Preliminary Investment Memorandum

October 2006
THIS PRELIMINARY MEMORANDUM HAS BEEN PREPARED BY JONES LANG LASALLE AND PREMIUIMRED (AS ASSIGNEE OF THE SHAREHOLDERS IN THE COMPANY FOR SALE,
THE “SELLER”) FOR INFORMATION PURPOSES ONLY TO BE PROVIDED TO A LIMITED NUMBER OF RECIPIENTS (THE “RECIPIENTS”) WHO MAY POTENTIALLY BE INTERESTED IN
PURCHASING THE SHARES IN SMICHOV GATE PROJECT S.R.O. (“SMICHOV GATE”), THE SPECIAL PURPOSE VEHICLE WHICH IS THE OWNER OF THE BUILDING (THE
“TRANSACTION”). JONES LANG LASALLE IS ACTING AS ADVISOR TO THE SELLER IN RELATION TO THE TRANSACTION. THE PURPOSES OF THIS PRELIMINARY MEMORANDUM
ARE ONLY TO PRESENT THE TRANSACTION, TO ASSIST THE RECIPIENT IN DECIDING WHETHER OR NOT IT WISHES TO PROCEED WITH A FURTHER INVESTIGATION OF THE
TRANSACTION AND TO PROVIDE A BASIS UPON WHICH THE RECIPIENT CAN SUBMIT AN INDICATIVE OFFER. IT IS NOT INTENDED TO FORM A BINDING OFFER OF THE SELLER NOR
TO FORM THE BASIS OF ANY INVESTMENT DECISION NOR ANY DECISION TO PURCHASE SUCH SHARES AND IT MAY IN NO WAY ACT AS A SUBSTITUTE FOR A THOROUGH DUE
DILIGENCE EXAMINATION OR OTHER MORE EXTENSIVE OR COMPARABLE REPORTS.

THE INFORMATION CONTAINED IN THIS PRELIMINARY MEMORANDUM (IN PARTICULAR ANY INFORMATION REGARDING THE ADVANTAGES OF THE CURRENT PRAGUE
MARKETPLACE) HAS NOT BEEN INDEPENDENTLY VERIFIED. NO REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED HAS BEEN, IS, OR WILL BE MADE AND NO
RESPONSIBILITY WILL BE ACCEPTED BY THE SELLER, ANY OTHER COMPANY WITHIN THE SELLER'S GROUP, BY JONES LANG LASALLE, OR BY ANY OF THEIR RESPECTIVE
DIRECTORS, MANAGERS, OFFICERS, EMPLOYEES, ADVISORS OR AGENTS, AS TO THE ACCURACY, RELIABILITY OR COMPLETENESS OF THIS PRELIMINARY MEMORANDUM OR ANY
OTHER INFORMATION, ORAL OR WRITTEN, PROVIDED TO ANY RECIPIENT OR ITS ADVISORS AND ANY LIABILITY THEREFORE IS HEREBY DISCLAIMED. THE INFORMATION IN THE
PRELIMINARY MEMORANDUM SHOULD THEREFORE BE CHECKED IN DUE DILIGENCE WITH THE RECIPIENT'S LEGAL AND OTHER ADVISORS BEFORE ANY BINDING AGREEMENT IS
SIGNED.

ACCORDINGLY, NEITHER THE SELLER, ANY OTHER COMPANY WITHIN THE SELLER'S GROUP, JONES LANG LASALLE, NOR ANY OF THEIR RESPECTIVE DIRECTORS, MANAGERS,
OFFICERS, EMPLOYEES, ADVISORS OR AGENTS SHALL BE LIABLE FOR ANY DIRECT, INDIRECT OR CONSEQUENTIAL LOSS SUFFERED BY ANY PERSON AS A RESULT OF RELYING ON
ANY STATEMENT IN OR OMISSION FROM THIS PRELIMINARY MEMORANDUM OR ANY OTHER INFORMATION PROVIDED IN CONNECTION WITH IT.

JONES LANG LASALLE AND THE SELLER RESERVE THE RIGHT, AT ANY TIME AND WITHOUT EXPLANATION, TO TERMINATE ANY OR ALL DISCUSSIONS REGARDING THE
TRANSACTION AND THE ISSUE OF THIS PRELIMINARY MEMORANDUM SHALL NOT BE TAKEN AS ANY FORM OF COMMITMENT ON THE PART OF THE SELLER TO PROCEED WITH
THE PROPOSED TRANSACTION OR ANY SIMILAR TRANSACTION.

