Document:

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                                                                   Exhibit 10.22

                          MASTER TRANSACTION AGREEMENT

      THIS MASTER TRANSACTION AGREEMENT (this "Agreement") is executed to be
effective as of 15 May 1996 (the "Effective Date") by and between:

      THE FIRST INVESTMENT VOUCHER FUND, an open joint stock company established
      and existing under the laws of the Russian Federation, having its
      principal place of business at Trubnikovsky 21/2, Moscow, Russian
      Federation, and represented by the Chairman of its Board of Directors, Mr.
      Michael Yu. Chebotarev, who is acting on the basis of the Fund's charter
      ("Fund"); and

      PIONEER REAL ESTATE ADVISORS INC., a company organized and existing under
      the laws of the State of Delaware, U.S.A., having its principal place of
      business at 60 State Street, Boston, Massachusetts, U.S.A., and
      represented by its President, Stephen G. Kasnet, who is acting on the
      basis of a resolution of the Board of Directors ("PREA").

                                    RECITALS:

A. The Fund is the owner of an office building known as the Meridian Commercial
Tower, located at Ulitsa Smolnaya 24/D, 125445 Moscow, Russia according to the
system of street names and numbering now in official use in the City of Moscow,
Russia ("Building"). The construction and fit out of the Building is unfinished,
and the Building is not yet fully let.

B. PREA is a real estate development and management company with the experience
and resources necessary to: (1) complete construction of the Building, (2) lease
the office space therein to reputable Tenants, and (3) manage the Property
(collectively the "Transaction").

C. Simultaneously with this Agreement, the parties shall execute the Master
Lease Agreement attached hereto as Appendix A, the Construction Completion
Agreement attached hereto as Appendix B and the Property Management Agreement
attached hereto as Appendix C (collectively hereinafter the "Underlying
Agreements"), the parties desire to set forth their understanding and mutual
responsibilities with regard to the Transaction. This Master Transaction
Agreement is designed to amend and supplement the Underlying Agreements and to
further define the parties' obligations with respect to the Transaction.

NOW THEREFORE, in consideration of the mutual promises and covenants exchanged
herein, the parties hereby agree as follows:

                                    AGREEMENT

                           ARTICLE 1. THE TRANSACTION

1.1 Purpose. The parties hereby affirm and agree that this Agreement amends and
supplements the Underlying Agreements and further defines the obligations of the
parties with respect to the Transaction. This Agreement defines the structure,
basic terms and conditions governing the Transaction and the respective
obligations of the parties. Among other terms

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and conditions described herein, this Agreement supplies the formula by which
the parties shall determine the quarterly Rent payable to the Fund under the
Master Lease Agreement, and provides the mechanism whereby PREA shall offset its
Unrecoverable Expenses and Construction Costs incurred under the Construction
Completion Agreement against its Rent obligation.

1.2 Transaction Description. The Fund shall, through the Underlying Agreements,
engage PREA to (1) complete construction of the Building; (2) sublease the
office space therein to good and reputable Tenants; and (3) manage the Building.

1.3 Term. This Agreement shall be effective as of the Effective Date, and shall
expire upon the expiration or earlier termination of the last of the Underlying
Agreements to remain in effect.

1.4 Agreement Controls. If any of the provisions of this Agreement conflict in
whole or in part with the provisions of the Underlying Agreements, the
provisions of this Agreement shall control. Notwithstanding the forgoing, the
Master Lease shall be governed and interpreted according to the choice of law
and dispute resolution provisions contained in Article 11 therein, and not by
the choice of law and dispute resolution provisions of this Agreement.

                    ARTICLE 2. DEFINITIONS AND INTERPRETATION

      The following terms shall have the meanings given for this and the
Underlying Agreements:

2.1 Business Day. "Business Day" means any day, other than Saturday, Sunday or
any public holiday in the United States of America or in the Russian Federation.

2.2 Construction Costs. "Construction Costs" means any costs for materials,
labor and services identified in the Construction Budget, or otherwise approved
as provided in this Agreement or the appropriate Underlying Agreements, and
incurred by PREA to complete construction of the Building. "Construction Costs"
shall not include the cost of any financing obtained by PREA to complete
construction.

