PBW REAL ESTATE FUND

A REAL ESTATE CENTRAL EUROPEAN FUND CREATED BY
AEW Europe AND MEAG

PBW Real Estate Fund - set up in 2002 by AEW Europe and MEAG - is a closed end fund dedicated to modern properties located in Central Europe.

Shareholders in the Fund are CDC Group, and German insurance companies.

The assets of PBW Fund comprises office and retail properties totalling more than 200.000 sqm, including IBC and Myslbek in Prague, Emke, West End Business Center and MOM-Park in Budapest, and Atrium Tower and Klif Portfolio in Poland.

The structure of the portfolio is well balanced, with offices and retail properties in about equal proportion, spread equally between three countries, Poland, Czech Republic and Hungary.

The fund is managed by PBW Real Estate Asset Management, a joint subsidiary of AEW Europe and MEAG MUNICH ERGO Asset Management GmbH.

Asset and property management services are provided by local subsidiaries of PBW Real Estate Asset Management: PBW Czech Republic, PBW Hungary, and PBW Polska.