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

1
OKHTA GROUP, Ltd.ST. PETERSBURG,
RUSSIASeptember 2005
2
OKHTA GROUPGENERAL INFORMATION

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

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OKHTA GROUPGENERAL INFORMATION

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

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OKHTA GROUP MISSION

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

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CORE ACTIVITIES

• Okhta Groups core activities involve
  investments in the real estate market
• investments in commercial real estate
• management of commercial real estate projects
• management of real estate investment funds via
  its subsidiary Svinin Partners Asset
  Management, Ltd.

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CORE ACTIVITIES

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

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THE MAIN OBJECTIVIES

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

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GENERAL PERFORMANCE

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

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PROJECTS MAP
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CURRIENT PROJECT PORTFOLIO Income producing
properties

• Askold Business Center
• Total area 7,200 sq m
• The project was implemented almost from scratch.
  Reconstruction began in 2001 and the business
  center was commissioned in 2003.
• www.spb700.com
  

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CURRIENT PROJECT PORTFOLIO Income producing
properties

• 
  
• Pallada Business Center
• Total area 8,600 sq m
• This was the first business center created by the
  company. The company entered the project at the
  outset, when the building was purchased in 2000.
• www.spb700.com

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CURRIENT PROJECT PORTFOLIO Income producing
properties

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

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CURRIENT PROJECT PORTFOLIO Income producing
property partly under refurbishment

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

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CURRENT PROJECT PORTFOLIO Development projects

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

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CURRENT PROJECT PORTFOLIO Development projects

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

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SVININ AND PARTNERS ASSET MANAGEMENT, Ltd

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

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INVESTMENT FUNDS MANAGED BY SVININ PARTNERS,
Ltd

• THE FIRST PETERSBURG FUND OF DIRECT REAL
  ESTATE INVESTMENTS
• Business organization
• - closed-end real estate investment fund
• - detached property complex (not a legal
  entity)
• Place of registration St. Petersburg, Russia
• Fund registration date December 10, 2003
• Fund activity inception date July 1, 2004
• Termination date December 31, 2010
• Fund Management Company Svinin and Partners
  Assset Management, Ltd. (St. Petersburg)
• Fund Custodian First Specialized Depository,
  Ltd. (Moscow)
• Fund Registrar First Specialized Depository,
  Ltd. (Moscow)
• Auditor Novatcia, Ltd. (St. Petersburg)
• Real Estate Manager Okhta Group, Ltd. (St.
  Petersburg)
• Legal Consultant Okhta Group, Ltd. (St.
  Petersburg)
• Fund asset value as at 01.09.2005 - USD 5.5 m
• Units circulation
• Over-the-counter market
• Fund brokers Baltic Financial Company,
  Ltd. (St. Petersburg), Alor, Ltd. (Moscow)

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INVESTMENT FUNDS MANAGED BY SVININ PARTNERS,
Ltd

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

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INVESTMENT FUNDS MANAGED BY SVININ PARTNERS,
Ltd

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

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INVESTMENT FUNDS MANAGED BY SVININ PARTNERS,
Ltd

• Redder
• Stock investment fund
• Place of registration - St. Petersburg, Russia
• Date of the Licenses issuing - 19.01.2005
• Fund asset value as at 01.07.2005 - USD 10.2 m
• The Fund objective is a high level of income.
  Capital appreciation is a secondary objective
• The Fund seeks to achieve its object by investing
  in securities of companies engaged in and related
  to real estate industry in St Petersburg. The
  foreground direction of Funds investment is real
  estate projects at the venture stages.

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INVESTMENT FUNDS MANAGED BY SVININ PARTNERS,
Ltd

• Redder
• The Funds assets profile as of April 2005
• Khimikov Street Industrial Park
• Industrial Buildings and warehouses floor
  area
• 53,800 sq m,
• Land plot area 114,000 sq m
• Svinin and Partners, Ltd. has worked out the
  development concept for an industrial park.
  Nowadays this concept is being successfully
  implemented.

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TOP EXECUTIVES

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

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TOP EXECUTIVES

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

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TOP EXECUTIVES

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

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TOP EXECUTIVES

• Irina Sharipova
• Marketing Director, Okhta Group, Ltd.
• Deputy Director General, Svinin Partners
  Asset Management, Ltd.
• Ms. Sharipova jointed Okhta Group Ltd. in
  2004 after receiving a degree in Strategic
  Marketing. Prior to this she worked at Industry
  and Construction Bank (St. Petersburg) as the
  Head of the Marketing Communications Department
  and Adviser to the Chairman of the Management
  Board. In 1995-1998 she was the Marketing
  Director of the Baltic Financial Agency
  investment company.
• Ms. Sharipovas work has involved
  strategic marketing planning, marketing
  communications development, establishing and
  maintaining relationships with international
  consultants, partners, major corporate investors
  and the authorities. The field of her particular
  interest is marketing and research of Real Estate
  Investment Trusts (REITs) as a new financial
  vehicle in the Russian market.
• Ms. Sharipova graduated from the St.
  Petersburg State University School of Economics,
  and in 1988 received her PhD in Economics. In
  2004 Ms. Sharipova was awarded a Masters degree
  in Strategic Marketing at Business School
  University of Greenwich (London).
• Tel. [phone]
• e-mail ish_at_okhta.com

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CONTACT DETAILS

• Okhta Group, Ltd
• Svinin and Partners Asset Management, Ltd.
• 2 Krasnogvardeiskaya ploschad,
• Askold Business Center
• 195027, St. Petersburg, Russia
• phone [phone]
• fax [phone]
• E-mail company_at_svinin.ru
• www.svinin.ru www.okhta.com