THE RECIPIENT ACKNOWLEDGES THAT IT WILL NOT SHARE THIS PRELIMINARY MEMORANDUM WITH ANY THIRD PARTY WITHOUT JONES LANG LASALLE'S PRIOR WRITTEN
CONSENT. IN PROCEEDING WITH THE TRANSACTION, THE RECIPIENT DECLARES ITS FULL ACQUIESCENCE WITH THE FOREGOING WHICH IS SUBJECT TO CZECH LAW.
 Introduction
Smíchov Gate (the “Asset”) represents a unique opportunity to acquire a prominent institutional grade, multi-let office
building in Prague, one of Europe's fastest growing economies.

Smíchov Gate, completed in 3Q 2006, offers 13,041 m2 of rentable area. Currently the Asset is 63% leased, with additional 14%
at an advanced stage of lease negotiations. Leases and terms have been signed with leading multi-national occupiers
securing it as a leading real estate investment. Smíchov Gate is expected to be fully leased during the 1st half of 2007.

Smíchov Gate is strategically located in Smíchov, one of City's leading inner city Business Districts. Smíchov Gate occupies
a unique site within the area providing first-class facilities within walking distance and easy access to public transport.

Smíchov Gate has been developed by PREMIUMRED Real Estate Development GmbH, a subsidiary of the Austrian
INVESTKREDIT. PREMIUMRED is responsible for the international development of commercial real estate within the
INVESTKREDIT-VOLKSBANK GROUP.

The proposed sale consists 100% of the shares of Smíchov Gate Project s.r.o.

Investment
Considerations With unparalleled levels of capital focused on direct real estate investment across European markets, few opportunities exist
to access institutional grade office product in one of Europe's most dynamic cities.

High Profile Occupiers. Smichov Gate is currently 63% pre-leased to 5 leading international occupiers with further 14%
under negotiation (signed Heads of Terms). Occupiers with signed leases:
-Hochtief VSB - the German construction company has chosen Smíchov Gate as its headquarter location, leasing 32% of
the Asset.
-AstraZeneca - one of the largest international pharmaceutical companies will relocate its Czech headquarters to the
Asset, leasing 16%.
-Deutsche Leasing - a subsidiary of Deutsche Leasing AG, the largest manufacturer-independent movable equipment
leasing company in Germany, has leased 8%.
-Hudson Global Resources - a leading recruitment consultancy will occupy 4%.
-Ségécé - a provider of facility management services fully owned by French property company, Klépierre, will lease 3%.

Secure Income Stream. The anchor occupiers, Hochtief and AstraZeneca, are secured on 5 and 5.7 year lease terms
respectively. Deutsche Leasing is secured on a 7 year lease. It is expected that leases currently at advanced stages of
negotiation and available space will be executed for a minimum term of 5 years without break. As at mid October 2006, the
unexpired term of signed leases is 5.63 years.

Location with Excellent Accessibility. The Asset is located adjacent to one of the busiest public transport hubs in the City,
benefiting from strong metro, tram and bus links. The Building benefits from direct car access and is adjacent to the exit of
the Strahov/Mrázovka tunnels. Ruzyne International airport is approximately a 20 minute drive distant.

Developed and Dynamic Submarket. Buildings in the immediate vicinity have attracted leading multi-national occupiers
including Johnson & Johnson, CAC Leasing, ING, SC Johnson, Cetelem, Pfizer, Teva and Imperial Tobacco.

Restricted Future Supply. Smíchov Gate represents the last opportunity for large office development in the heart of
Anděl/Smíchov area.

High Occupier Demand. The Prague office market is experiencing very buoyant leasing conditions. The 1st half 2006 take-up
has reached level of 159,000 m2 representing an annual increase of 76% compared to the 1st half of 2005. The vacancy rate has
decreased by 2.83% year-on-year between September 2005 and September 2006.

