1. The factors that directly or indirectly affect the commercial real estate market and the business of Igma Capital Group LLC respectively are as follows:
    1. 1.      The status of the economy of the country where the project is implemented.

    Generally, there are positive structural changes in the economy of Belarus. The GDP grows well, and the inflation slows down. One can certainly say that the country has taken the stabilization path, and drastic changes are prevented.

    The International Monetary Fund (IMF) has assessed the actions of the National Bank of the Republic of Belarus and concluded that the Bank fully follows the IMF recommendations targeted to maintain the exchange rate between the Belarusian ruble and foreign currencies. In addition, the IMF has noted successful measures taken by Belarus to build up reserves.

    Generally, the economy of the Republic of Belarus is expected to be stable in 2013. According to the stated plans of the government, the following quarters will not introduce any measures or actions to cause severe structural changes. All efforts will only be focused on maintaining and improving the current situation.

    1. 2.      The status of foreign markets.

    International cooperation has been improving, which cannot but have a positive impact on the economy of Belarus in general and the target market in particular.

    1. 3.      Demand structure.

    According to the statistics for the last few years, about 60% of demand is focused on the office floor of up to 100 square meters. At that, about 70% of the latter are interested in the office space of up to 50 square meters.

    The price benchmark for the entire scope of the demand is the average market value.

    1. 4.      The quality of proposals on the market.

    When classifying commercial real estate sites, the market of the Republic of Belarus applies the ranking system based on the quality of the real estate. There are A, B, and C segments. The A class has the highest requirements, and only a few business centers can be classified as A due to their location; due to price competitions, the rates in this segment vary the most. The B class satisfies the majority of the client’s requirements, and that is why the rent price has the smallest fluctuations in this segment. The C class is a low-quality commercial real estate focused on insolvent demand.

    1. 5.      Rental rates for real estate segments.

    Rent price increase or decrease in any commercial real estate segment can stimulate or restrain the demand. According to statistics, the average annual rental rates fluctuations are within 15-20%, which characterizes the target market as stable.