented space in shopping center Mega-II in Khimki, near Moscow. The first Russian Boyner department store owned by the largest Turkish company in the non-food retail market was opened in Mega-II. British House department stores were opened in Moscow again ｨC in Mega-I, Mega-II and Dvoriansky House. The second largest German retailer Rewe is entering the Russian market by opening Billa food supermarkets. Forecast for Shopping Centers First significant sales transactions to shopping center investments are expected. The volume of financing retail development projects is expected to increase. The number of construction projects involving international architectural companies will increase. Construction projects of super-regional shopping centers on the MKAD (similar to Mega-I and Mega-II) will be developed. New international brands are expected to enter the market. As the number of professional retail properties grows, weakly conceptualized projects will suffer in profitability. Significant projects in the commercial real estate market of large Russian cities are to be launched. In the Russian regions retail space in shopping centers will grow at a rate higher than that of Moscow. Increase in competition among retailers, particularly, supermarket operators, electronics stores, cinemas, mobile accessories stores, catering (food-court) is expected. RUSSIA REAL ESTATE REVIEW

54 13Retail Sector Moscow Diagram 9 Rental rates and sale prices for premises on main retail corridors* Tverskaya Ul. 0 sale price 5,000 10,000 15,000 20,000 25,000 N. Arbat Ul. (left side) Arbat Ul. 1st Tverskaya-Yamskaya Ul. Kutuzovsky Pr. Garden Ring Leninsky Pr ,000 1,500 2,000 2,500 3,000 rental rate Rental rate, $/sq. m./year (excluding operating expenses, net of VAT) Sale price, $/sq. m. (net of VAT) Forecast for Street Retail Stabilization of supply of premises located along the main retail corridors. High level of tenants ｯ turnover in the prime retail properties. Possibly, appearance of boutique zones. Increase in the number of transactions related to the acquisitions of properties by end-users. Further increase in demand for retail space from retail chains and brands. Rental rates will be determined partially by the decline in the US dollar purchasing power and the increase in the available shopping center stock. * Source: Colliers International 58 RUSSIA REAL ESTATE REVIEW 2005

55 13ST. PETERSBURG

56 13Investment St. Petersburg Investment A ccording to the administration of St. Petersburg, in 2004, foreign investments in the city ｯs economy increased by 40% and reached $900 mln. Most investments came from the USA (28%), Cyprus (14%), the United Kingdom (11%), Finland (11%), and the Netherlands (9%). Direct investments amounted to 13% of total foreign investments. By way of encouraging investments in the city, Administration introduced new income and property tax benefits in Simultaneously new additions to the Law on Tax Privileges were made. Besides, aiming to foster the development of industrial areas and the infrastructure and also to facilitate investments, the St. Petersburg city government established the City Industrial Investments Agency. Moody's raised the long-term rating of St. Petersburg to Baa3. Standard & Poor's and Fitch approved the ratings of BB and BB+, respectively. Several further large-scale industrial investment projects were initiated: telecommunications plant by Elcoteq ｨC $100 mln; vodka production plant by Russian Standard ｨC $25 mln; processing and warehouse complex by Pepsi Bottling Group ｨC $20 mln; production plant extension by Petersburg Products International (trade mark Gillette) ｨC $20 mln. All these projects are to be completed in In 2004 the first real estate investment trusts appeared in St. Petersburg. The largest of them were: the Russian Residential Real Estate and Interregional Real Estate Fund established by CIT (investments into commercial and residential property in Moscow and other regions); Residential Real Estate established by the Industry and Construction Bank; The First Petersburg Fund of Direct Real Estate Investments (investments into Narvsky Business Center); Nevo-Invest (development of production facilities of Nevo-Tabak) established by the asset management company Svinin and Partners. The City sold its controlling interests in hotels Vyborgskaya, Yuzhnaya, Kiyevskaya, Tourist and Chaika. Total investments amounted to $18 mln. Further auctions are planned for next year with a view of selling the City ｯs shares in hotels Pulkovskaya, Pribaltiyskaya, Astoria, Oktyabrskaya, Moskva and Deson-Ladoga. The procedures of transferring the right to rent land for construction purposes were facilitated: the Investment-Tender Commission was replaced by a short-package trade mechanism, which requires fewer documents. This makes the procedures less cumbersome, but the information provided about the land is insufficient, which requires a full-package trade mechanism to be launched in RUSSIA REAL ESTATE REVIEW 2005

