Economics of the Project January 2011

Concept Modernization for the Underground Shopping and Entertainment Center

UniverCity

o In this document you are to find the ways of concept modernization for the Underground Shopping and Entertainment center UniverCity

o Objectives: • to update rental income table in accordance with the market

environment of 2011 • to define potential tenants

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The List of Potential Tenants

Retail operatorso Clothes

• ORSAY• Centro• Kira Plastinina• House• Cropptown• REZERVED• Collins• Columbia• O’Stin• Lee Cooper• Jennyfer• Newbalance

Entertainmento Cinema

• Cinema City• Linia-kino• Odessa-kino

o Bowling• Vitamin

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o Sports • Adidas• NIKE• Puma• Reebok

o Perfumeryo Brocardo Bonjouro Bomond

o Goldo UkrZolotoo ZolotoyVeko Zarina

Executive Summary

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Entire Complex

Gross Construction Area: 31 927,00

Area of technical and other rooms:

13 221,62

Leased Area: 18705,38

Floor-space ratio 0,59

Cost for 1 m2 of leased area $53,71

Rental value $ 1 004 740,72

Total : Level - 2

Gross Construction Area: 8341,00Area of technical and other rooms: 4664,00Leased Area: 3952,00Floor-space ratio 0,47Cost of 1 m2 of leased area incl. VAT $ 40,66 Rental value $ 160 705,00

Total : Level - 1

Gross Construction Area 16 576,00Area of technical and other rooms: 8722,59Leased Area: 9262,38Floor-space ratio 0,56Cost of 1 m2 of leased area incl. additional payments $ 79,37 Rental value $ 735 186,45

Total : Level 3

Gross Construction Area: 7010,00Area of technical and other rooms: 6150,00Leased Area: 5491,00Floor-space ratio 0,78Cost of 1 m2 of leased area incl. VAT $ 19,82 Rental value $ 108 849,27

Level -2

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Shopping and Entertainment Center Area, sq. m Rate, $/ m²/month (inc.VAT) TotalSports Ware Supermarket (2d floor) gross area = 976m² 841 35 29435Clothes Department Store (2d floor) gross area 1487m² 1333 30 39990Multibrand Stock Shop 1000 35 35000Shops of youth clothes (prices below average) 58 70 4060Shops of youth clothes (prices below average) 87 70 6090Shops of youth clothes (prices below average) 87 70 6090Shops of youth clothes (prices below average) 81 70 5670Shops of youth clothes (prices below average) 47 80 3760Shops of youth clothes (prices below average) 98 65 6370Shops of youth clothes (prices below average) 67 70 4690Shops of youth clothes (prices below average) 77 65 5005Shops of youth clothes (prices below average) 51 70 3570Accessories 20 200 4000Accessories 20 200 4000Office premises in SC (shopping center) 85 35 2975

Total: Level - 2

Gross Construction Area: 8341,00Area of technical and other rooms: 4664,00Leased Area: 3952,00Floor-space ratio 0,47Cost of 1 m2 of leased area incl. VAT $ 40,66 Rental value $ 160 705,00

Level -1: Souvenirs and Presents Block

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Product specialization Area, sq.m Rate, $/ m²/month (inc. VAT) Total

Currency Exchange 32 250 8000Wrapping Stand 32 250 8000Press Box 45 110 4950Chemist's 132 80 10560Photo products and photo services 48 130 6240Cosmetics Outlet 56 100 5600Sunglasses 58 100 5800Optical Store 60 100 6000Jewelry district (the Client’s equipment) 290 300 87000Bijouterie 47 130 6110Souvenirs Stand 47 130 6110Souvenirs Stand 47 130 6110Bank branch 48 130 6240Souvenirs Stand 48 130 6240Presents Supermarket 168 50 8400Toy Store 101 70 7070Home textiles 86 80 6880Leather accessories Shop 78 100 7800Leather accessories Shop 45 130 5850Leather accessories 38 200 7600Leather accessories 101 70 7070Hobby-shop 67 90 6030Children's Room 50 60 3000Souvenirs Stand 45 120 5400Souvenirs Shop 65 100 6500Souvenirs Stand 45 120 5400Clocks Shop 43 120 5160Clocks Shop 45 100 4500Clocks Shop 58 100 5800Bijouterie 32 200 6400Perfumery Supermarket 158 45 7110Natural Flowers Shop 51 80 4080Mobile Telephony Shop 72 100 7200Cafe 85 40 3400Block Leased Area 2423 $ 293 610,00 Average Rental Cost $ 121,18

