It was interesting to read the Investment report on Westland Court 2 - i feel the area is ripe for growth, but think the price per sq. metre is a bit on the high side. I did have a query about some of the statements made in the report. Firstly PS state they were able to negotiate excellent payment terms which are exclusive to them, ie. 10% down and 90% on completion arrangement. I agree that compared to other developers these are attractive payment terms, but this arrangement is offered to all Budimex clients. PS state that 'A Polish buyer would bite off your hand for such terms!'(page 8 of Invest. report)- if this was the case the developer would have no limbs left ! I have sales literature from Budimex Nieruchomosci for a number of developments which state the same payment arrangement, therefore anyone buying from Budimex would get the same favourable terms, whether they are PS clients or individual foreign investors .... or even Polish buyers ! A second point was that if nearly half of the units (50 out of 110)have been sold to members of the developers own staff how can PS say that the 25 units they secured are the 'best units' in the development ? Did PS choose their units before the developer's staff chose theirs ? - also I'd wonder what sort of discout the staff got from the developer. Olek

I wonder if PS really has negotiated the best available deals in Westland Court 2. A last minute search for me uncovered this add for a studio in the WC 2nd phase for 40,234? The PS discounted offer prices on similar studios' range from 43600-45837. When you add on the finders fee that makes their price offer a minimum of 7000 more than what appears to be the current market price? Thoughts?

Olek/John I've spoken to our Investment Director Richard Davies (who put this opportunity together) and his response is as follows: "This is just one unit and they are obviously trying to flip the unit from a previous stage – I don’t think this is possible – budimex contracts are not assignable. I KNOW it is impossible to buy at a cheaper price than we are buying in this stage. This will be for black finish so is the same price. The completion is Q3 07 not 08." However, Olek does make a fair point about the payment terms available from Budimex - the point is that they are unusual terms for POLAND. Hope this helps.