PBW REAL ESTATE FUND

AEW Europe

AEW Europe is a leading European real estate investment manager with 11 offices throughout Europe. AEW Europe is focused on the creation, execution and management of discretionary commingled investment vehicles, separate account strategies and real estate securities funds to both institutional investors and private clients.

The group has over 270 employees who are responsible for over €17 billion of assets under management. The integration of AEW Europe with the resources and capabilities of North American-based AEW Capital Management creates a truly global real estate investment management platform with aggregate gross assets under management of more than €32 billion. AEW Europe offers a range of investment services designed to match client capital with real estate market opportunity

The group's business activities are concentrated on four specific areas:

• Collective Investment Vehicles

  The creation and management of discretionary collective investment vehicles designed to provide experienced investors with access to real estate investment opportunities worldwide. Such vehicles include a series of real estate equity partnerships such as the Logistis Funds, focused on pan-European logistics and the European Property Investors, LP a pan-European investment fund, focused on opportunities of corporate and governmental outsourcing.

• Direct Separate Accounts

  The design and execution of discretionary real estate funds management strategies on a separate account basis for institutional and private investors. AEW Europe has a large, well-established direct separate account business throughout Europe and the US.

• Real Estate Securities

  The design and execution of the Fund and Separate account strategies focused on the real estate securities market. AEW’s real estate securities business alone, focused on the US REIT market, currently has net assets of close to $8 billion.

MEAG MUNICH ERGO AssetManagement GmbH

MEAG MUNICH ERGO AssetManagement GmbH is the asset manager for Munich Re Group and with more than € 165 billion under management, including €16 billion of real estate assets, the second largest asset manager in the German insurance industry and one of the large asset managers in Europe. MEAG is responsible for the management of virtually most of the group's assets and implements state of the art investment processes regarding the core asset classes fixed income, equity and real estate. Its experienced experts develop customized concepts that always give top priority to the needs of the investor.

Since the beginning of 2006 the real estate activities of the ERGO Trust have been merged in MEAG. Retail customers and institutional investors alike benefit from the concentrated experience and expertise of MEAG and ERGO Trust. With a global network and its specialized knowledge, MEAG provides comprehensive portfolio management for institutional investors.

Further information: www.meag.com.

Local Management Companies: PBW Czech Republic, PBW Hungary, and PBW Polska.

Local Management Companies provide in Prague, Budapest and Warsaw services to real estate investors including AIG/Lincoln, Bayerische Landesbank, Bernheim-Comofi, Raiffeisen Bank, Credit Lyonnais, Volksbank, PBW Real Estate Fund.

Sites currently under management include among others Rumbach Center, Kalvin Center, EMKE office Building, West End Business Center, MOM Park, Myslbek, IBC, Atrium Tower and Klif portfolio.... totalling over 200.000 sq.m.

These Local Management Companies offer a wide range of services based on three features:

• Asset management

  The Local Management Company maintains and aims at improving the value of the properties. Thus, it is responsible for leasing activity and occupancy upkeep of the buildings, financial management, including rent collection, budgeting, overhead control, and annual negotiations with subcontractors to optimize prices and improve quality.

• Property management

  The Local Management Company manages the accounts of the buildings, invoices tenants, and reports monthly to landlords. It also regularly reports on electricity, gas, and water consumption in order to fit (balance) fluid consumption to tenants' needs.

• Facility management

  The Local Management Company assumes cost effective day to day management provides cleaning and maintenance services, and carries out major repairs. Its technical staff keeps a watchful eye on the buildings on behalf of their landlords and supervises maintenance activities and investment programs.

PBW Czech Republic

Pobřežní 3
186 00 Prague 8
Contact:
Emmanuel Gluntz
Managing Director
Phone: +420 224 835 000
E-Mail:

PBW Hungary

Rákóczi út 42
1072 Budapest.
Contact:
János Szeifert
Managing Director
Phone: +36 1 487 55 36
Fax: +36 1 487 5542
E-mail:

PBW Polska

ul. Okopowa 58/72
01-042 Warsaw
Contact:
Antoni Krzątała
Managing Director
Phone: +48 22 531 47 43
Fax: +48 22 838 92 00
E-Mail: