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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

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