57 13St. Petersburg Investment Table 1. Major investment projects completed in 2004 Project Size, sq. m. Investor/Developer Investments, $ mln Retail Gulliver Shopping & Office Center 62,000 Dubl-2 50 PIK Shopping Center 32,200 PetroMir 35 Mercury Shopping Center (3rd and 4th phases) 49,400 Adamant 30 O'Key Hypermarket 32,000* Dorinda Holding 20.5 Lenta-6 Cash & Carry 13,400 Lenta Cash & Carry 20 Nord Shopping Center (2nd phase) 26,700 Adamant, AORS 16 DIY Store Maksidom-4 Store 19,000 Maksidom 15 Lenta-5 Cash & Carry 20,000 Lenta Cash & Carry 15 Ozerki Shopping Center 16,000 Adamant 14 Office centers Nevsky, 38 14,700 ICBank 45 Renaissance House 8,150 Renaissance Construction 5 Industrial objects and warehouses Furniture production plant n/a Pervaya Mebelnaya Fabrika 20 Food production plant 24,000 Baltimor 12 * Incl. underground parking ｨC 14,000 sq. m. RUSSIA REAL ESTATE REVIEW

58 13Office Sector St. Petersburg Office Sector I n 2004, the office market registered slower growth. About 40,000 of 120,000 sq. m. of new office space was commissioned in this period. The opening of several business centers was postponed from the end of 2004 to Q Supply By the end of 2004, office space in St. Petersburg represented 740,000 sq. m. As in the previous period, the supply increased due to the construction of Class B office centers (67% of total new construction). Compared to 2003, the office market structure (by classes) did not change. Diagram 1 Rentable office areas, sq. m. k Class A Distribution and growth of office center space in 2004 Class 02 Class 05 Class 05 Increase at the beginning of 2004 Increase in 2004 In 2004, two new Class A business centers were opened: Geneum and Nevsky, 38 (see Table 2). In 2005, over 25,000 sq. m will be introduced in the market (see Table 3). Accordingly, by the end of 2005 Class A office space is expected to increase by 75%. Rental rates for Class A office space slightly rose (about 5%). Supply rates range from $470 to $620 per sq. m. (net of VAT, including operating expenses). Class B Seven new business centers totaling 30,000 sq. m. were introduced to the market. Rental rates for Class B space vary from $260 to $480 per sq. m. (net of VAT, including operating expenses). In 2004, rental rates increased by 6%. Class C Average vacancy rates and rental rates (Class B) 19% % 320 Currently the office space market is dominated by Class C buildings (about 71%). However in 2004 only one business center of this class was commissioned (see Table 2). Quoted rental rates for Class C business centers range from $160 to $290 per sq. m. (net of VAT, including operating expenses). In 2004, the rental rates grew by 7% % 5% Vacancy rates, % 6% Proposed rental rates, $/year Diagram 3 Diagram 2 Diagram 4 Average vacancy rates and rental rates (Class A) Average vacancy rates and rental rates (Class C) 53% % 180 9% % 7% 3% 1% 139 5% 4% 5% Vacancy rates, % Proposed rental rates, $/year Vacancy rates, % Asking rental rates, $/year 62 RUSSIA REAL ESTATE REVIEW 2005

