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, American Chamber of Commerce, Life, L’Oreal, Ciklum, Platinum Bank, Siemens, Philips, Nokia, Shell. As well, it has developed bank headquarters facilities for such financial institutions as Credit-Lyonnais (CALYON), and Raiffeisen (OTP Bank Ukraine).

In 1998 the owners formed Horizon Capital Partners to pursue office property development and investment in Ukraine. They established HCPNV. 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, was completed in 2008 and fully occupied by an international accounting firm Deloitte Touche.

A recent departure from its typical mid-rise development program is the 21 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.

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

• Horizon Podol [1]

  In March 2008 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 27 000m2 of open plan office space. Its location provides convenient walking access to all services, shops, restaurants, a major metro stations, several hotels, such as Fairmont, Radisson, Riviera.

• Horizon City [2]

  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 140 000 m2 of office buildings and hotel with build-out phased over a number of years. HCPNV is confident it will accommodate the major facilities needs for significant domestic and international tenants, including their future expansion plans.