Metro Park

Metro Park
Vitebsk, Belarus
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Current Status of the Structure
-2-
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
BELARUS
Country Overview
Belarus Overview
the decree, enterprises with foreign investment will receive adtaken steps towards economic liberalOVERVIEW
ization. In particular, last December
The Republic
of Belarus
follows a
ditional tax benefits and
certain
preferences.
socially-oriented model of economic
development. The public sector exercises
control over the market and the economy, while only a few sectors, such as
retail trade, are dominated by the private
sector (over 80%).
they cancelled the widespread system of
social preferences that was used widely
by more than 6 million Belarusians,
and instead introduced the principle
of direct targeted support, which can
provide support for a little over 200,000
people in need.
energy resources. It was predicted that
as a result Belarus might experience
economic decline because of its strong
dependence on cheap Russian raw
materials. However, the national economy has remained stable, having even
shown some growth. At the same time,
new economic relations with Russia
have resulted in a gradual reformation
of the existing model of economy, and
in 2007 the country’s authorities have
of unprofitable industrial enterprises,
and introduce the practice of auction
sales of unused public property at
a symbolic price equivalent to € 10.
A number of regulatory acts were
adopted to simplify the procedure of
the registration and liquidation of
corporate entities, and to reduce the
minimum volume of the authorized
capital required for registration. A
decision was made to liberalize the
Overview
Forecast
The Republic of Belarus follows a socially-oriented model of economic development. The public sector exercises control over the
market and the economy, while only a few sectors, such as retail
trade, are dominated by the private sector (over 80%).
• In 2008, the GDP growth rate is targeted to be 9–11% • IndusThe year 2007 has been a significant year
trial output growth and
goods
growth
Decisions wereis
alsoplanned
made to reduce at
for theconsumer
state in many respects.
Belarus
subsidies to agricultural enterprises,
switched over to market relations with
9–10%
reduce the financial support by the State
Russia in settlements for imported
• Retail trade turnover is expected to be 10–11%
Foreign Direct Investment
• Growth of real incomes is projected at 10%
In 2002 some growth in foreign direct investment began in Belarus. To date, the highest rate of foreign direct investment, as a
percentage of all foreign investment, was observed in 2004 at
56.6%. However, in 2007 the real value of these investments was
higher and exceeded € 700 million.
• Inflation rate should be reduced to 6–8%
Economic Indicators
Economic
Indicators
2000
2001
2002
2003
2004
2005
2006
2007f
2008f
12.4
13.3
15.3
15.6
18.5
24.3
29.2
31,7
34,2
GDP growth (real), % yoy
5.8
4.7
5.0
7.0
11.4
9.4
9.9
8.5
8(9)
Industrial Production, % yoy
7.8
5.9
4.5
7.1
15.9
10.5
11.4
9.0
8(11)
GDP current prices, bln EUR
Before 2007 approx. 89.6% of investment had been from countries other than the CIS. The main investors were the United
Kingdom (37.5%), Switzerland (13.1%), Germany (10.0%), Austria
(6.9%), Cyprus (6.0%), Latvia (3.7%), and the USA (2.0%). The share
from CIS countries was 10.4%, with Russia’s share being 9.9%.
However, in 2007, FDI from Russia increased and its share reached
29.6%. In 2007 the Ministry of Justice of the Republic of Belarus
began to draft a Presidential decree “On Involvement of Foreign
Investment”, which should come into effect in 2008. According to
Unemployment Rate, % avg
2.1
2.3
3.0
3.1
1.9
1.5
1.2
1.0
1.0
14,5
12
12.5
12
n/a
17.2
18.6
25
n/a
PPI, % yoy
175.6
71.8
40.4
37.5
24.1
12.1
8.3
13.8
6.8
CPI, % yoy
169
61
43
28
18
10
7
8.2
8
Fiscal deficit, % of GDP
-0.6
-1.6
-0.2
-1.7
0.04
-0.7
2.2
-1.5
-1.9
Export, bln EUR
7.9
8.4
8.45
8.8
11
12.7
15.65
16.3
18.5
Import, bln EUR
9.4
9.3
9.5
10.2
13.2
13.3
17.7
18.5
20
-0.5
-0.4
-0.3
-0.4
-1.0
0.4
-1.2
-0.5
n/a
Total central government debt, % of GDP
Current Account, bln EUR
Current Account, % of GDP
-3-
-3.9
-3.2
-2.1
-2.4
-5.2
1.7
-4.1
-7.0
n/a
FDI, mln EUR
189.2
108.0
315
597
687
361
594
700–720
700
Cumulative FDI, mln EUR
1,344
1,586
1,910
2,500
3,200
3,550
4,250
4,900
5,500
BYR/USD aop
800
1,447
1,804
2,075
2,163
2,155
2,146
2,145
2,153
BYR/EUR aop
736
1,288
1,704
2,353
2,698
2,684
2,715
2,897
3,450
80
C O L L I E R S I N T E R N AT I O N A L
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
About the Developer
Star PM
Each development is carefully
handled through the head office
of Star PM. A separate project manager is carefully picked out for each
project who is directly responsible
to coordinate all developments
connected to the given project.