Institutional Specification. Built to the highest standards including raised flooring, floor to ceiling heights of 3.0 m, 4-pipe fan
coil air-conditioning and offering flexible floor plates ranging from 1,350 m2 to 1,900 m2 with an efficient 1.35 m grid layout.
Smichov Gate benefits from the latest sophisticated BMS and security systems.
Leasing Status Rentable Area Area Type Parking
6th Floor Leased 1,603 m2 Office
5th Floor Leased 2,031 m2 Office
4th Floor Leased 2,031 m2 Office
3rd Floor Leased, Under Negotiation 2,037 m2 Office
2nd Floor Available 1,662 m2 Office
1st Floor Leased, Under Negotiation 1,662 m2 Office
Ground Floor Leased, Available 1,045 m2 Retail
Ground Floor Available 282 m2 Canteen/Kitchen
Ground Floor Available 31 m2 VIP Room
1st Underground Leased, Available 34 m2 Storage
1st Underground Leased, Under Negotiation, Available n/a Parking 57 spaces
2nd Underground Leased, Available 318 m2 Storage
2nd Underground Leased, Under Negotiation, Available n/a Parking 62 spaces
Total 13,041 m2 119 spaces
 Asset Summary
Real Estate Description Smíchov Gate is constructed on 7 levels with 2 levels of secure parking located at two lower ground levels. Technical equipment
is also located at lower ground level. Smíchov Gate has a gross built area of 18,700 m2 and a net rentable area of 13,041 m2.
Parking has a total capacity 119 vehicles representing a ratio of 1 space per 90 m2 of rentable office area.

Office - Occupied Status Advanced Lease Negotiations Pre-Leased Total

16% 62% 85%

It is anticipated that Smíchov Gate‘s office space will be fully leased during the 1st half 2007.

Occupiers
High Profile Occupier Demand
Smíchov and Prague 5 have attracted occupiers from a range of business sectors including high profile financial services
firms, consumer products, leading pharmaceutical businesses and publishing. These occupiers seek modern, high quality
accommodation with excellent accessibility to public transport, road infrastructure and proximity to quality retail, restaurant
and hotel facilities.

Specifically, the Anděl/Smíchov area hosts a diversified range of businesses in the financial (Cetelem, ING Bank, CAC
Leasing, Bank of Tokyo), pharmaceutical (Johnson & Johnson, Pfizer, Teva), publishing (Mafra), tobacco (Imperial Tobacco),
logistics (Maersk) and consumer goods (SC Johnson) sectors.

Smíchov Gate has secured occupiers from a broad range of industries, including construction (Hochtief), recruitment
consultancy (Hudson), financial services (Deutsche Leasing) and pharmaceutical (AstraZeneca).
Income Profile
Secure Well Covenanted
Income Stream All pre-leases are secured by bank guarantees or deposits for a minimum of 3 months income. The Building is secured on
lease terms ranging from 5 to 7 years for office occupiers. Currently 8% of Smichov Gate is secured on 7 year leases. The
weighted average lease term is 5.6 years on leases signed to date.

Institutional Lease Structure All leases are institutional triple net leases and allow for full cost recovery and are € denominated benefiting from annual
MUICP (as published by Eurostat) indexation without caps.

Net Operating Income The weighted average rent on the signed leases across Smichov Gate is€14.83. It is expected that the weighted average rent
will be in range €15-15.5 after the currently signed Heads of Terms are concluded. Current nominal market rents in
Smichov/Andel area are around€15, confirming the Asset's leases to be marked to market.

The forecast Gross Rental Income for 2007 is €2.453 million. Assuming an office rent of €15.00 on the currently unoccupied
space.

An efficient building design will keep operating costs to a minimum, with operating expenses of occupied space fully
recovered through the leases.

Expected operating costs across Smichov Gate are €3 per m2 and €15 per parking space and are consistent with market levels.
The sophisticated BMS system allows for the transparent and accurate re-charge of utility costs throughout the building.

Market
Strong Improving Conditions
At the end of 3Q 2006, Prague's modern office stock reached approximately 1.9 million m2. Total take-up in 3Q 2006 was
approximately 55,000 m2, showing an increase of 10% compared to the same period in 2005. Total take-up in 2006 to date is
213,900 m2, which is 52% increase compared to the same period in 2005, mainly thanks to large public sector transactions.
Office rents across all submarkets remain stable. Prague rents remain amongst the lowest in Europe and have potential for
mid-term growth.

As a result of increased occupier demand and low completions in 3Q, the Prague vacancy rate at the end of September 2006
decreased to 8.96%, which represents 2.83% decrease year-on-year. As there are a limited number of completions planned
for the balance of the year, we expect further decrease in vacancy at the end of 2006.
 Asset Positioning
Institutional Product Smíchov Gate is a well-located, architecturally prominent office building with an efficient design and a high level of
technical specification.

Strong Business District Smíchov Gate, and its immediate neighbourhood Anděl/Smíchov, represent one of Prague's two prime non-central office
submarkets (together with Prague 4).