2.3 Construction Budget. The "Construction Budget" is the budget prepared by
PREA and approved by the Fund in writing containing all costs for materials,
labor and services necessary to complete construction of the Building, including
all historic costs which have been paid or agreed as being due under any of the
underlying Agreements and all future costs and expenditures to be made. The
Construction Budget is attached as Appendix A to the Construction Completion
Agreement.

2.4 Construction Fee. The "Construction Fee" means PREA's once-quarterly fee for
completing construction of the Building pursuant to the Construction Completion
Agreement, which shall be one percent of the Construction Costs incurred by PREA
during each calendar quarter.

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2.5 Expenses. "Expenses" means the quarterly total of (a) Operating Expenses
(except amounts collected from Tenants towards Land rent and property taxes),
plus (b) Leasing Costs, plus (c) any amount of Shortfall from previous quarters
and interest on such amount at the rate of two percent per quarter (to the
extent PREA holds any advance rent payments collected from Tenants and not yet
attributable to Gross Collections, the Shortfall shall be reduced by the
advances so held for purposes of calculation of interest due with respect to the
Shortfall); plus (d) interest, costs and fees, if any, due or incurred with
respect to financing PREA obtained pursuant to the Construction Completion
Agreement, plus (e) quarterly payment of the Construction Fee.

2.6 Gross Collections. "Gross Collections" means the total amounts of: (a)
Tenant rent payments, (b) Tenant contributions toward Operating Expenses (except
contributions for the Property Management Fee), (c) interest earned on amounts
of advanced rents and security deposits paid by Tenants and held by PREA (except
amounts of such interest that are payable to Tenants pursuant to their lease
agreements), (d) parking fees, and (e) telecommunications commissions from
Tenant use of telecommunications facilities in the Building, all of which shall
be exclusive of value added or other taxes that are due with respect to the
Gross Collections, that are collected with respect to the Building, during the
quarter in which PREA is paying Rent, or prior quarters, and attributable to
that or prior quarters as PREA may reasonably determine.

2.7 Land. The "Land" means the 13,035 square meters of land located at Ulitsa
Smolnaya 24/D that was leased to the Fund by the Moscow Government according to
a 49 year lease agreement No. M-09-000979, dated 6 September 1994.

2.8 Leasing Costs. "Leasing Costs" means the costs incurred by PREA in
connection with leasing the office space in the Building, including fees and
commissions payable to real estate brokers, associated legal fees, and the
amounts of any rent discounts or other leasing incentives offered to Tenants.

2.9 Operating Budget. "Operating Budget" means PREA's annual budget for
operating the Building, including PREA's estimate of annual Gross Collections
and Operating Expenses and indicating, to the extent possible, which if any
expenses will not be recovered through Tenant contributions to Operating
Expenses.

2.10 Operating Expenses. "Operating Expenses" means the total costs, charges,
expenses and disbursements of every kind and nature that must be paid in
connection with the management, operation, maintenance, improvement and repair
of the Property, including the following:

      (a) Utilities. The cost of utilities, including heat, air conditioning,
      water, steam, fuel and electricity other than that which is supplied to
      individual Tenants and paid for by them separately.

      (b) Maintenance Fees. The cost of Building maintenance including fees for
      interior and exterior maintenance, upkeep and repair of the Property as
      well as the Building heat, air conditioning, plumbing, mechanical,
      electrical and other systems;

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       landscaping, ground maintenance and snow removal, including the cost of
       equipment and tools, the cost of servicing such equipment and
       contributions to any sinking funds that PREA may create from time to time
       in order to spread the cost of such maintenance, upkeep and repair more
       equitably among Tenants over the terms of their lease agreements.

       (c) Management Expenses. The portion of the Property Management Fee, if
       any, not recovered from Tenants, and other fees, costs and expenses
       related to property management including accounting, catering,
       electrical, extermination, financial, janitorial, legal, plumbing,
       security and window cleaning services, as well as the total amount of
       salaries and benefits payable to Building staff, and the cost of
       providing a "drivers' room" in the Building.

       (d) License Fees. The cost of licenses, permits, inspections and
       compliance with any health and fire safety or other governmental rule or
       regulation imposed upon either of the parties with respect to the
       Property including the cost of fire protection.