Level -1: Blocks of Classical Style Clothes and Foot Ware

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Product specialization Area, sq.m Rate, $/ m²/month (incl. VAT) TotalWomen’s Ware Shop 80 100 8000Women’s Ware Shop 70 100 7000Legwear garment 70 100 7000Lingerie 65 90 5850Classical Women's Ware Shop 120 70 8400Classical Women's Ware Shop 130 70 9100Classical Women's Ware Shop 82 90 7380Classical Women's Ware Shop 70 100 7000Classical Women's Ware Shop 81,59 90 7343,1Family Clothes (1st floor) 550 40 22000Classical Men's Ware Shops 35 120 4200Classical Men's Ware Shops 35 120 4200Classical Men's Ware Shops 110 70 7700Classical Men's Ware Shops 110 70 7700Classical Men's Ware Shops 70 100 7000Classical Men's Ware Shops 110 80 8800Block Leased Area 1788,59 $ 128 673,10 Average Rental Cost $ 71,94

Foot Ware Shop 19 120 2280Foot Ware Department Store 523 50 26150Foot Ware Shop 51 90 4590Foot Ware Shop 50 90 4500Foot Ware Shop 28 110 3080Foot Ware Shop 27 110 2970Foot Ware Shop 36 100 3600Foot Ware Shop 50 100 5000Foot Ware Shop 33 110 3630Block Leased Area 817,00 $ 55 800,00 Average Rental Cost $ 68,30

Level -1: Block of Youth Clothes / Services Block

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Product specialization Area, sq.m Rate, $/ m²/month (incl.VAT) TotalAdornments 14,65 120 1758Youth Clothes Shop 71,94 70 5035,8Youth Clothes Shop 75,72 70 5300,4Youth Clothes Shop 75,68 70 5297,6Youth Clothes Shop 61,03 75 4577,25Jeans Supermarket 197 65 12805Clothes shops of local business operators 31 90 2790Clothes shops of local business operators 35 90 3150Clothes shops of local business operators 33,59 90 3023,1Clothes shops of local business operators 33,59 90 3023,1Clothes shops of local business operators 33,59 90 3023,1Clothes shops of local business operators 26 90 2340Clothes shops of local business operators 26 90 2340Sports Ware (accessories, nutrition) 16 120 1920Sports Equipment 88 50 4400Sports Supermarket (1st floor) 235 40 9400Youth Clothes Shop 108 40 4320Youth Clothes Shop 127 40 5080Adornments 18 120 2160Block Leased Area 1306,79 $ 81 743,35 Average Rental Cost $ 62,55

Copy center 32 90 2880Photo center 32 90 2880Dry-cleaner's 80 80 6400Kiosk/Stand 15 200 3000Hair-dresser’s 55 70 3850Travel Agency 45 70 3150Block Leased Area 259,00 $ 22 160,00 Average Rental Cost $ 85,56

Level -1: Book market / Household and Office Items

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Product specialization Area, sq.m Rate, $/m²/month (incl.VAT) TotalMultimedia 150 45 6750Coffee Shop 50 50 2500Area for tables near fountain 42 120 5040Music goods 42 90 3780Typographic and multimedia products 42 90 3780Typographic and multimedia products 42 90 3780Typographic and multimedia products 42 90 3780Typographic and multimedia products 42 90 3780Typographic and multimedia products 42 90 3780Typographic and multimedia products 42 90 3780Typographic and multimedia products 42 90 3780Computer games, consoles 42 90 3780Household items/Decor 58 80 4640Kitchen items 32 90 2880Small appliances 78 80 6240Small audio-video gadgets 45 90 4050Stationary 204 45 9180Portable electronics 78 80 6240Portable electronics 79 80 6320Portable electronics 62 80 4960Block Leased Area 1256,00 $ 92 820,00

PC Store 549 40 21960Kiosk/Stand 11 120 1320Pharmacy kiosk 39 120 4680Bank branch 37 120 4440Mobile Telephony Shop 45 100 4500Kiosk/Stand 9 150 1350Grocery Supermarket 527 25 13175Warehouses of the grocery supermarket 147 25 3675Departments of “impulsive goods” 48 110 5280Block Leased Area 1412,00 $ 60 380,00 Average Rental Cost $ 42,76

Level 3: Entertainment Area

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Shopping and Entertainment Center Area, sq. m Rate, $/ m²/month (incl. VAT) Total

Billiard, Casino Slot, Bowling 1968 18 35424Children’s Events Room 20 50 1000Food Court consisting of 5 cuisines 235 40 9400General-use area for food court operators 95 40 3800Café-ice-cream 25 70 1750Food Court 382 40 15280Kalian-bar 22 60 1320Cinema 1192 15 17880Family Entertainment Center 872 18 15696Hobby-shop 15 110 1650Skating rink 665 10 5649,27Billiard, Casino Slot, Bowling 1968 18 35424Children’s Events Room 20 50 1000Food Court consisting of 5 cuisines 235 40 9400

Total : Level 3

Gross construction Area: 7010,00Area of technical and other rooms: 6150,00Leased Area: 5491,00Floor-space ratio 0,78Cost of 1 m2 of leased area incl. VAT $ 19,82 Rental value $ 108 849,27

o Over 500 Clients

o 350 Projects

o 550 Researches

o 21 mln. m2 of Consulting provided

o Management over 500 000 m²

o 52 opened shopping centers