Star PM, a property management developer, was founded in Minsk in
2006. Since it’s establishment, it has quickly gained a strong foothold
in the property management market throughout Belarus.
Current Projects of the Developer
Inside Belarus, Star PM has successfully completed both commercial
and residential developments in the towns of Pinsk and Mogilev.
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All our employees have been carefully chosen. Many years of experience of working in Belarus in their
individual field is a must to join our
company. Their joint knowledge brings the elite of the Belorussian
specialists all under one roof.
Currently, Star PM is working on a number of big commercial and
residential projects spread out throughout the country. The Omega project, which is the establishing of a chain of shopping and recreational centers in the cities of Brest, Vitebsk, Gomel, Babruisk and
Grodno, will have a great impact on the retail market in Belarus.
Currently our developments are in excess off 360,0002m.
Each project is split into two stages. During stage one, the office
makes a full diligence report deciding how to maximize the site
use, checking out the local market, initial planning and the finance
opportunities regarding each individual site. Once this has been
done a project manager is selected working on the day to day basis
resolving the details and intricacies of each job. Star PM’s head office in Minsk guides and accompanies the project from beginning
to end to insure the project’s success.
Management System
Unlike many other Property Management companies, Star PM
maintains key specialists needed for the projects which are actually being employed by the company itself.
-4-
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Vitebsk Overview
along the Dnepr below Orsha. Vitebsk has an airport.
The land of blue lakes, the Vitebsk Region is situated in the north
of Belarus in the middle stream of the Western Dvina River and
the upstream flow of the Dnepr River.
In the economic sector of the Vitebsk Region the leading branch
is industry, employing about 30% of all workforce.
It borders on Lithuania, Latvia and Russia. It was formed on January 15, 1938. The region occupies an area of 40 thousand square
kilometers. It is divided into 21 administrative-territorial districts.
The population counts 1,334 thousand people, 70% of them are
urban.
The basic specialization is electricity production, petroleum refining, petrochemical industry, mechanical engineering, light and
food industries. The local industries manufacture all linen cloths,
polyethylene, half of all the republic’s oil products and electricity,
40% of carpets, over 30% of hosiery.
The prevailing nationality of the residents is Belarusian (82%), but
there also live Russians (13,6%), Ukrainians (1,6%), the Poles and
other nationalities.
The most powerful in Belarus the Lukomlskaya Hydroelectric
Power Station is
operating here.
The major specialized enterprises are concentrated in Vitebsk,
Polotsk industrial

area and Orsha.
The free economic zone “Vitebsk”
is functioning.
Transport
International trunk-railways Moscow-Orsha-Minsk-Warsaw,
St.Petersburg-Vitebsk-Orsha-Kiev, Smolensk-Vitebsk-Polotsk-Riga run through the territory of the region. The routes Orsha-Unecha, Nevel-Polotsk-Molodechno, Orsha-Lepel, KrulevshchinaPostavy and farther to Latvia are also of great importance.
The major motorways crossing the region are: Moscow-Orsha-Minsk-Brest, St.Petersburg-Vitebsk-Orsha-Kiev, SmolenskVitebsk-Polotsk-Daugavpils, Vitebsk-Lepel-Minsk. The roads with
a hard surface make up over 3,6 thousand km. The navigation is
carried out along the Western Dvina from Velizh to Polotsk and
Map of Vitebsk Region
-5-
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Metro Park
The building has 5 trading and one office floor.
