This is a turn-key, off-plan investment opportunity with completion expected in Q3-2009.

 The project is located in one of the fastest growing districts (Modrany, P12) in the city of Prague- with an average capital growth of 12% in 2006.

 The project location next to a 125 hectare nature reserve whilst at the same time being accessible within a few minutes by car as well as by public transport to the city center, make it an extremely attractive project on the local market.

  Investors can benefit from no capital gains tax if the property is held for at least 5 yrs.

▪ Full leverage ability

Valuations by the mortgage team indicate that investors have the possibility to obtain 100% loan-to-value (LTV) proving the confidence of the bank in the developer and the pricing of the project.

 Bridging loans are also available for the exchange deposit, meaning qualified investors have possibility to purchase a unit with 'no cash-down'.

▪ Good income expectations

 Anticipated rental yields for Modrany Tulip are 6.0% - 7.0%.

 The number of units available to international (buy-to-let) investors will be limited to ensure the market is not saturated with units from the same project on completion.

 Long term loans (up to 30 yrs.) are possible, meaning low monthly repayments.

The developer- AFI Europe- is one of the largest developers in Eastern Europe with a successful track record of projects in Prague with a strong appeal on both the local and international market- meaning one can expect good resale and rental potential