Strominvest/Erilin

completed

JV Strominvest LLC (Strominvest or the sponsor) and Erilin Holdings Limited (Erilin or the Borrower) have undertaken to develop a new 7-floor Class-A commercial real-estate building with 12,185 sqm usable space on the Myasnikova St., in Minsk, Belarus. The building, currently under construction, is expected to be completed and made available for lease by November 2008. During the construction phase, Strominvest will act as the project administrator and main contractor at an arms-length basis and Erilin will provide for the necessary financing. On completion of construction, the building’s ownership will be transferred to Erilin. Total project cost on completion is estimated to be around EUR16 million (approximately $24 million equivalent). 50% of the project cost up to EUR8 million ($12 million equivalent) is financed by Erilin, of which EUR5.1 million ($7.7 million equivalent) has already been provided, and IFC has been approached to provide the balance 50%, up to EUR8 million (approximately $12 million equivalent), to Erilin as a long-term loan.