Prague 5 has been in the last 5 years among Prague's fastest developing districts, developing principally in the locations of
Anděl/Smichov and Nové Butovice. Anděl/Smíchov has developed strongly since 2000 when the 1st large scale development
- ING Real Estate's Golden Angel project was completed.

Desirable Destination The immediate neighbourhood of the building is characterised by high density of commercial uses. French property
company Klépierre's Nový Smíchov shopping centre, one of the best performing centres in Prague, provides the area with
quality facilities including shopping, restaurants and leisure. In addition, there are four international hotels located in the area
offering quality hotel accommodation as well as conference facilities.

Besides large-scale commercial development, the area has benefited from infrastructure improvements in particular the
completion of the Mrázovka tunnel, which forms part of inner-city ring road.

Strategically Located Smichov Gate is located on a prominent site at the intersection of Plzeňská and Kartouzská streets in Prague 5,
approximately 2.5 km from the City centre. The Property is highly visible both from Plzeňská and Kartouzská streets as well as
from the bridge connecting the Mrázovka and Strahov tunnels. Smíchov Gate is less than 10 minutes by metro (2 stops) from
the City centre. The location offers ease of access to all key directions and main routes through Mrázovka and Strahov
tunnels and the inner-city ring road.

Direct Public Transport Access The Property is located within walking distance from Anděl metro station (line B), providing direct access to all the City
centre and out-of-town locations. In addition, the immediate area is served by 11 tram and 10 bus routes.

Institutional Quality
Product
Professional Team A team of market-leading firms have contributed to the development of Smichov Gate, including AHK Architekti (Architects),
ARCADIS Project Management (Project and Quality Manager) and Porr Česko (General Contractor).

The Asset has been constructed and designed to institutional standards. Standard construction warranties will be fully
transferable to the incoming purchaser.
 High Technical Standards Development of the Asset was completed in 3Q 2006.

Smichov Gate provides occupiers with the full flexibility of both open plan and cellular space fitted to the highest standards, with
floor plates ranging from 1,350 m2 to 1,900 m2. The building and the external landscaping have been designed to offer maximum
flexibility and low operating costs.

Key standard features include:

Raised floors

4-pipe fan-coil units combined with openable windows (every second) and individual temperature control

Outside sun blinds (electronically operated)

Facade grid of 1.35 m

Contemporary ITC infrastructure including fast LAN connections and CAT 6 cabling provisions

Lighting designed for computer work stations to 500 Lx

4 elevators - 13 person 1,000 kg capacity with speed 1.6 m/second

24-hour centrally controlled security with card access system

Video surveillance covers all access points and parking areas

Facade system with quality and high standard thermal and acoustic insulation

Flexible floor layouts

Modern fire protection system with a fully automatic, high-class fire alarm system

Sufficient Parking Underground parking consisting of two underground levels is by way of a single shared access from Plzenská Street with 119
secure spaces.

Sponsor
PREMIUMRED Development PREMIUMRED Real Estate Development G.m.b.H. (the “Sponsor”) is a wholly owned independent subsidiary of Investkredit
Bank AG. From August 1st, 2006 PREMIUMRED has taken over responsibility for the real estate development activities
of Immoconsult Leasinggesellschaft m.b.H. The Sponsor is responsible for the international project development of
commercial real estate within the Investkredit - Volkbank Group. The Sponsor's responsibilities cover the full development
cycle from land acquisition to realisation of the completed buildings.

PREMIUMRED is focused on the markets of CEE and SEE. PREMIUMRED's on the ground presence has afforded them the
necessary knowledge and expertise to effectively develop real estate in some of Europe's most dynamic markets.

Proposed Timing This Preliminary Memorandum is intended to solicit interest in advance of formal marketing and distribution of a Full
Investment Memorandum to a qualified group of investors.

A formal disposal process will follow the expected timeline detailed below, subject to the execution of confidentiality
agreements with potential investors:

From 3rd November - distribution of Full Investment Memorandum

24th November - submission of First Round bids

27th-29th November - first round Interviews

14th December - submission of Second Round bids

21st December - signature of LOI/Exclusivity

8th- 29th January - full due diligence & legal negotiations

9th February - signature of purchase contract

Formal closing will occur no later than 9th February 2007.

 Ownership The proposed sale consists 100% of the shares of Smíchov Gate Project s.r.o. (the “Company”). The shareholders of the
Company are IMMOCONSULT Leasinggesellschaft m.b.H. and IMMOCONSULT Projektentwicklung G.m.b.H, owning 95% and
5% respectively (collectively the “Shareholders”). Title to the land and building is owned freehold by the Company.

