HISTORY OF COMPANY

Horizon Capital Partners N.V. (‘HCPNV’) is the premier office developer in Kyiv, Ukraine operating through its Ukrainian affiliated development company, ISA Prime Developments. Since 1996 it has developed, finance, leased and managed office projects to international quality standards for multi-national and regional tenants including, for example, Cisco, General Electric, Unilever, Siemens, Whirlpool, Maersk, Philips, Nokia, and Pepsi-Cola. As well, it has developed bank headquarters facilities for such financial institutions as EBRD, Credit-Lyonnais (CALYON), and Raiffeisen (OTP Bank Ukraine). It has successfully financed its projects utilizing domestic and international bank finance and equity sources, including funds from a highly regarded, international property company in the U.S., one of Germany’s largest banks, and UniCredito Bank’s Ukrainian affiliate, UkrSotsBank and others.

In 1998 the owners formed Horizon Capital Partners to pursue office property development and investment in Ukraine. They established HCPNV in the respected jurisdiction of Netherlands Antilles because it combines a sophisticated, international legal and investment regulatory infrastructure with a special relationship with the Netherlands and European Union under Article 182 of the European Community Treaty. Soon after formation, HCPNV completed its US$26.0 million international equity and debt financing of Kiev’s first and largest office development, Horizon Office Towers, with Equity International Properties (Chicago) and Credit Suisse First Boston (New York).

To meet the highest property development standards and service the most demanding tenants, early on HCPNV concluded that developing its own in-house capabilities for construction management, property management and leasing was a critical ingredient to achieve its goals under all market conditions. In 1998 HCPNV formed its dedicated management company, New Horizon Property Services, Ltd., to focus solely on delivering management and leasing services to HCPNV to international standards. The proven result is buildings with the consistently highest occupancy and rental rates in the Kyiv market – during all market cycles.

The Owners of HCPNV have extensive real estate experience in Ukraine and the U.S. including development, investment and management of properties in nearly all property sectors where they have acted as investors, managers, financial advisors, and agents for private and public capital, including some of the largest pension funds in the U.S.

HCPNV’s product niche has been development of mid-rise office buildings for multinational tenants, including international banks. As examples, its mid-rise office building in Kyiv, New Technology Business Center, was 100% leased to several multinational tenants at completion in December, 2003 and is now the headquarter facility of OTP Bank Ukraine. A somewhat larger development nearby, New Technology Business Center II, is nearing completion and will be fully occupied by an international accounting firm.

A recent departure from its typical mid-rise development program is the 22 level Gorky 51 Business Tower. This premier development in downtown Kyiv will have all the latest in office technologies and services, and offer panoramic 360˚ views of Kyiv City center. The project is in final stages of permit approval and construction is scheduled for September, ’08.

HCPNV’s current strategy is to focus on office park development, and it now has three significant office business park projects underway:

• Horizon Park Business Center

  Phase I of the multi-building HORIZON PARK BUSINESS CENTER is complete and fully occupied by such tenants as Siemens, L’Oreal, and Philips. Construction of the 3 building, 40,000m2 Phase II is under construction and will include the largest multi-level parking garage in Ukraine. Phase III of this conveniently located business park is in the planning stages and will also include a hotel.

• Horizon Podol

  In March construction began on HORIZON PODOL, strategically located in the historic river front area of Podil in central Kyiv. It will be a mid-rise office project with 24,000m2 of open plan office space. Its location provides convenient walking access to all services, shops, restaurants, a major metro station, several hotels, and easy access to the famous St. Sophia Square area of the City.

• Horizon City

  HORIZON CITY, acquired by HCPNV in late 2007, is now in the design and permitting process. It will be a major, multi-building office development with approximately 200,000 m2 of office buildings and several hotels with build-out phased over a number of years. HORIZON CITY is unique because it is unusual a site of such quality and size becomes available in Kyiv. HCPNV is confident it will accommodate the major facilities needs for significant domestic and international tenants, including their future expansion plans, for years into the future