59 13St. Petersburg Office Sector Demand Demand for office space in general remains high, due to the interest of large Russian and foreign companies for Class A and B+ offices, to premises totaling 100ｨC450 sq. m. and to large office blocks exceeding 500 sq. m. In Class B and C segments the highest demand is for office premises of 50ｨC150 sq. m. Forecast In 2005, developers plan to introduce approximately 170,000 sq. m. of office space to the market (about 80% of it will be Class B offices). A relative balance between supply and demand will be maintained. A surge in supply is most unlikely. A minor increase in rental rates (5ｨC8%) is expected, but taking into account the inflation Table 2. Business Centers, St. Petersburg (December, 2004) Rentable Occupancy, Offer rates, $/sq. m. Project Address office space, % (O05 incl., sq. m. VAT excl.) Class A Nevsky, 38* 38 Nevsky Pr. 4, ｨC500 Northern Capital House 36 Nab. Reki Moyki 8, Atrium 25 Nevsky Pr. 5, ｨC620 Swedish House 1/3 02al. Konyushennaya Ul. 3, Geneum* 10 Nevsky Pr. 1, White Nights House 23 02al. Morskaya Ul. 6, Karavannaya, Karavannaya Ul. 6, n/a Class B Petrovsky Fort 4 Finliandsky Pr. 16, ｨC410 City-Center 18 Petrogradskaya Nab. 25, ｨC400 Mir 4 Yefimova Ul. 9, ｨC400 Renaissance House* 17 2nd Sovetskaya Ul. 5, ｨC400 Goldex 36 Shpalernaya Ul. 7, Europa House 1 Artilleriyskaya Ul. 10, Yelizavetinsky 14 13th Linija Vasiljevskogo Ostrova 7, Senator* 1 Kropotkina Ul. 5, Akvatoriya 61 Vyborgskaya Nab. 15, Admiral* 118 Nab. Obvodnogo Kanala 6, Neptun 93a Nab. Obvodnogo Kanala 6, Pallada 2 Krasnogvardeyskaya Pl. 5, TV-Polis 6 Chapigina Ul. 6, Bely Ostrov 64 Serdobolskaya Ul. 5, Chernaya Rechka (phase I) 22 Beloostrovskaya Ul. 5, Class 05 Farvater 7 Vvedenskogo Kanala Ul. 5, Admiraltejsky 35 Bol. Morskaya Ul. 5, Sampsonyevsky DTs 32 Bol. Sampsonyevsky Pr. 8, Evrika 11 Sedova Ul. 25, Avrora-City (phase I)* 4 Shaumyana Pr. 2, * Business centers commissioned in 2004 RUSSIA REAL ESTATE REVIEW