       (e) Insurance Premiums. The cost of premiums for property and other
       insurance, including rental value and liability insurance, and any costs
       incurred in obtaining a valuation of the reinstatement costs for the
       purposes of arranging such insurance.

       (f) Taxes. The cost of all general and special land and property taxes,
       value added taxes and all other taxes, charges, rates, levies and
       assessments of whatever nature levied, assessed or collected by any
       governmental or quasi-governmental authority upon or with respect to
       ownership or operation of the Building and the Land, other than the
       Fund's profits taxes.

2.11 Parking Lot. The "Parking Lot" means the paved parking area on the Land and
adjacent to the Building that has been prepared by the Fund for use by Tenants,
their employees and visitors.

2.12 Property. "Property" means the Building, Parking Lot and Land.

2.13 Property Management Fee. The "Property Management Fee" means the fee
payable to PREA in consideration for PREA managing the Property pursuant to the
Property Management Agreement.

2.14 Rent. "Rent" means the quarterly amount PREA shall pay the Fund in exchange
for use of the Property.

2.15 Shortfall. "Shortfall" shall be as defined in section 3.1.1.

2.16 Tenant. "Tenant" means any individual, legal entity or representative of a
legal entity that has executed a lease for office space in the Building with
PREA.

2.17 Carryover. "Carryover" shall be as defined in section 3.1.3.

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2.18 Unrecoverable Expenses. "Unrecoverable Expenses" means all expenses
incurred by PREA pursuant to the Property Management Agreement that it cannot
recover from Tenants as part or their contributions toward Operating Expenses.

2.19 Unrecoverable Expenses Budget. "Unrecoverable Expenses Budget" is the
quarterly budget of Unrecoverable Expenses prepared by PREA.

                ARTICLE 3. RIGHTS AND OBLIGATIONS OF THE PARTIES

3.1  Rent and Construction Costs.

      3.1.1 Determine Rent Under the Master Lease. Not later than the 15th day
      of the first month of each calendar quarter, PREA shall determine the
      quarterly Rent payable to the Fund under the Master Lease. The Rent shall
      be an amount equivalent to the larger of: (1) U.S. $250,000.00 per
      quarter; or (2) Gross Collections for the previous quarter minus Expenses
      for the previous quarter, which shall be exclusive of any value added or
      similar taxes thereon. Upon determination of the Rent as provided herein,
      PREA and the Fund shall amend the Master Lease to reflect the new Rent due
      thereunder as provided in section 3.1.4 hereunder and section 3.2 of the
      Master Lease. Notwithstanding the foregoing, if the parties fail to amend
      the Master Lease as provided herein, then the Rent for the quarter shall
      be an amount equivalent to U.S. $250,000.00. Determination of the Rent due
      to the Fund hereunder may result in a shortfall to PREA which shall be
      recovered over time as provided in section 3.1.3 below. For the purposes
      of this Agreement and the Underlying Agreements, "Shortfall" shall be the
      difference between U.S. $250,000.00 and the result obtained by subtracting
      Expenses from Gross Collections when that result is less than U.S.
      $250,000.00.

      3.1.2 Determine Quarterly Construction Costs and Unrecoverable Expenses.
      PREA shall determine the amount of Construction Costs and Unrecoverable
      Expenses incurred since the 25th day of the last month of the previous
      quarter, for the purpose of determining what amounts, if any, should be
      remitted to the Fund.

      3.1.3 Reconcile Rent, Construction Costs and Unrecoverable Expenses. PREA
      shall offset the Rent determined in accordance with section 3.1.1, with
      the Construction Costs, Unrecoverable Expenses, Shortfall resulting from
      calculations under section 3.1.1 and Carryover from previous quarters to
      establish the amount PREA shall transfer to the Fund, if any. If the
      Construction Costs, Unrecoverable Expenses, Shortfall and Carryover are
      greater than the Rent obligation for any given quarter, then PREA shall be
      entitled to carry over and deduct the amount in excess of the Rent
      obligation from its Rent obligation in subsequent quarters ("Carryover").

      3.1.4 Amend Master Lease, Execute Act. The parties shall execute quarterly
      amendments to the Master Lease in accordance with section 3.2 thereof,
      restating the amount of Rent due thereunder, as well as a separate
      quarterly acts evidencing the

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      reconciliation of the Rent with the Construction Costs, Unrecoverable
      Expenses, Shortfall and Carryover.

