PBW REAL ESTATE FUND

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.

PBW Czech Republic was set up in 1992 under the name of Real CDC Praha by CDC group. It is now owned by PBW Real Estate Asset Management, a joint subsidiary of AEW Europe and ERGO Trust GmbH. The three property-management companies created by CDC Group in the early 1990's in Prague, Budapest and Warsaw, formerly known as CDC Budapest, Real CDC Praha and Real CDC Warsaw, become subsidiaries of PBW Real Estate Asset Management. PBW REAM manage PBW Real Estate Fund and its subsidiaries.

Contact Person

Emmanuel Gluntz Managing Director PBW Czech Republic Pobrezni 3 186 00 Prague 8 phone: +420 224 239 550 fax.: +420 224 232 204 e-mail: emmanuel.gluntz@pbw.cz

Natixis is a leading player in corporate and investment banking. Our business lines offer a full array of services to clients, corporates, institutional investors and banks in France and abroad, including credit, structured finance, capital-market products,cash-management and leasing products,securitisation, advisory, financial engineering and research.

A benchmark player in corporate and investment banking business lines, Natixis offers its clients, corporates, institutional investors and banks in France and abroad a full array of services including credit, structured finance, capital market products, cash management and leasing products, securitisation, advisory, financial engineering and research.

Landesbank Baden-Württemberg

A commercial bank with a wide range of services

LBBW is a universal bank and an international commercial bank with full freedom to conduct business. It may engage in all types of banking and financial service activities and establish and operate any kind of office or branch without regional restrictions. It is both retail and a wholesale bank and the central banking institution of the savings banks in Baden-Württemberg. In addition, it acts as a savings bank in the territory of the state capital of Stuttgart.

Landesbank Baden-Württemberg was formed as of January 1, 1999, through the merger of Südwestdeutsche Landesbank Girozentrale (established in 1916), Landesgirokasse - Öffentliche Bank und Landessparkasse (established in 1818), and the commercial banking business of Landeskreditbank Baden-Württemberg (established in 1924).

LBBW is an instrumentality under public law with legal capacity. LBBW's Guarantors are the State of Baden-Württemberg, the Savings Banks Association of Baden-Württemberg and the State Capital Stuttgart.

LBBW has an endowment capital of EUR 1.280 billion. In the endowment capital participate the State of Baden-Württemberg with 39.5 per cent, the Savings Banks Association of Baden-Württemberg with 39.5 per cent, and the State Capital Stuttgart with 21.00 per cent.

With a balance sheet total of EUR 300 billion as of Dec. 31, 2001, 218 branches in Baden-Württemberg, offices in all important centers of trade and commerce in Germany, and more than 10000 employees, LBBW is the largest bank in the southwest of Germany. LBBW numbers among the ten largest German banks and among the 50 largest credit institutions worldwide. LBBW's head offices are located in Stuttgart, Karlsruhe and Mannheim. The Bank operates its own Stock Exchange Office in Frankfurt / Main.

DTZ is a leading global real estate services company providing a full range of services on a local, regional and international level to investors, occupiers and owners across all sectors of the real estate market.

DTZ has over 6,500 staff operating from 125 offices in 33 countries worldwide.

Seamless cross-border services based on common standards are coordinated and delivered through business groups for the key service lines: investment, corporate real estate services, valuation, business space, retail, property management and building consultancy, DTZ Corporate Finance and DTZ Consulting & Research. Infrastructure groups for areas such as information technology ensure that clients receive consistent quality standards of service.

DTZ has the strongest market presence of any property consultant in Europe, comprising 78 cities in 23 countries and over 3,300 staff.

DTZ Hungary was the first DTZ office established in Central and Eastern Europe and has played an active role in the Budapest office and commercial property market since 1990. The company currently has a total of 18 employees. DTZ Hungary undertakes valuations of individual buildings and portfolios on behalf of clients for a wide variety of purposes including security for loan, balance sheet, disposal/acquisition, estate management and corporate transactions.

In Poland, DTZ has been active in the commercial property markets since 1994 when the Warsaw office was opened. It presently employs around 30 full time staff. The amount of work DTZ carries out closely with other offices in the international network is constantly increasing as foreign investors and users become increasingly interested and involved in this very dynamic market - by far the largest in Central & Eastern Europe.

In Czech Republic, DTZ has enjoyed a leading position in Prague in the field of business space since the office was opened in 1992. The mixture of expatriate and experienced local staff working and living together in the city has been the key to its success.

Loyens & Loeff is an independent full service law firm with integrated corporate law and tax practices. The Benelux based firm has a strong international focus, with over 700 lawyers working across seven offices in the Netherlands, Belgium and Luxembourg and nine offices in the world's major financial centers. Loyens & Loeff maintains close relations with prominent international law firms. As such, the firm is the logical choice for large and medium-size corporate, banks and other financial institutions, operating internationally.

Loyens & Loeff was created on 1 January 2000 through a merger between the tax consultancy firm Loyens & Volkmaars and the lawyers and civil-law notaries of Loeff Claeys Verbeke. The traditions of these firms began in the early 1900s. Through this merger, Loyens & Loeff became the first firm where lawyers, tax lawyers and civil-law notaries play equal roles. Offering the services in a integrated fashion provides significant added value for Loyens & Loeff clients. The collaboration between the various specialists within one office works to the client's advantage.