PREMIUMRED Real Estate Development G.m.b.H. in its capacity as general assignee of IMMOCONSULT
LEASINGGESELLSCHAFT M.B.H. is fully authorised to act on behalf of the Shareholders and will control all matters
throughout the sale process. All communication and correspondence related to the sale shall be directed to Jones Lang LaSalle
only.

Transaction Structure It is expected that closing will occur in 1Q 2007 and will be based on income producing space at the date of closing. Any
un-leased or non-income producing space at closing will be paid for by way of an earn-out mechanism.

The Sellers will consider offers above a minimum indicative purchase price of €41 million for the shares in the Company. This
offering position reflects a capitalization rate (yield) of 6.00% on currently leased space and anticipated income from currently
unoccupied space.

The Seller is not offering a rental guarantee on the vacant space. The Sellers would consider posting a capped rental
guarantee if the offered purchase price was significantly higher than the asking position stated above.

Operational Management Immoconsult Czechia operates as commercial facility manager alongside Skanska Facilities CZ and Porr Česko operating as
property and facility managers of Smichov Gate respectively. Retention of the facility or property managers for the future
management of the Asset is not a condition of sale.

The Competitive Position
of Prague and the Czech
Republic
Dynamic Economic Growth
Notwithstanding PREMIUMRED Real Estate Development is prepared to carry out a transitional property management
function of the Asset until the end of June 2007. Terms of any such function to be agreed.
The Czech Republic is increasingly displaying the characteristics Economic Growth, Major CEE Capitals, 2006 - 2010
of an advanced economy. Membership of the European Union (EU), Bucharest
its strategic location at the centre of Europe, its sound economic Warsaw
fundamentals supported by high levels of foreign direct investment Kiev
(FDI), and rapidly rising disposable incomes, have all contributed
Bratislava
to the country's transformation in recent years.
Prague
Sofia
The World Bank upgraded the Czech Republic to “developed”
country status on February 28th, 2006. “The Czech Republic Budapest

graduated from needing World Bank assistance because of the EU 25 %pa

remarkable economic progress made since the Velvet Revolution 0 1 2 3 4 5 6 7 8 9
(1989), and especially in the last few years under the leadership of Source: Experian, EIU, July 2006
Vaclav Klaus”, cited World Bank Group President Paul Wolfowitz.
GDP Dynamics: Global City Comparisons
GDP/Capita, PPP GDP Growth % pa
The Czech Republic is among the region's strongest economic $US 2005 2006-2010
performers. Record GDP growth rates, which in the first quarter
New York 56,900 3,1%
of 2006 grew by 7.4% year-on-year, highlight the economy's
London 52,600 3,1%
robustness. In the whole of 2006 GDP growth is expected to reach
an impressive 6.2%, following 6.1% achieved in 2005. Paris 48,800 2,4%

Prague 40,500 5,0%

With exports and FDI driving the economy, most forecasters expect a Sydney 37,600 6,5%
positive trend for GDP growth over the remainder of the decade. The Toronto 33,000 4,0%
Economist Intelligence Unit (EIU) is forecasting growth of the Czech
Singapore 33,000 4,5%
Republic economy of 4.5% year-on-year to 2010, which compares to
2.2% in the EU25. Source: EIU, Experian-BSL, Economy.com, Access
Economics, Conference Board of Canada, 2005

Prague is one of the fastest growing large cities in the OECD. Growth of 5% per year is forecast for the period 2006-2010. This
is due to Prague's diversified economy, based on high value business services, IT and tourism. The vast majority of large
Czech companies are based in Prague, making the city more resilient to economic downturns. Prague has the highest
representation of large trans-national firms of any Central European capital, while at the same time has seen rapid growth in
small entrepreneurial companies, which have helped to push unemployment below 3%, while the country average stands at 8%.
 Regional Leader in FDI A skilled, low-cost labour force, an open and stable business envi- Regional Leader in FDI
ronment, a growing economy and sound government incentives Foreign Direct Investment Per Capita
have made the Czech Republic the region's top destination for FDI. Czech Republic
Estonia
Latvia
In the last 18 months cumulative FDI stock has risen by a further Hungary
Slovakia
20% to top US$ 57 billion. In the first half of 2006, according to Slovenia
the Czech National Bank, FDI flows reached approximately Croatia
Poland
US$ 2.7 billion, while in 2005 they achieved a record high of Lithuania
US$ 10.9 billion, a level five times greater than the current-account Bulgaria
Romania
deficit. Macedonia
Index CEE=100
Albania
0 100 200 300
FDI per Capita, Annual Average, 1994-2002
CEE = 100. Average of 13 countries
Source: UNCTAD, EIU