      3.1.5 Special Adjustment due to VAT Exemption. Because of the delays in
      value added tax ("VAT") refunds from the Russian tax authorities and
      because such delays would make it undesirable for PREA to undertake its
      obligations under this Agreement and the Master Lease, the parties have
      reached the following agreement: Notwithstanding the amounts due to Fund
      in accordance with the provisions of section 3.1.3 herein, to the extent
      PREA shall accept, as part of Gross Collections, any Tenant rent payments
      that are not subject to VAT ("VAT Exempt Payments") and with respect to
      which VAT has not been collected by PREA as provided in applicable
      legislation, PREA shall satisfy its obligation to the Fund in the amount
      equal to Rent due, as provided in section 3.1.1, minus the amount of VAT
      not collected from Tenants who qualify for the VAT exemption outlined
      above ("Temporary Debt"). The Temporary Debt shall be duly documented by
      the parties and shall be reflected appropriately on in the parties'
      accounting books. The Temporary Debt shall remain as the obligation of
      PREA to the Fund and shall be repaid to the Fund over time as the VAT
      related to the VAT Exempt Payments is recovered by PREA from the Russian
      tax authorities. To the extent PREA fails to recover VAT related to VAT
      Exempt Payments from the Russian tax authorities, after good faith efforts
      to do so, the Temporary Debt shall be settled between PREA and the Fund in
      a manner mutually agreed by the parties, provided that such settlement may
      not result in losses to PREA or the Fund. Should there be a threat of loss
      to either party, the parties shall, within 15 Business Days, agree on a
      method of avoiding such losses (including any required VAT payments) and
      such agreement may, subject to satisfaction of financing obligations,
      envision direct lease agreements between the Fund and Tenants.

3.2 Mutual Settlement of Accounts. All payments due in accordance with the
Underlying Agreements shall be made not later than the 25th day of the last
month of each calendar quarter unless otherwise specified. If any payment is not
made within 15 Business Days after it is due, the party expecting payment shall
demand payment from the other party in writing, and the other party shall have
five Business Days to make the payment. If payment is not made within five
Business Days after receipt of such notice, the party owing the payment shall
owe interest at the rate of 1% per month of the amount due, compounded monthly
and calculated on a pro rata basis with effect from the date due ("Penalty").
Notwithstanding the foregoing, the Penalty shall not apply to the Temporary
Debt. Upon the expiration or earlier termination of this Agreement or any of the
Underlying Agreements, PREA at its discretion, may terminate any of the
Underlying Agreements with reasonable notice not inconsistent with the
provisions of the relevant Underlying Agreement and without any further
obligations to the Fund. The parties shall settle their accounts under such
agreement and any of the other Underlying Agreements at PREA's discretion, and
pay over any amounts remaining due and outstanding within 20 Business Days. The
settlement obligations in this and the Underlying Agreements shall survive the
expiration or earlier termination of this Agreement.

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3.3 Mutual Assistance. The parties shall cooperate and shall reasonably assist
each other to facilitate relationships with representatives and officials of the
Russian Federation federal, local, and municipal governments, including tax
authorities.

3.4 Termination of Underlying Agreements. In addition to possible termination of
each of the Underlying Agreements in accordance with each document's termination
provisions, the Master Lease shall terminate upon any sale of the Building, and
the Property Management Agreement shall, if in effect at the time of any such
sale of the Building, continue in effect for one year from the closing date of
such sale, unless extended according to written terms then agreed between the
parties.

                          ARTICLE 4. DISPUTE RESOLUTION

4.1 Choice of Law. This Agreement and the Underlying Agreements shall be
governed and construed in accordance with the laws of the Commonwealth of
Massachusetts, U.S.A.