MAZARS is a European Audit and Advisory organization supporting its clients on a global scale due to the broad range of skills provided by its 5,500 partners and employees.

The Organization's sales have been growing steadily for almost ten years, and the turnover amounts to about 500 million euros in 54 countries.

As clients' projects now integrate their own domestic and international skills, Mazars has structured its organization to specialize in specific business areas in order to provide dedicated teams combining all necessary skills meeting particular needs of

• Business audit support: auditor ship, contractual auditing, special audit, due diligence, merger auditor ship - contribution auditor ship...
• Complete outsourcing of specific tasks: bookkeeping, payroll and employee benefits, financial services, outsourcing of accounting...
• Organization advisory services for non-audit clients: information systems, actuarial services, doctrine, strategy, risk management, corporate finance, sustainable development...
• Legal advisory services: business law, social law, tax law, litigation.
• Tax optimization: international taxation, individual taxation, corporate taxation.

In Central Europe: Germany, Poland, the Czech Republic and Hungary, Mazars' offices rank among the ten leaders in their local markets. They work in close association with the French teams, particularly in sector specialization.

PBW Hungary at a glance

We add value to your Property

PBW Hungary Rt.

A reputation for professionalism

PBW Hungary Rt. (formerly CDC Budapest Rt.) www.pbw.hu, established in 1992, is a joint subsidiary of PBW Real Estate Asset Management. It provides full range of services to real estate investors including PBW Real Estate Fund (EMKE Office Building, West End Business Center and MOM Park), Raiffeisen Bank (Rumbach Center), Volksbank (Kálvin Center) and many others totalling over 120.000 sq.m.

Model of sound property management

PBW Hungary is able to offer and manage a wide range of services for our customers such as 24-hour security and access control, visitor reception and information halls, cleaning services, mail, in-house maintenance staff and technical staff. According to the specificity of the buildings or landlords requirements we can manage : on site restaurant with catering, mail and international courier services, messenger, dry-cleaning, copy center, meeting rooms, management and maintenance of gardens… PBW Hungary offers a comprehensive property management package based on three features:

General management

PBW Hungary is responsible for the financial management of the buildings including rent collection, preparation and administration of an annual budget and control of property overheads. PBW Hungary undertakes to negotiate every year the subcontractors in order to optimise the subcontractor's prices and to improve the quality of services.

Property accounting

PBW Hungary manages the accounts of the buildings, invoices tenants and prepares monthly statements for the landlords also prepare follow-up reports on electricity, gas and water consumption in order to fit (balance) the fluids consumption to the tenants' needs.

Technical management

PBW Hungary assumes cost effective day to day management, provides cleaning and maintenance services and carries out major repairs. Their technical staff keeps a watchful eye on the buildings on behalf of the landlords and supervises the contracted service and maintenance activities, while serving tenants as a reliable partner.

Personalized, tailor made property management services

Our approach to property management consists in paying equal attention to the needs of landlords and tenants. We serve landlords by protecting the value of their property over time. What's more, our cost-effective approach to management and maintenance attracts as well as satisfies customers. We serve tenants by constantly improving the service and amenities is the buildings we manage. We stay tuned to the tenant's everyday needs by means of regular enquiries. Thus, the tenants are released from the worries associated with the management of their premises, leaving them free to concentrate on their core business.

PBW Hungary provides services of the same quality, sound in the knowledge that its expertise is worthy of your seal of approval.

Contact Person

János Szeifert General Manager PBW Hungary Rt., Rákóczi út 42., H-1072 Budapest phone: +36 1 487 5536 fax.: +36 1 487 5542 e-mail: pbw@pbw.hu

A reputation for professionalism

In 1996, CDC Group, an important European institutional investor and developer, created the company Real CDC Warszawa Sp. z o.o. (now PBW Polska Sp. z o.o.). Based on this know how, this company manages for CDC in Warsaw the Atrium Tower building.

In February 2002, after one year of preparatory work, AEW Europe - France and MEAG MUNICH ERGO Asset Management established the PBW Real Estate Fund, a company dedicated to investment and management of modern office buildings located in Warsaw, Prague and Budapest. With effect as of 17.07.2002, the company Real CDC Warszawa Sp. z o.o. changed its name and becomes PBW Polska Sp. z o.o

PBW Polska Sp. z o.o. offers a comprehensive property management package based on three features:

General management

PBW Polska Sp. z o.o. is responsible for the financial management of the building including managing of lease agreements, collection of the rent, preparation and administration of annual budget (i.e. service charges budget) and control of property overheads.

Facilities management

PBW Polska Sp. z o.o. undertakes cost-effective day-to-day management, provides cleaning, security, reception and technical maintenance services. Its technical staff keeps watchful eye on the building on behalf of the landlord and supervises the contracted service and maintenance activities, while serving tenants as a reliable partner.

Asset management

PBW Polska Sp. z o.o. manages the accounts of the building, invoices tenants, reviews the annual operating budget also prepares monthly statements for the landlord.

Contact Person

Antoni Krzątała Ul. Okopowa 58/72, 01-042 Warszawa phone: +48 22 531 4743 fax.: +48 22 838 92 00 e-mail: antoni.krzatala@pbw.pl