Prague - Amongst Richest Cities Prague plays a crucial role in the Czech economy. It is by far the Prague is now one of Europe’s Richest Cities
richest city economy in Central Europe. Its GDP per capita on a Inner London
Brussels
purchasing parity basis is more than double of the Czech average Hamburg
Paris
(at 78% of the EU25 average). Vienna
Prague at 138% of the EU25 average is amongst the top 10 richest Stockholm
Frankfurt
cities in Europe. GDP per capita levels are now broadly Prague
Milan
comparable with cities such as Frankfurt, Dublin, Sydney and Madrid
Bratislava
Toronto. With 1.2 million inhabitants, Prague accounts for 12% of Lisbone
the Czech population, but is responsible for 25% of the country's Berlin
Budapest
economic output. Warsaw GDP/PPS EU-25 = 100
0 50 100 150 200 250 300
Source: Eurostat, June 2006

Research and Development Hub Prague is emerging as an important research and development hub. The IT and Telecoms sectors are growing strongly, and
biotechnology has good long term potential.

The service sector is expanding rapidly, and average yearly growth between 2006 and 2010 in business and financial
services is forecast to reach 3%. The dynamism of its business services and IT/telecoms sectors points to strong and robust
future demand for quality office space in Prague. Jones Lang LaSalle estimates that 50 - 60,000 m2 of new additional office
space will be required per year.

High Quality of Living According to the Anholt-GMI City Brands Index, Prague features among one of the world's strongest city-brands and the
only worldwide recognized Central European city. Prague offers cultural tradition, a world-class architectural heritage,
a vibrant social scene and good access to outdoor recreational facilities. Prague is the destination of 75% of the country's
tourist arrivals.

The city also engenders a high quality of life for both its permanent residents and “expat” population. The Swiss bank UBS
research indicates that the residents of Prague are able to buy more goods with their salaries than citizens of any other city
in the post-communist region. On the Mercer Worldwide Quality of Life Index, Prague scores well against its CEE peers.
 International Rating The Czech Republic's country credit rating is considerably higher than that of other CEE-4 economies (the Czech Republic,
Hungary, Poland and Slovakia). Its economy is rated as an “A” risk by Fitch, international rating agency.

The Czech Republic has been identified by AT Kearney as “a rising star in the region due to its competitive infrastructure
costs, stable business environment and particularly strong education system”.

According to BMI, the country is well ahead of other CEE countries and also scores above the laggards in the EU's 'old
guard', such as Greece and Italy, when infrastructure, institutions and market orientation are considered.

Low Country Risk Testimony to its sound political and economic fundamentals, the Czech Republic's 10-year government bonds were trading at
3.8% (as at October 9th, 2006), putting them on a par with France (3.8%), Germany (3.7%) and Spain (3.8%). Bond yields are
significantly below neighbouring Poland (5.4%) and Hungary (7.8%)

Real Estate Market Transparency The Jones Lang LaSalle Global Real Estate Transparency Index One of the Most Transparent Emerging Markets
2006 ranks the Czech Republic alongside Western European Jones Lang LaSalle Transparency Index
markets such as Italy and Portugal. With EU accession and the Malaysia HIGH
Mexico
growing demands from cross-border investors, real estate mar- Czech Republic
ket transparency in the Czech Republic is improving and is ahe- Hungary
Poland
ad of almost all other emerging markets. Slovakia SEMI
Russia
Brazil
Slovenia
India
China
UAE LOW
Turkey
Romania
0 1 2 3 4 5
Source: Jones Lang LaSalle, 2006
Distribution Given the profile of Smíchov Gate, Jones Lang LaSalle will be utilising usual wide distribution channels throughout the marketing process. Details
of the team leading this mandate are set out below.

Lead Team Lukas Schirl

CEE Capital Markets
Direct +420 227 043 110
Mobile +420 602 610 133
lukas.schirl@eu.jll.com
Prague, Czech Republic

Justin Crawley
CEE Capital Markets
Direct +420 227 043 130
Mobile +420 724 096 782
justin.crawley@eu.jll.com
Prague, Czech Republic

Gareth Jones
CEE Capital Markets
Direct +48 22 330 66 23
Mobile +48 608 00 66 77
gareth.jones@eu.jll.com
Warsaw, Poland