4.2 Dispute Resolution. The parties shall attempt to resolve any dispute arising
from or in connection with this Agreement or any of the Underlying Agreements,
including any question of its existence, validity or termination, by amicable
negotiation. If the parties are unable to resolve the dispute within 20 Business
Days, then either party may refer the dispute to, and the parties hereby agree
to the jurisdiction of, arbitration by the American Arbitration Association, in
accordance with its International Arbitration Rules. The arbitration tribunal
shall consist of one arbitrator appointed by the administrator thereunder, and
shall take place in the City of Boston, Massachusetts, U.S.A. The arbitration
shall proceed and all documents shall be presented in the English language. Any
award of the arbitrator shall be final and binding on the parties.

                        ARTICLE 5. ADDITIONAL PROVISIONS

5.1 No Assignment. Neither party shall assign, delegate and/or transfer to third
parties its rights and obligations under this Agreement without the other
party's prior written consent, except PREA may assign its rights and obligations
under this Agreement to any entity controlling, controlled by or under the
common control of PREA. This Agreement shall be binding upon and inure to the
benefit of the parties, their successors in interest, if any, and their
respective permitted assigns and transferees.

5.2 No Partnership. Neither this Agreement nor the Underlying Agreements are
intended nor shall be construed to create a partnership, joint venture or
similar relationship between the parties, nor shall it be construed to create
any rights in any third parties against the parties hereto.

5.3 Severability. If any provision of this Agreement or any of the Underlying
Agreements is or becomes invalid, ineffective, unenforceable or illegal for any
reason, the remaining provisions shall continue in full force and effect. The
parties shall amend any invalid provision so as to fulfil their original intent
to the maximum extent possible.

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5.4 Amendments. The parties may amend this Agreement or any of the Underlying
Agreements at any time, provided such amendments are made in writing, designated
as an amendment to the respective agreement, and duly signed by both parties.

5.5 Notices. Notices required or permitted under this Agreement or any of the
Underlying Agreements shall be in writing and shall be delivered by: (1) an
internationally accepted courier service, with signed receipt of delivery made;
(2) hand-delivery, with signed receipt of delivery made; or (3) by facsimile,
with a confirmation copy sent by internationally accepted courier service or
hand-delivery, addressed to the parties hereto as follows (unless changed by a
notice in accordance herewith from the party changing its address to the other
party):

       To PREA                 Robert Nault, Stephen G. Kasnet
                               Pioneer Real Estate Advisors, Inc
                               60 State Street
                               Boston, MA 02109-1820
                               FAX: 1-617-422-4293

       with a copy to          Grenville Carr-Jones
                               Management Office
                               Meridian Commercial Tower
                               Ulitsa Smolnaya 24/D
                               125445 Moscow, Russia
                               FAX: 7-095-960-2920

       To the Fund:            Michael Chebotarev, Timothy Frost
                               First Investment Voucher Fund
                               21/2 Trubnikovsky Pereulok
                               Moscow, Russia
                               FAX: 7-095-956-6181

Notices delivered pursuant to the terms of this section shall be deemed
effective within three calendar days from the date when the notice is sent to
the foregoing addresses.

5.6 Force Majeure. The parties shall be relieved of responsibility for any
nonfulfillment in whole or in part of their obligations under this Agreement or
any of the Underlying Agreements, if such nonfulfillment is caused by
force-majeure circumstance, including but not limited to such events as war,
civil uprising, rebellion, civil or military conflict, acts of sabotage, strike,
lockout, fire, floods, or other natural disasters. Notwithstanding the
foregoing, if as a result of such force majeure circumstances, one of the
parties is unable to fulfil its obligations, that party shall inform the other
party immediately and take all measures that it deems expedient in order to
protect the interests of the other party. The parties shall not have the right
to demand compensation for any losses arising as a consequence of such
unfulfilled obligations.

5.7 Liability of PREA. PREA shall not be liable directly or vicariously for the
acts or omissions of, nor any damages caused to the Fund by any other party
involved in the Transaction, including the acts or omissions of the construction
contractors. Except for PREA's own acts of wilful misconduct or gross
negligence, PREA shall not be liable for any

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damages caused to the Fund for actions taken in good faith in connection with
performing its obligations under this Agreement and the Underlying Agreements.

5.8 Limitation on Damages. Subject to section 5.7, if either party breaches any
of its obligations under this Agreement of any of the Underlying Agreements,
such party shall compensate the other party for any actual damages, but shall
not be liable for any subsequent or consequential damages suffered as a result
of the breach.