60 13Office Sector St. Petersburg and the exchange rate trends, it may in fact amount to a slight decrease. Occupancy rates will remain high. Business centers will be constructed as part of multifunctional complexes combining retail, hotel and entertainment facilities (Platinum; 38 Nevsky; River House; Golitsin). Demand for large offices (over 1,000 sq. m.) will stay high. Demand for purchasing offices will increase. The construction of new business centers (including Class A, B+ business centres) will shift from the historical city center to newly developed business areas. Table 3. Business centers to be opened in 2005 Rentable Offer rates, Project Address Class office space, $/sq. m. (OC incl., sq. m. VAT excl.) Severnaya Stolitsa (phase II) 3 Volinsky Per. 02 6, Veda-House 18 Petrogradskaya Nab. 02 8, Senator 1 Chaykovskogo Ul. 02 6, Senator 10 Sadovaya Ul. 02 3, Platinum 30 Bol. Morskaya Ul. 02 2, Austrian Business Center 4 Orenburgskaya Ul. 02ｨC05 10,700 (total) 360 Senator 15 Chapayeva Ul , Fenix 4 Sverdlovskaya Nab , Constanta 153 Leninsky Pr , Admiral (phase II) 118 Obvodnogo Kanala Nab , River-House (phase II) 5 Akademika Pavlova Ul , Sheremetyev 47 Stachek Pr , ｨｪ-4 12 Sedova Ul , ｨC305-13b Levashovsky Pr ,200 Shpalernaya, Shpalernaya Ul ,500 Sales: 1,600ｨC1,800 76ｦ0 14th Linija Vasiljevskogo Ostrova 05 9,500 Sales: 1,565ｨC1, Kolomiazhsky Pr. 05 8,000 Sales: 850 Table 4. Major lease transactions, 2004 Tenant Address/Project Class Size, sq. m. Skanska 9 Blokhina Ul./Kronverk B 6,000 Motorola 12 Sedova Ul./ｨｪ ,000 Svarog Group 1 Petrovskaya Kosa Ul. /Petrovsky 05 2,000 IntelliJ Labs 2 Kantemirovskaya Ul./Times 05 1,400 Banque Societe Generale Vostok 17 2nd Sovetskaya Ul./Renaissance House 05+ 1,100 SPM 25 Nevsky Pr./Atrium Citibank 15 Italyanskaya Ul (extension) Outo Kumpu 15 Chapayeva Ul./Senator Vneshneftekhim 37 Reki Moyki Nab./Northern Capital Canon 36 Reki Moyki Nab./Northern Capital Fortum 25 Nevsky Pr./Atrium DHL 10 Nevsky Pr./Geneum RUSSIA REAL ESTATE REVIEW 2005

61 13St. Petersburg Warehouse Sector Warehouse Sector T he growth of the industrial production and trade as well as steady expansion of retail chains ｨC both local and international ｨC encourage constant increase of demand for modern warehouse facilities whose acute shortage is currently recorded. In 2004, the St. Petersburg Government passed a resolution on setting up five new industrial/ warehouse zones totaling 3,700 ha in the following suburbs: Shushary-2, Metallostroy-2, Konnaya Lakhta, Predportovaya-3, Noydorf-Strelna. Land use planning and management in these territories will be carried out at the expense of the city. A recent trend is to set up high-technology centers, i. e. professionally managed industrial parks. Supply Supply is mainly represented by the facilities of former industrial zones that do not completely meet the tenants ｯ requirements. The majority of premises (above 40% of total supply) are leased for $50ｨC70/sq. m. annually (incl. VAT and operating expenses). In St. Petersburg quality warehouse facilities of international standards amount to approximately 115,000 sq. m. (Interterminal, Okhta-Terminal, JFC terminal, etc.). 45 ha of new industrial zone Noydorf-Strelna ready for the development (after land use planning and management procedures have been completed) will be put up for sale in Acute shortage of production and warehouse facilities totaling over 3,000 sq. m. is observed. The number of sale/lease applications for industrial/warehouse facilities located in the suburbs of St. Petersburg, 10 km away from the city boundary, is increasing. Tenants ｯ requirements become more exacting. Tenants prefer to receive full package of additional services, such as customs clearance, record keeping, material handling services, etc. Rental Rates and Sale Prices The average increase in rental rates for warehouse facilities varies from 13% to 17%. Changes are mostly related to the international quality warehouse facilities. Rental rates for Class A facilities may exceed $160 per sq. m. per annum. Rental rates for the average class heated space are at the level of $80ｨC100 per sq. m. per annum. Rental rates for low quality unheated premises ｨC are $10ｨC50 per sq. m. per annum. The average price of industrial/warehouse facilities for sale is $200ｨC400 per sq. m. and the price for international quality facilities is within the range of $700ｨC1,000 per sq. m. Sale prices for industrial CIP facilities vary from $150 to $300 per sq. m. Sale prices for warehouse facilities with a similar level of infrastructure development in the Leningrad Region (no more than 10 km away from the city boundary) are 20ｨC25% lower than those in St. Petersburg. Okhta Terminal. Class A warehouse Demand The highest demand is for 500ｨC1,500 sq. m. warehouse facilities, primarily among small and medium Russian companies. The demand for larger facilities (of 2,000ｨC6,000 sq. m.) remains high among international and large local retailers, as well as logistics companies. RUSSIA REAL ESTATE REVIEW

