From MIPIM 2003 - Cannes to Kuban Economic Forum- Sochi, Sochi (Dagomys), Russia October 9 - 12, 2003

We are pleased to invite you to explore in more depth the real estate opportunities in Krasnodar Krai by visiting our Kuban Economic Forum 2003 to be held October 9-12 in Sochi, one of our jewel resort cities on the Black Sea coast. Our Forum will not only introduce you to a further layer of information on real estate opportunities in our region, it will allow you to make real estate contacts and follow up by visiting real estate development sites and opportunities in our region after the conference.

What is more, the Forum will brief you on the realities of resort and tourism demand, background economic growth in our region (and elsewhere in Russia), international company interest in our region, the regional construction industry and building materials market . Indeed, all the factors such as information on the new Russian Land Code, land markets and measures taken to provide an administrative 'one stop shop' for real estate developers, that will in total convince you to take part in our real estate developments. We are not afraid to lift the lid off our secrets for you!

Please look at http://www.forum-kuban.ru - our Forum website. Full information and your Registration Form is there. Please complete and submit the form as indicated.

We look forward to greeting you in Sochi in October. Remember- the early bird catches the worm!

For the Organising Committee:

Director of

Krasnodar Krai Economic

Development Agency

Olga Andreyeva