5.9 Indemnification. Except when caused by the wilful misconduct or gross
negligence of PREA, the Fund shall indemnify and hold PREA harmless from and
against all claims, costs, damages, judgments, attorneys' fees, expenses,
obligations and liabilities of any kind or nature that PREA may incur or sustain
in good faith in connection with or arising out of its obligations under this
Agreement or any of the Underlying Agreements. Notwithstanding the foregoing,
the Fund shall not be liable and shall not indemnify PREA for any claims,
damages or judgements related to any labor disputes arising from employment
relationships established by PREA.

5.10 Cost and Expenses. Wherever in this Agreement or any of the Underlying
Agreements, a provision is made for the doing of any act by any person it is
understood and agreed that such act shall be done by such person at its own cost
and expense unless otherwise stated.

5.11 Interpretation. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms, and with respect to the
parties shall include where the context does not prohibit, their respective
permitted successors and assigns. The words "include," "includes" and
"including" shall be deemed to be followed by the phrase "without limitation."
All references to articles, sections, appendices and parties shall mean
articles, sections, appendices of and parties to this Agreement, unless
otherwise stated. All headings are inserted for convenience only and shall not
affect construction of this Agreement

5.12 Entire Agreement. This Agreement and the Underlying Agreements contain the
entire agreement between the parties with respect to the subject matter herein,
and no representations or agreements, oral or otherwise, between the parties not
embodied within the documents identified in this section 5.12 shall be of any
force or effect.

IN WITNESS WHEREOF, the parties have executed this Agreement in four
counterparts, two in English and two in Russian with one counterpart of each
language for each party. In the case of differences in interpretation between
the English and Russian texts of this Agreement, the English text shall control.

FIRST INVESTMENT VOUCHER FUND              PIONEER REAL ESTATE ADVISORS
                                           INC.

[SEAL]

/s/ Michael Yu Chebotarev                  /s/ Stephen G. Kasnet
----------------------------               -------------------------------------
Michael Yu Chebotarev                      Stephen G. Kasnet
Chairman Board of Directors                President
(Company Seal)                             (Company Seal)

Executed:                               Executed:
          ------------------                      ------------------

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                                                                   Exhibit 10.23

                         PROPERTY MANAGEMENT AGREEMENT

      THIS PROPERTY MANAGEMENT AGREEMENT ("Agreement") is executed to be
effective as of the 15th day of May 1996 ("Effective Date") by and between:

      THE FIRST INVESTMENT VOUCHER FUND, an open joint stock company established
      and existing under the laws of the Russian Federation, having its
      principal place of business at Trubnikovsky 21/2, Moscow, Russian
      Federation, and represented by the Chairman of its Board of Directors, Mr.
      Michael Yu. Chebotarev, who is acting on the basis of the Fund's charter
      ("Fund"); and

      PIONEER REAL ESTATE ADVISORS INC., a company organized and existing under
      the laws of the State of Delaware, U.S.A., having its principal place of
      business at 60 State Street, Boston, Massachusetts, U.S.A., and
      represented by its President, Stephen G. Kasnet, who is acting on the
      basis of a resolution of the Board of Directors ("PREA").

                                    RECITALS:

A. The Fund is the owner of an office building known as the Meridian Commercial
Tower, located at Ulitsa Smolnaya 24/D, 125445 Moscow, Russia according to the
system of street names and numbering now in official use in Moscow, Russia
("Building").

B. PREA is a real estate company with the experience necessary to manage and
lease space in the Building according to the terms and conditions of this
Agreement.

C. The parties now desire to set forth their agreement on the terms and
conditions of the services PREA shall provide to the Fund with respect to the
management of the Building.

NOW THEREFORE, in consideration of the mutual promises and covenants exchanged
herein, the parties hereby agree as follows:

                                    AGREEMENT

                             ARTICLE 1. DEFINITIONS

             The following terms shall have the following meanings:

1.1 Business Day. "Business Day" means any day, other than Saturday, Sunday or
any public holiday in the United States of America or in the Russian Federation.

