Supplemental Agreement No.8



 Exhibit 10.14 
  
 Translation of original document executed in Russian. 
  
 Registration number of the present 
 Supplementary Agreement 
 No. M-09-000979-8 
 of September 16, 2004 
  
 SUPPLEMENTARY AGREEMENT No. 8 
 to the lease Agreement No. M-09-000979 of September 06, 1994 
  
 City of Moscow. 
  
 Moscow Land Committee, hereinafter referred to as “Lessor”, duly represented by the Head of Territorial Association of Land Tenure
Regulation (TORZ) in Moscow Northern Administrative District Andrei Y. Sinitsin, acting on the basis of Moscow Land Committee Statute and Power of Attorney No. 33-?-1/3-(190) of December 29, 2003 on behalf of Moscow Government on one
hand and Open Joint-Stock Company “PIOGLOBAL Real Estate Investment Fund”, hereinafter referred as to “Lessee”, duly represented by Management Company Closed Joint-Stock Company “PIOGLOBAL Asset Management”, duly
represented by General Director Andrei M. Uspensky, acting on the basis of Charter and Management Agreement No. B-322 dated as of July 24, 2002 on the other hand agreed to make the following amendments and additions to the Agreement.

  
 1. In connection with the name change of Open Joint-Stock
Company “PIONER First Investment Fund” (State Registration Chamber by Ministry of Justice Certificate No. P-7549.16.2 of June 20, 2001, Inspectorate of Russian Tax Ministry No. 43 Certificate of inclusion into the State Unified
Legal Entities Register of August 29, 2003 on the letterhead Serial number 77 002024934, State registration number 2037743042995, Original state registration number 1027739441971) the Lessee shall be referred as to Open Joint-Stock Company
“PIOGLOBAL Real Estate Investment Fund” in the whole text of the Agreement. 
  
 2. Land plot Cadastral number is “77-09-01010-010”. 
  
 3. In section “Special terms and conditions of Agreement”: 
  
 3.1. The first paragraph shall read: 
  
 “—The Part of the Land plot with total area 3940 (three thousand nine hundred forty) sq.m. that is within the limits of
municipal lines of building regulations is provided without the right to construct any buildings or perform digging.” 
  
 3.2. In connection to the Moscow Northern administrative district prefect’s Statement No. 3396 of May 23, 1996 “About the State
Committee handover of completed construction deed approval” the third paragraph shall be deleted. 
  
 3.3. The last paragraph shall be deleted. 
  
 4. Section “Appendixes to the Agreement” shall be supplemented as follows: 
  
 “3. Appendix No. 2a—Situation plan M 1:2000”. 
  
 5. The Present Supplementary Agreement comes into force from the date of its
state registration. 
  
 6. The Present Supplementary Agreement is
executed in 4 copies, all copies being equally legally binding for all Parties. 







 Legal, mail addresses and bank details of the Parties are as follows: 
  

					
	Lessor:	 	 	 	Lessee:
			
	Moscow Land Committee	 	 	 	 Open Joint-Stock Company “PIOGLOBAL
 Real Estate
Investment Fund”

			
	 Legal address: Bachryshina st., 20,
 Moscow, Russia,
115054
	 	 	 	 Legal address: Smolnaya st., 24/D,
 Moscow, Russia,
125445

			
	 Mail address: Bachryshina st., 20,
 Moscow, Russia,
115054
	 	 	 	 Mail address: GZ MPP, dep. 5, p/o box 1,
 Moscow, Russia,
102001

			
	TIN 7705031674	 	 	 	TIN 7704038268
			
	 Bank details:
 s/a 40603810900001300001
 in JSCB “Russian Land Bank”
 Moscow
 c/a 30101810700000000730
 BIC 044552730
 Tel. 156-08-00 - TORZ in N.A.D.
 OKPO code 16412348
 OKONH code 97410
	 	 	 	 Bank details:
 s/a 4070181060070010081
 in CJSC Commercial bank “Citibank”
 Moscow
 c/a 30101810300000000202
 BIC 044525202
 Tel. 960-29-03, fax 960-29-05
 OKPO code 17344948
 OKONH code 96190, 96420

			
	On behalf of the Moscow Land Committee:	 	 	 	On behalf of the Lessee:
			
	 The Head of Territorial Association
 of Land Tenure
Regulation (TORZ)
 In Moscow Northern Administrative district
	 	 	 	 General Director
 of Management Company
 OJSC “PIOGLOBAL Asset Management”

			
	/s/    A. Y. SINITSIN        	 	  	 	/s/    A. M. USPENSKY        
	A. Y. Sinitsin	 	 	 	A. M. Uspensky








 Appendix 2a to the Lease Agreement 
 No.M-09-0000979 presented with 
 Supplementary agreement No. 8 
  
 Moscow Land Committee 
 Land plot plan 
 Open Joint-Stock Company “PIOGLOBAL Real Estate Investment
Fund” 
 Located: Smolnaya st., bld. 24/D 
 Cadastral number 77-09-01010-010 
  
  
  
  
  
 Drawing of land plan attached. 
  
  
  
  

  
 The Head of N.A.D. TORZ  
  

	
	/s/    A. Y. SINITSIN        
	A. Y. Sinitsin








 Exhibit 10.14  Supplemental Agreement No. 8 registered September 16, 2004

 to Land Lease Agreement No. M-09-000979 
 dated as of September 6, 1994 by and between 
 the Moscow Government and Open Joint-Stock
Company 
 “PIOGLOBAL Investment Fund” 
  
 [HARBOR GLOBAL COMPANY LTD. LETTERHEAD] 
  
 The undersigned hereby certifies that the translation of Exhibit 10.14—Supplemental Agreement No. 8 registered
September 16, 2004 to Land Lease Agreement No. M-09-000979 dated as of September 6, 1994 by and between the Moscow Government and Open Joint-Stock Company “PIOGLOBAL Investment Fund” to which this certification is attached is a
fair and accurate translation of the original document executed in Russian. 
  
 Dated: February 22, 2006 
  

	
	/s/    DONALD H. HUNTER        
	 Name: Donald H. Hunter
 Title: Chief Financial Officer