Document:

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 OfficerSupplemental Agreement No.1

 Exhibit 10.16 
  
 Translation of original document executed in Russian. 
  
 SUPPLEMENTARY AGREEMENT No. 1 
 to the land sublease Agreement dated April 18, 2000 
  
 This Supplementary Agreement No. 1 to the Land Sublease Agreement dated as of April 18, 2000 (hereinafter “Sublease Agreement”),
registered June 02, 2000 by Moscow Municipal Committee of Real Estate Dealerships Registration by number 77-01/00-07/2000-41955, is entered into on May 03, 2005 in Moscow between: 
  
 Open Joint-Stock Company “PIOGLOBAL Real Estate Investment
Fund” (formerly known as PIOGLOBAL Investment Fund, PIONEER First Investment Fund, First Investment Voucher Fund), legal entity incorporated under the laws of Russian Federation, OSRN 1027739441971, having its legal address at: Russian
Federation, 125445, Moscow, ul. Smolnaya, 24/D, represented by Closed Joint-Stock Company “PIOGLOBAL Asset Management”, its Management company, acting pursuant to the Federal Law “About Investment Funds” p. 3 art. 3 and
Management Agreement No. B-322 dated as of July 24, 2002, duly represented by Management company General Director Andrei M. Uspensky, acting on the basis of Closed Joint-Stock Company “PIOGLOBAL Asset Management” Charter (hereinafter
“Lessee”) and 
  
 PREA, L.L.C. (formerly known as
Pioneer Real Estate Advisors, Inc.), legal entity incorporated under the laws of State of Delaware, USA, having its principle place of business at: One Faneuil Hall Marketplace, Boston, Massachusetts, 02109, U.S.A.), duly represented by James
Sheppard, its Managing Director, acting on the power of attorney dated as of December 08, 2004 (hereinafter “Sublessee”) 
  
 Hereinafter jointly referred to as the “Parties”. 
  
 PREAMBLE 
  

	 	(A)	Whereas, as on April 02, 2000 the Parties entered into Land Sublease Agreement concerning the whole land plot with total area 12,696 sq.m., located at: Russian Federation,
125445, Moscow, ul. Smolnaya, 24 (“Land plot”), Cadastral number of the Land plot 77:09:01010:010, for which Lessee has the right of long-time leasehold according to the Lease Land Agreement with the City of Moscow No. M-09-000979, dated
September 06, 1994, including all the subsequent amendments and additions; 

  

	 	(B)	Whereas, the Parties agreed to introduce amendments and additions into the Sublease Agreement to reflect the new names of the Parties and to make amendments to other sections of
Sublease Agreement; 

  

	 	(C)	Whereas, the Parties agree that the present Supplementary Agreement No. 1 to the Sublease Agreement in accordance with Civil Codex of Russian Federation art. 425 p. 2 conforms
to the Parties’ relations evolved from the moment when the Sublease Agreement came into force. 

  
 Herewith, the Parties agree to make following amendments and additions to the Sublease Agreement: 
  

	 	1.	The name of Lessee in the text shall be replaced with Open Joint-Stock Company “PIOGLOBAL Real Estate Investment Fund” and the name of Sublessee shall be replaced with
“PREA, L.L.C.” correspondingly. 

  

	 	2.	Section 6.2. shall be amended with the second paragraph as follows: 

  
 “6.2. Sublessee, at its own expense shall implement building, erection, exploitation, maintenance and capital repairs of projects necessary for
operation of business center, including car parking, Sublessee shall also at its own expense conduct all Land plot maintenance including landscaping, cleaning the area, snow removal and environmental improvements. All together
(“Improvements”)” 

	 	3.	Section 6.7. of Sublease Agreement shall be stated as follows: 

  
 “6.7. On expiration of Sublease term determined by the present Sublease Agreement, Sublessee undertakes to return the Land plot to Lessee in the same
condition as it was received from Lessee according to the present Agreement, other than changes from normal use and effected Improvements”. 
  

	 	4.	Section 15.2. of Sublease Agreement shall read: 

  
 “15.2. Parties have the following addresses: 
  
 15.2.1. Lessee: 
  
 To General Director 
 of OJSC
“PIOGLOBAL” 
 Management Company 
  
 Russia, 103918, Moscow, 
 Gazetny pereylok, 5

 Fax: + 7 495 960 2905 
  
 15.2.2. Sublessee: 
  
 To Managing Director 
 Commercial Tower
Meridian 
 Ul. Smolnaya, 24/D 
 125445, Moscow, Russia 
  
 Fax: +7 495 960
2920 
  
 The Parties shall notify each other about all changes in
their addresses and telephone numbers promptly. 
  

	 	5.	The Present Supplementary Agreement No. 1 to the Sublease Agreement shall be an integral part hereof. Sublease Agreement remains in effect as amended by Supplementary Agreement
No. 1. 

  

	 	6.	The Present Supplementary Agreement No. 1 comes into force from the date of its state registration. 

  

	 	7.	The Parties signed the present Supplementary Agreement No. 1 to the Land Sublease Agreement in six originals, three in English and three in Russian. In the event of any
inconsistency between the English and the Russian versions, the Russian version shall prevail. 

  

					
	 Open Joint-Stock Company
 “PIOGLOBAL
Real Estate
 Investment Fund”
	 	 	 	PREA, L.L.C.
			
	/s/    A. USPENSKY        	 	 	 	/s/    JAMES SHEPPARD        
	 A. Uspensky
 CEO of Management Company
 CJSC “PIOGLOBAL Asset Management”
	 	 	 	 James Sheppard
 Managing Director

  
 Main
Department 
 Of the Federal Registration Service, Moscow 
  
 Registration circuit #77/14 
  
 The state registration was made 
 July 27, 2005 
 Registration number 77-77-14/005/2005 989 
 The registering clerk: Bulavintsev 

 Exhibit 10.16  Supplemental Agreement No. 1 registered July 27, 2005

 to Land Sublease Agreement dated as of April 18, 2000 
 by and between Open Joint-Stock Company 
 “PIOGLOBAL Investment Fund”
and PREA, LLC 
  
 [HARBOR GLOBAL COMPANY LTD. LETTERHEAD]

  
 The undersigned hereby certifies that the translation of
Exhibit 10.16—Supplemental Agreement No. 1 registered July 27, 2005 to Land Sublease Agreement dated as of April 18, 2000 by and between Open Joint-Stock Company “PIOGLOBAL Investment Fund” and PREA, LLC 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

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