1.2 Gross Collections. "Gross Collections" means the total amounts of: (a)
Tenant rent payments, (b) Tenant contributions toward Operating Expenses (except
contributions for the Property Management Fee), (c) interest earned on amounts
of advanced rents and security deposits paid by Tenants and held by PREA (except
amounts of such interest that are payable to Tenants pursuant to their lease
agreements), (d) parking fees, and (e) telecommunications commissions from
Tenant use of telecommunications facilities in the Building, all of which shall
be exclusive of value added or other taxes that are due with respect to the
Gross

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Collections, that are collected with respect to the Building, during the quarter
in which such Gross Collections were collected, or prior quarters, and
attributable to that or prior quarters as PREA may reasonably determine.

1.3 Land. The "Land" means the 13,035 square meters of land located at Ulitsa
Smolnaya 24/D that was leased to the Fund by the Moscow Government according to
a 49 year lease agreement No. M-09-000979, dated 6 September 1994.

1.4 Leasing Costs. "Leasing Costs" means the costs incurred by PREA in
connection with leasing the office space in the Building, including fees and
commissions payable to real estate brokers, associated legal fees, and the
amounts of any rent discounts or other leasing incentives offered to Tenants.

1.5 Nominal Rent. "Nominal Rent" means the Base Rent figure stated in any lease
agreement for premises in the Building, applicable to any period for which the
Tenant thereunder does not pay such Base Rent to PREA.

1.6 Operating Budget. "Operating Budget" means PREA's annual budget for
operating the Building, including PREA's estimate of annual Gross Collections
and Operating Expenses and indicating, to the extent possible, which if any
expenses will not be recovered through Tenant contributions to Operating
Expenses.

1.7 Operating Expenses. "Operating Expenses" means the total costs, charges,
expenses and disbursements of every kind and nature that must be paid in
connection with the management, operation, maintenance, improvement and repair
of the Property, including the following:

      (a) Utilities. The cost of utilities, including heat, air conditioning,
      water, steam, fuel and electricity other than that which is supplied to
      individual Tenants and paid for by them separately.

      (b) Maintenance Fees. The cost of Building maintenance including fees for
      interior and exterior maintenance, upkeep and repair of the Property, as
      well as the Building heat, air conditioning, plumbing, mechanical,
      electrical and other systems; landscaping, ground maintenance and snow
      removal, including the cost of equipment and tools, the cost of servicing
      such equipment and contributions to any sinking funds that PREA may
      create from time to time in order to spread the cost of such maintenance,
      upkeep and repair more equitably among Tenants over the terms of their
      lease agreements.

      (c) Management Expenses. The portion of the Property Management Fee, if
      any, not recovered from Tenants, and other fees, costs and expenses
      related to property management including accounting, catering, electrical,
      extermination, financial, janitorial, legal, plumbing, security and window
      cleaning services, as well as the total amount of salaries and benefits
      payable to Building staff, and the cost of providing a "drivers' room" in
      the Building.

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      (d) License Fees. The cost of licenses, permits, inspections and
      compliance with any health and fire safety or other governmental rule or
      regulation imposed upon either of the parties with respect to the Property
      including the cost of fire protection.

      (e) Insurance Premiums. The cost of premiums for property and other
      insurance, including rental value and liability insurance, and any costs
      incurred in obtaining a valuation of the reinstatement costs for the
      purposes of arranging such insurance.

      (f) Taxes. The cost of all general and special land and property taxes,
      value added taxes and all other taxes, charges, rates, levies and
      assessments of whatever nature levied, assessed or collected by any
      governmental or quasi-governmental authority upon or with respect to
      ownership or operation of the Building and the Land, other than the Fund's
      profits taxes.

1.8 Parking Lot. The "Parking Lot" means the paved parking area on the Land and
adjacent to the Building that has been prepared by the Fund for use by Tenants,
their employees and visitors.

1.9 Property. "Property" shall mean the Building, Parking Lot and Land.

1.10 Property Management Fee. The "Property Management Fee" means the fee
payable to PREA in consideration for PREA managing the Property pursuant to this
Agreement.

1.11 Services. "Services" are the activities listed in Article 2.2 of this
Agreement.

1.12 Tenant. "Tenant" means any individual, legal entity or representative of a
legal entity that has executed a lease for office space in the Building with
PREA.

1.13 Unrecoverable Expenses. "Unrecoverable Expenses" means all expenses
incurred by PREA pursuant to this Agreement that it cannot recover from Tenants
as part of their contributions toward Operating Expenses.