Under the preliminary concept purpose of floors the following:
1, 2 and 3-rd floors – boutiques in the size from 20 up to 200 м.кв. For accommodation of shops of designer clothes,
perfumery, cosmetics, cellular telephones, etc.
4-th floor – a supermarket for children and baby items
5-th floor – the family entertaining center in consisting of a children’s game complex, a skating rink with artificial ice,
a children’s cinema, children’s slot machines, cafe
6-th floor – office and technical premises. On 6-th floor there is an entrance to go out onto the roof
In the building there are 2 cargo and one passenger elevators (lifts), 2 escalators and central air-conditioning. In the
building modern composite ventilated facades will be installed.
At the moment the building is in the middle of construction - see photo on page 2.
-6-
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Floor Sizes
FLOOR
1
2
3
4
SQ. METERS
750
1100
1200
1200
TENANT
PARTIALY
5
1200
CHILDREN PLAYING AREA
CHILDRENS CLOTHES BUSLIK
Average price per meter: $20
THE BUILDING IS 60% COMPLETED AND TWO BIG ANCHOR TENANTS HAVE ALREADY
SIGNED LEASES FOR FIVE YEARS. IT WILL TAKE ONE YEAR TO COMPLETE. IT IS LOCATED
IN A VERY PRIME LOCATION IN VITEBSK OPPOSITE THE SLAVANSKY BAZZAR.
-7-
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
First Floor- Boutiques
-8-
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Second and Third Floors
-9-
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Fourth Floor
- 10 -
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Fifth Floor- Family Entertainment Center
- 11 -
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Sixth Floor
- 12 -
Star PM
Описание проекта
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
ТРЦ «Metro Park» расположен в центральной части города
Location of Metro Park
между железнодорожным и автовокзалом.
Metro Park
Здание имеет 5 торговых
- 13 и- один офисный этаж.
По предварительной концепции назначение
следующее:
этажей
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Land Description
City
Vitebsk
Size of Land Plot
20,000 square meters
Gross Size of Building
7,000 square meters
Net Size of Building
5,450 square meters
Number of Floors
6
Parking Spaces
200
Current Owner
Byelorussian Company
Time to Complete
2 Years
Current Zoning
In middle of construction
- 14 -
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Project Costs- Vitebsk
TIME TILL EXIT IN YEARS
Total Rentable/Sellable Sq. Meters
Total Gross Sq. meters
Size of Land
5,450
7,000
20,000
LAND
Land purchase price
Approval
Agency costs
Land taxes during Development 2.5 years
Total Land Costs
$3,500,000
$25,000
$140,000
$25,000
$3,690,000
HARD COSTS
Land Removal
Buildings demolition
Infrastructure and utilities
Construction
Parking construction/landscapes
Contingencies (5% of hard costs)
Total Hard Costs
Soft Costs
Architecture & Engineering
Interior Design Consultant
Local project manager and Team
Star PM services
Fees and Permits
Legal and operational costs for LLC
Soft Cost Contingency (3% of soft costs)
Total Soft Costs
2
Sales & Marketing
On Site Advertising
Marketing/Advertising Inc. Brokers
Total Sales & Marketing
0
0
$500,000
$3,000,000
0
$175,000
$3,675,000
Financing
Construction Loan @ 70% of total costs
Interest @ 10%* two years
Misc Costs/Fees
Total Financing
Total Project Costs
- 15 -
$20,000
$20,000
$72,000
$120,000
$5,000
$10,000
$7,410
$254,410
$5,000
$5,000
$2,287,323
$457,465
$22,873
$2,767,661
$8,104,748
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Financial Summary - Vitebsk
Projected Income after completion
Rent Per Year
Sales at 13% yield
Total Income
$1,635,000
$12,576,923
$14,211,923
Source of Funds
Equity
Bank Finance
From Rent
Total Source of Income
$4,182,425
$2,287,323
$1,635,000
$8,104,748
Net Profit
Investor Group 75%
Developer 25%
Total Distribuition
$6,107,175
$4,580,381
$1,526,794
$6,107,175
TOTAL ROI
TOTAL ROI ANNUALY
110%
55%
Average price of rent in Shopping Center
$25 per m2
- 16 -
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Average Rental Space- Vitebsk
We have completed extensive research regarding how much space prospective anchor tenants
would be interested in in renting out in this site in
Grodno.
