PRESS RELEASES

Hines Chosen to Manage the Meliora Place Office Center at 6 Prospect Mira

January 1, 2010

Today Hines announced that the firm has been awarded the mandate to provide real estate management services at the Meliora Place Office Center at 6 Prospect Mira. Meliora Place is a 2,968-square-meter, four story office building owned by the Finnish investor Sponda. Tenants include International and Russian companies. The assignment represents an expansion of Hines’ relationship with Sponda – Hines also serves as Property Manager for Ducat Place II at 7 Gasheka Street, which Sponda acquired in 2008.

Under the Property Management Agreement, Hines will be responsible for directing all operational, management and maintenance activities, including supervision of capital improvements, cleaning, security, landscaping and provision of services to tenants as required by their leases.

This asset adds to the portfolio of properties currently under management by Hines Management Services. Hines currently manages 11 properties and over 334,000 square meters with a professional team experienced in the management of office, retail warehouse, residential and mixed-use assets in Russia.