62 13Warehouse Sector St. Petersburg Forecast Increasing demand for international quality warehouse facilities as a result of the growing interest in the St. Petersburg market on the part of foreign and local investors. Constant growth of the number of industrial and warehouse facilities located in the suburbs of St. Petersburg due to the scheduled launch of the next section of the ring road and to the establishment of new industrial zones. Increasing demand for specialized warehouses (such as refrigerating facilities). Rental rates for international standard facilities will not change. A decrease in demand for low quality warehouse premises and facilities requiring no state registration, neither the right of use or possession. Table 5. Existing and perspective class A warehouses and logistic complexes Name Location Useful area, Developer / sq. m. Initiator Existing Interterminal Parnas 45,000 Group Inkotek Warehouse Parnas 32,000 Laverna JFC company terminal 60 Sofiyskaya Ul. 17,000 Joint Fruit Corporation Okhta-Terminal Energetikov Pr. 13,000 Megalogistic Utkina Zavod 104/41 Oktiabrskaya Nab. 10,000 Craftrise Markitantov group Perspective Logistic center Gorelovo 75,000 Astros Logistic center Logistic center Kubinskaya Ul. 50,000 Group Inkotek Logistic center Shushari 14,000 PNK Logistics Logistic center Intersection of ring road and Vyborgskoye Sh. 10,000 MK PSB, Schenker Warehouse Shushari 10,000 Sunway Warehouse (phase I) Pulkovskoye Sh. 10,000 Tilman Kraus Property Container terminal Railway station Predportovaya 5,000 Group Evrosib Logistic center Industrial zone Metallostroy 3,000 Nevskiye krasky 66 RUSSIA REAL ESTATE REVIEW 2005

63 13St. Petersburg Retail Sector Retail Sector I n 2004, the retail and catering turnover reached approximately $7.4 bln (in 2003 ｨC $6 bln), whereof the catering turnover was $350 mln (in 2003 ｨC $250 mln). Supply In 2004, approximately 320,000 sq. m. of retail space were introduced to the market. At the end of 2004, the total area of large retail facilities 1 amounted to 1.2 mln sq. m. (see Diagram 5). Diagram 5 Tatal area, sq. m. k Increase in the areas of the large retail facilities f At the beginning of the year Increase About 60 large shopping centers are operating and more than 30 facilities are under construction or reconstruction. As far as the supply of operating retail facilities is concerned, the Primorsky, Vyborgsky and Central districts are leading. The highest level of construction activity is taking place in the Vyborgsky, Moscovsky and Primorsky districts. The market structure of large retail facilities (by area) as of the end of 2004 is presented in Chart 1. Adamant Holding Company is the leader among professional retail centers developers. Demand In 2004, the highest demand was for 50ｨC100 sq. m. units located in retail centers. As of the end of 2004, vacancy rates in most shopping centers were 5ｨC10%. Rental rates and Sale Prices In 2004, the rental rates for retail spaces located in shopping centers did not change. The practice of selling tenant rights to such spaces gradually disappeared. Shopping center facilities are primarily sold to anchor tenants, i.e. food operators, household appliances and electronics, multiplexes. Sale prices vary from $800 to $1,500 per sq. m. Significant Events The Turkish company Ramenka opened its first Ramstore supermarket in St. Petersburg. The supermarket is located in the Gulliver Center (Staraya Derevnia metro station); its retail area totals 4,000 sq. m. In 2005, the same company is planning to open two more supermarkets located in the retail centers, as well as its own shopping and entertainment center at Kolomiazhsky Pr. Kesko signed a protocol of intent to purchase a controlling share in Stroymaster, a construction and refurbishment group (Tex Holding Company). These investors are planning to develop their own network named K-Rauta (DIY) in association with the Saint-Petersburg outlet. Table 6. Rental rates for anchor tenants in shopping centers Commodity groups Average area, sq. m. Rates, $/sq. m./year Foods: supermarket 1,000ｨC4, ｨC300 hypermarket 5,000ｨC15, ｨC180 Home appliances 1,000ｨC4, ｨC360 Sports and entertainment goods 1,000ｨC1, ｨC360 Clothing, Footwear 1,000ｨC3, ｨC480 Books, Audio and Video products 1, ｨC240 Entertainment and recreation 500ｨC7, ｨC216 1 Retail facilities are considered large if their area totals 4,000 sq. m. or more. RUSSIA REAL ESTATE REVIEW