Our results have conclusively prove that the allocated space is in great demand and the planned
size can realistically be rented out.
All the enclosed tenants have signed agreements
with Star PM asking to have the right to rent out in
the shopping center.
- 17 -
Hypermarkets
Retail Partners Bel
Vester
Average
5000
7000
6000
Home Electronics stores
Energoprom
Electroservice
Average
2000
1300
1650
Clothing Stores/Mall
Tuviya
Marusa
Valanga
Altares
Buslik
Average
400
100-150
150
100
1200-1500
425
Pizzeria
Tifani
Total Average
600
2168
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Average Rental Prices
Hypermarkets
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
Average
Белвиллесден
€ 15
РитейлПартнерсБел € 15
БелМаркетКомпани € 15
Простор
€ 15
Соседи
€ 15
Рублевские
€ 15
Алми
€ 15
Вестер
€ 15
DIY
ОМА
€ 12
Декорум
€ 15
Electronic Stores
5-ый элемент
€ 15
Умные вещи
€ 15
Электросила
€ 15
Restaurants and cafes
Тифани
€ 15
SunCafe
€ 15
Бруно
€ 15
Tempo
€ 15
DoubleCoffe
€ 15
Эль Помидор
€ 15
20 Камена
21 Amato
22 McDonald’s
€ 15
€ 15
€ 15
Small Stores
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
Ziko
Евросеть
Связной
Velcom
МТС
Ремонт обуви
Мыло
Метр сорок
Сенат ЭМ
Каштан
Мечта батаника
Кастрюлька
Бали
Zahra
Bergoff
€ 100
€ 100
€ 100
€ 100
€ 100
€ 60
€ 60
€ 35
€ 35
€ 60
€ 60
€ 60
€ 35
€ 35
€ 60
- 18 -
44
45
46
47
48
49
50
51
52
53
54
55
56
57
MotherCare
€ 20
Витебские
€ 25
UniToysBell
€ 25
Fansy
€ 25
Clothes & Accessories
Terra Nova
€ 25
TDM
€ 25
ТВОЕ
€ 30
Милавица
€ 35
Serge
€ 20
Palmetta
€ 35
Sela
€ 25
Tatoom
€ 30
Levis
€ 35
Tiffi
€ 35
Vint
€ 35
Lee Wrangler
€ 35
BigStar
€ 35
Sash
€ 30
Foreign Companies who
invest in Belarus
Children wear
38 Оранжевый
верблюд
39 Маруся
40
41
42
43
€ 25
€ 25
These prices are very conservative.
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Average Rental Prices
58
59
60
61
62
63
64
65
66
67
68
69
Mustang
Tom Farr
Camel Active
Glenfield
Sunie Li ;Evgenia
strovskaya;Sultanna
Frantsuzova; Baden
€ 30
€ 30
€ 30
€ 30
€ 30
Garry Veber SMS
Tiffi_Гродно
MaxMara
Тiffi
Colin’s
Vae Victis
House
€ 30
€ 35
€ 30
€ 35
€ 35
€ 35
€ 35
Yff Rushe
Крафт
Звезда
Северная звезда
БелТрамп
Шеваренкова
€ 50
€ 40
€ 40
Shoes
Perfumes and cosmetics
70
71
72
73
74
75
76 DNK(дом натур
косм)
77 Французкая
косметика
78 Оптавики
€ 40
€ 40
€ 40
€ 40
€ 40
€ 40
79
80
81
82
83
84
85
86
87
88
89
90
Тувия
футера
Venezzia
Chester
Corso Coma
Шпилька Респект
Параход
GEOX
Hush Puppies
Куйбышева 44
Два Слона
Марко
Baden
Basta S3 Кокетка,
Казанова
- 19 -
€ 25
€ 25
€ 25
€ 25
€ 25
€ 25
€ 25
€ 25
€ 25
€ 25
€ 25
€ 25
Gambling and playing station
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
Olympic
Белая вежа
Магнатель
Cтэк
Вулкан
Казино Миллениум
Sports Wear
Adidas
Дельта спорт
Спорт Мастер
Spels
CD/DVD
ВидеоМакс
Мистерия звука
Проспект
Мастер Рекорды
Динамик
€ 60
€ 60
€ 60
€ 60
€ 60
€ 60
€ 25
€ 25
€ 25
€ 25
€ 35
€ 35
€ 35
€ 35
€ 35
Foreign Companies who invest
in Belarus
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Evaluation of Risks - SWOT
Strengths
Weaknesses
•
The experience of the staff of Star PM both in the real estate market
in general as well as the retail market
•
Location of the proposed Shopping Recreational Center in a dense
residential neighborhood
•
Having powerful anchor tenants who will pull clients into the mall
•
New highway which will connect the shopping center to the center
of the city
•
Lack of shopping center psychology due to no previous centres
•
Limited possibility of financing project with own equity
Opportunities
•
Republic of Belarus- politically stable region
•
Support from local authorities
•
Large competition of tenants wanting to be part of a mall
Threats
•
Non stable micro economic situation
•
Level of competition of other prospective malls
Summary
The political and micro economic risk is fairly high for any investment in Belarus. Thanks to the good concept of the supermarket, good relations with
authorities, and high quality of anchor and other tenants the general risk of the investment is minimized.
