Eastern European Markets
May, 21st, 2007

PPF and Vicus Co-Invest With Cube Capital
for Class A Warehouse Development in Ukraine

PPF Investments and Vicus Limited have joined Cube Capital group in a joint venture to develop a 70,000 m2 Class A logistics facility near Kyiv, Ukraine. The facility, West Gate Logistics Park, is located 32 km west of Kyiv on Zhytomyr Highway near Makariv, and targets logistics, retail and FMCG companies requiring state of the art distribution facilities. The entire facility will be completed and available for occupancy in the fourth quarter of 2007. Kyiv-based investment bank Dragon Capital advised Cube Capital on the transaction.

West Gate Logistics Park is being developed by Cube in partnership with Giffels Management Ukraine, an international developer, design-builder, consulting and asset management firm. Giffels is also acting as an exclusive letting agent for the facility.

Oleg Pavlov, Managing Director of Cube Capital UK said: “There is a recognized need for new industrial and retail real estate to support the growth of Ukrainian consumer markets. We are keen to actively participate in the development of this new infrastructure with a combination of both our capital and expertise. Ukraine is one of the priority markets for Cube Capital and we are pleased to be joined by Vicus and PPF Investments as co-investors in this undertaking.”

Jindrich Archalous, Investment Manager of PPF Investments said: “The recent investment in the development of the Class A logistic facility near Kiev, is in line with our strategy to increase exposure to the fast growing real estate market in Ukraine. PPF Investments considers investing in other real estate projects in Ukraine. We are glad that we can cooperate with Cube Capital and Vicus on this logistic facility development“.

Capital Cube is a global investment and advisory company specializing in alternative asset classes. Founded in early 2003, the company now manages over $1bn in hedge funds, private equity, distressed debt and real estate portfolios. The Cube team includes 27 professionals based in London, Moscow, Hong Kong, Shanghai and Beijing. Cube’s clients include institutional investors, family offices and high net worth individuals.

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PPF Investments is an independent, international private equity group with a specific focus on transitional economies, such as those found in Central and Eastern Europe and Asia. The company has already invested, through its investment vehicles, more than $800m. PPF’s objective is to achieve superior, risk-adjusted returns for investors by investing in geographical regions where there is significant growth potential.

Vicus Limited is a real estate investment company that invests in the real estate markets of Russia, Ukraine and the Baltic States. The company is owned by Finnish investors. Vicus invests primarily in logistics, office and retail premises and premises for light industrial purposes.

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Giffels, an Ingenium Group company, comprises a dedicated team of professionals whose strategic vision is to provide integrated consulting, design-build and asset management services. With over 1,100 professional staff in Canada, the United States, the Middle East, Eastern Europe, Hong Kong and select international markets, Giffels continuously strive to deliver a high level of client service focused on quality, performance to budget and on-time completion.

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