64 13Retail Sector St. Petersburg Chart 1 Market structure of active large retail facilities (by area), end of % 12% 8% Moscow companies, such as Paterson, Sportmaster, M-Video and Perekryostok, extended their presence in the St. Petersburg market to respectively 9, 8, 5 and 4 outlets. The Detsky Mir group entered the market by opening 2 stores in the shopping malls. RosKinoProkat opened an eightscreen cinema complex in the PIK shopping center. Dorinda opened its fourth O ｯKey hypermarket with a total area of 15,000 sq. m. The hypermarket will be one of the anchor tenants in the future Primorsky shopping mall (Primorskoye Shosse/Planernaya Ul.). Lenta Cash & Carry opened two more stores increasing its network to 6 outlets within one year. The Company also signed a seven-year credit contract for $30 mln with European Bank of Reconstruction and Development to finance the opening of 3 or 4 cash & carry stores in St. Petersburg for Agrotorg opened in St. Petersburg its first hypermarket Karusel on Pr. Bolshevikov. Companies ｯ Plans 7% Specialized furniture shopping centers Cash & Carry Specialized shopping centers Hypermarkets Shopping centers 63% By 2005, Metro Cash & Carry is planning to open its third cash & carry store on Pulkovskoye Shosse. In first half of 2006, the Swedish company IKEA intends to open a MEGA shopping center close to the IKEA-Dibenko furniture store (Leningradskaya Oblast). The total investment for this project will reach approximately 250 mln. By 2007, OBI, the German DIY chain, is planning to open 4 stores in the southern part of St. Petersburg. The German chain of hypermarkets Real (part of METRO AG Group) announced it was entering the St. Petersburg market. The world ｯs leading retailer Wal-Mart announced the possible opening of a 20,000 sq. m. hypermarket (approximate total area) in St. Petersburg. In two years ｯ time, the British company Kingfisher is planning to open three or four Castorama stores (DIY) in St. Petersburg. The first store is scheduled to open at the beginning of The French Company Carrefour and the German discount chains Aldi and Lidl consider developing their retail network in St. Petersburg. Trends and Forecasts Further development of the St. Petersburg retail market under western operating companies, as well as the arrival of new international operators and developers. Increase of top level shopping malls. Improvement of the recreational part in shopping centers. Further development of retail chains (furniture centers developed by Furniture-City and Akvilon, O ｯKey hypermarkets, Lenta Cash & Carry outlets, etc.) by local companies. In 2005, the total space in large retail facilities may exceed 1.5 mln sq. m. Rental rates may fall in the less successful shopping centers; tenants might move to newer high-standard retail facilities. 68 RUSSIA REAL ESTATE REVIEW 2005