- 20 -
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
info@starpm.by
www.starpm.by
Belarus Legal Overview & Tax Summary
Acquisition of Real Estate By Foreigners
entities of the Republic of Belarus with foreign investments only
in accordance with the decision of the President of the Republic
of Belarus.
Acquisition of residential buildings by foreign individuals or legal
entities in Belarus is subject to restrictions.
According to the Tax Code of the Republic of Belarus when foreign organizations acquire the title, proprietary and other rights
for real estate in the Republic of Belarus or when restrictions (encumbrances) are set on such real estate rights these organizations
are subject to registration in tax authorities.
Foreign citizens or stateless persons who permanently reside in
the Republic of Belarus and are legally authorized for business,
economic and other activity are entitled to purchase apartments
(houses) on the basis of conveyance agreements in any inhabited
location of the Republic of Belarus.
Registration system
Foreign citizens or stateless persons who are not residents of the
Republic of Belarus are entitled to purchase apartments (houses) in the Republic of Belarus only if stipulated by international
agreements.
The major organization in charge for state registration of real estate, proprietary rights and title and relevant transactions in Belarus is the State Republican Entity “National Cadastral Agency”.
The following is subject to state registration: establishment,
amendment, abatement or extinction of real estate; occurrence,
transfer and termination of title and of real estate rights and restrictions (encumbrances).
Legal entities are entitled to purchase apartments only when
these entities are registered in the Republic of Belarus.
There are also some restrictions on acquisition of land plots for
private ownership.
Value Added Tax (VAT)
Agricultural lands may be owned only by the state.
According to the Law “On Value Added Tax”, turnover from sales
of real estate in the Republic of Belarus is subject to VAT. VAT rate
is 18%.
The ownership of lands cannot be transferred to foreign legal
entities. The ownership of land plots can be transferred to legal
- 21 -
Star PM
23 Pobeditelei Street, Building 3
Minsk, 220004 · Belarus
+37517 306 2090 · +37517 306 2091
+37517 306 2092
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Profit Tax
• land of forest areas (forest fund),
Profit tax in 2008 is 24% and it is levied on the financial results of
the activity.
• land of water areas (water fund).
Forms of transactions
Real estate tax
Documents which are the basis for state registration of real estate
transactions and which express the will of the individual should
be attested by the notary or the registrant.
Real estate tax is applicable to the value of property, plant and
equipment which are owned or in possession of tax payers.
The annual tax rate for organizations is 1 per cent.
Documents which are the basis for state registration of real estate transactions and which express the will of the legal entity
should be signed by its manager or another person authorized
by the constituent documents, and sealed by the stamp of this
legal entity.
The annual tax rate applicable to the value of buildings and structures owned by individual persons is 0,1 per cent.
Land tax
According to Law of the Republic of Belarus of 18. 12. 1991 #1314Xll “On Land Payments” land tax is applicable to lands of the following types:
Fee for the actions of notaries and for attestation of the above
mentioned documents by registrants are set in Decree of the
President of the Republic of Belarus of 14. 09. 2006 #574 “On
Some Issues Related to State Duties”.
• agricultural use,
Language
• urban and other populated areas (cities, towns, smaller popu-
Real estate transactions are executed either in the Russian or in
the Belarussian language.
lated areas),
• for industrial, transport, connection, military defense and other
Courtesy of www.kpmg.com
purposes,
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