3. Market Opportunity ATTRACTIVE MARKET OPPORTUNITY CRITICAL MASS One of the largest, quickly growing and most sustainable industries in Russia CAPITAL GAP Large capital gap between supply and demand in real estate market LEVERAGE Sophisticated financing solutions became available over recent years VALUE & EXIT Coming institutional capital will boost asset values within several years Industry poised for institutionalization
4. Strong Market Fundamentals Large, quickly growing and sustainable industry Moscow Office Market: Stock & New Construction Source: Colliers International Shopping Center Stock vs. Other European Cities Source: Noble Gibbons Moscow Office Market: Rental Rates Moscow Office Market: Vacancy Rates Source: Colliers International Source: Colliers International
15. RCF’s Construction Financing Vehicle Financing and securitization mechanism for real estate and construction industry Unit Purchase Banks Insurance Companies Institutional Investors “ Closed Real Estate Mutual Fund” Construction company Real Estate Assets Investments Construction Process Individuals Private Investors Pension Funds