65 13St. Petersburg Retail Sector Table 7. Large retail facilities opened in 2004 Name Position Address Gulliver Multifunctional center (shopping, entertainment, business center) Staraya Derevnia m. st. Total area, sq. m. 38,800* Major tenants Ramstore, Intersport, Matritsa, Lukomorye, Mirazh Cinema movie theatre (two halls), Bowling Brunswick (ten tracks), Gulliver Park At. Park Karusel Hypermarket 32 Bolshevikov Pr. 9,500 Karusel Date of opening August- November, 2004 December, 2004 Kvartal Multifunctional center (shopping, business center, warehouses) Ligovsky Pr./ NovoRybinskaya Ul. 9,200** Piaterochka, Telemaks 2004 Lenta V Cash & 05arry 158 Tallinskoye Sh. 20,000 Lenta June, 2004 Lenta VI Cash & 05arry Vyborgskoye Sh./ Lunacharskogo Pr. 13,400 Lenta September, 2004 Maxidom IV Specialized shopping center 15 Bogatirsky Pr. 18,980 Maxidom October, 2004 Mebelny Continent ｨC Ist phase Specialized furniture shopping center 3 Varshavskaya Ul. 17,280 October, 2004 Mercury ｨC III, IVth phase Shopping and entertainment center 141 Savushkina Ul. 45,000 M.Video, SportMaster, Bowling Planet (20 tracks), Adamant, Great Furniture Center May- October, 2004 Nord ｨC IInd phase Shopping and entertainment center 19 Prosvescheniya Pr. 26,380 Ozerky Shopping center 120 Engelsa Pr. 16,000 O ｯKey IV PIK Hypermarket Shopping and entertainment center Primorskoye Sh./ Planernaya Ul. Sennaya Pl. 32,200 Kronverk Cinema Multiplex (six halls), Cosmic Bowling (24 tracks), Tranzas Technosila, Forum, Lukomorye 15,000 O ｯKey Perekrestok, Multiplex (8 halls, Roskinoprokat), Detsky Mir, Baltic Sport Spring- Summer, 2004 March, 2004 December, 2004 November, 2004 * Excl. business center premises ** Excl. business center and warehouse premises RUSSIA REAL ESTATE REVIEW

66 13Residential Sector St. Petersburg Residential Sector A lthough St. Petersburg has no well-defined criteria for elite housing yet, minimum requirements have already been established. They include availability of certain facilities, high quality of construction and engineering systems, good layout, residential safety meeting international standards, and additional services (parking, garage, operating services, etc.). The major requirement for elite housing is location. The most expensive apartments are situated in Zone A, which is also called the Golden Triangle. It is bounded by the Neva (Dvortsovaya Nab., Admiralteyskaya Nab., partially Angliyskaya Nab. and Kutuzovskaya Nab.), Nevsky Prospect and the Fontanka River. Zone B traditionally includes the apartments located along Nevsky Prospect to the east of Fontanka, near the Tavrichesky Palace and the Mariinsky Theatre, as well as some streets and embankments of Petrogradskaya Storona. Elite residential property is also located on Krestovsky and Kamenny Islands (Sestroretsk, Pushkin, Pavlovsk) in the Gulf of Finland. Supply In 2004, the supply of elite housing grew mainly due to the construction of new property in the city center. New apartments outside the center are an increasingly attractive investment object due to their superior technical characteristics, as compared to the old buildings. Several construction projects are presented in Table 8. In 2004, the share of vacated communal apartments in the total supply continued to decrease. The reason was a rise in prices for residential real estate throughout the city, which led to an increase in the cost of apartment vacation. Unmarketable apartments are still not vacated. There is an acute shortage of elite housing for direct sale. Supply on the market of elite real estate located in the country increased due to construction of several cottage settlements classified as elite projects (see Table 9). Settlements of this kind should meet the following requirements: developed infrastructure and communications system; social homogeneity; location within 60 km from the city. On the whole, supply in the lease market exceeds demand, since many buyers of elite real estate purchase it for further leasing. The largest share of supply is held by apartments of about 100 sq. m. (1ｨC2 bedrooms). Table 8. Elite construction projects Date of commissioning apartments $/sq. m. Number of Price, Project Address Company 133 Nevsky Pr. Commissioned 21 3,500 Vozrozhdeniye SPb Ltd. Block 1 Robespyera Nab. Q ,000ｨC3,000 Vozrozhdeniye SPb Ltd. 60 Shpalernaya Ul. Stage I ｨC Q Stage II ｨC Q n/a 3,000 Vozrozhdeniye SPb Ltd. 4 Bolshaya Morskaya Ul./ 49 Reki Moyki Nab. 58ｨC60 Kamennoostrovsky Pr. Q ,000ｨC10,000 Vozrozhdeniye SPb Ltd. Q ,200 Vozrozhdeniye SPb Ltd. House at sea 74 Martinova Nab. Q Not for sale Vozrozhdeniye SPb Ltd. 8a Vosstaniya Ul. Commissioned 35 3,250 Peterburgreconstruction Ltd. At the Rostralny Columns Intersection of Birzhevoy Per. and Birzhevaya Linija Q ,800 LenSpetsSMU JSC New Star 14 Pesochnaya Nab. Q ,000 R.B.I. Holding Company 70 RUSSIA REAL ESTATE REVIEW 2005

67 13St. Petersburg Residential Sector Demand The number of Russian citizens buying elite apartments is rapidly increasing. The budget varies from $250,000 to $600,000. Foreigners ｯ interest in buying elite apartments (mainly in Zone A) remains high. The greatest demand is for completely finished apartments of 50ｨC200 sq. m. Elite apartments are purchased mostly with the purpose of investment. Russian citizens expect profitability of at least 20ｨC30%, while foreigners expect 10%. The demand in the elite real estate lease market is mainly driven by foreign companies, consulates, and large Russian companies, leasing apartments for their employees. The companies allocate resources to rent apartments for average executives at $1,000ｨC$1,500 per month. Usually these are twoor three-room apartments of 50ｨC100 sq. m. located in the city center. For top managers, the companies usually rent 100ｨC150 sq. m. three-room apartments situated in the elite city center at $2,000ｨC$3,000 per month. For the company management and their families, apartments with three or four bedrooms are usually leased at the monthly rate of $6,000ｨC$7,000. The average lease term is one year. Price Sale prices for elite apartments vary from $1,500 to $7,000 per sq. m. The highest prices (up to $7,000 per sq. m.) are for the apartments in the elite housing zone. In the Admiralteysky district the price is $1,500ｨC$3,000 per sq. m., in the Petrogradsky district ｨC $1,800ｨC$4, 500 per sq. m. Rental rates for elite apartments are contingent on their location. In Zone A the average rental rate is $1,500ｨC$3,000 per sq. m., in Zone B ｨC $800ｨC$15,000 per sq. m. Rental rates for elite residential real estate are growing much more slowly than the supply prices, since these rates directly depend on the companies ｯ budgets. Forecast Further increase in the elite and high standard apartments supply is expected as a result of several new elite housing construction projects. The expected reduction in secondary market prices (estimated at 10ｨC15%) will hardly affect the cost of elite apartments. The demand for expensive apartments will remain strong. Table 9. Cottage settlements Project Location Commissioning Number Price of houses $/sq. m. Severny Versal Northen part of Lakhta settlement, near Novaya Ul. Q ,100ｨC6,000 Tsarskoselskoye Pomestye Pavlovsk, Pos. Tiarlevo Q Several dozens 2,600 Repinskaya Usadba Pos. Repino Q1ｨCQ ,600 SPb Gorky Pos. Yukki, near Yukki Forest Reserve Q ,000 RUSSIA REAL ESTATE REVIEW

68 13Making Sense of Real Estate Worldwide LITHUANIA Vilnius Copyright Colliers International This report is intended as general market research and is based upon material in our possession or supplied to us, which we believe to be reliable. Whilst every effort has been made to ensure its accuracy and completeness we cannot offer any warranty that factual errors may not have occurred. We would like to be told of any such errors so that these can be corrected. Colliers International takes no responsibility for any damage or loss suffered by reason of the inaccuracy or incorrectness of this report.

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