                               ARTICLE 2. SERVICES

2.1 Engagement. The Fund hereby engages PREA, and PREA hereby accepts the
engagement, as property manager of the Building to provide property management
services according to the terms and conditions of this Agreement.

2.2 Scope of Services. PREA shall provide the following Services for the Fund:

      2.2.1 Operate the Building. Oversee the day-to-day operation of the
      Building, respond promptly to all reasonable inquiries, and ensure the
      Building is managed and operated at all times in a smart, professional,
      and courteous manner in accordance with generally accepted Western
      standards of property management. PREA shall ensure that payments for all
      obligations that arise with respect to the Building and such as tax, Land
      rent, utility and contractual obligations (except for property taxes and
      Land rent which shall be paid directly by the Fund) are paid in a timely
      manner as they become due.

                                                                         [Stamp]

                                       3
<PAGE>   4

      2.2.2 Sublease Office Premises. Use reasonable commercial efforts to
      sublease all of the rentable office and commercial space in the Building,
      according to the following conditions:

      (a) Each lease shall conform substantially to the model lease agreement to
      be agreed to between the Fund and PREA, and shall include only such
      modifications and financial incentives as PREA may deem reasonably
      necessary and appropriate to induce the signing of a lease agreement with
      a potential Tenant (provided however that such modifications and financial
      incentives are consistent with section 2.2.2(c)); and,

      (b) In PREA's reasonable judgment the potential Tenant is a reputable and
      credit-worthy entity;

      (c) The amount of the base rent payable under any lease agreement is not
      less than the equivalent of U.S. $400.00 per square meter per year unless
      otherwise agreed by the parties hereto in writing; and

      (d) PREA shall have full discretion with respect to acceptance of any
      Tenant for the Building and shall have no obligation to accept or reject
      any Tenant.

      2.2.3 Review Tenant Requests. Review Tenant requests for approval of their
      plans to fit-out, alter, sublet or assign the rights to their premises,
      and if in PREA's reasonable discretion approval would not detract in any
      way from the best interests of the parties, approve such requests.
      Additionally, PREA shall respond promptly to all reasonable queries from
      Tenants or their representatives with regard to any property management
      issues, and advise Tenants with regard to any notices PREA may receive
      that will adversely affect the Tenants' ability to use the Building in
      accordance with their lease agreements.

      2.2.4 Monitor Tenant Obligations. Use reasonable efforts to ensure Tenants
      are complying with the terms of their leases, including consultation with
      legal advisors any time it appears necessary to enforce lease covenants or
      obligations. Additionally, PREA shall notify the Fund any time a Tenant
      has not or has indicated to PREA that it may not be able to meet its
      payment obligations under its lease agreement.

      2.2.5 Prepare and Monitor Budgets for Operating and Unrecoverable
      Expenses. Prepare the annual Operating Budget, including an estimate of
      annual Gross Collections and Operating Expenses. The Operating Budget
      shall identify all anticipated expenses and all service contracts in
      effect or planned for the budget period as individual line items. PREA
      shall also prepare a detailed budget of all expenses that will not be
      recovered through Tenant contributions to Operating Expenses
      ("Unrecoverable Expenses Budget"). PREA shall operate the Building using
      best efforts to maintain the Building income and expenditure in accordance
      with the Operating Budget, shall use reasonable efforts to notify the Fund
      any time it uses the power of attorney granted to PREA and shall obtain
      the Fund's written approval prior to making any expenditure that would
      exceed budgeted amounts of

                                                                         [Stamp]

                                        4
<PAGE>   5

      Unrecoverable Expenses by five percent or more. PREA shall deliver the
      Operating Budget to the Fund in accordance with section 2.2.13(c).

      2.2.6 Open and Maintain Accounts. Open and maintain ruble and foreign
      currency bank accounts to receive payments from Tenants in accordance with
      the terms of their lease agreements, and to make payments when due to the
      Fund, construction contractors, vendors, suppliers, Building staff and
      other appropriate payments as necessary. PREA shall hold all amounts of
      base rent and security deposit prepayments received from Tenants in
      interest bearing bank accounts, and shall return or credit such amounts to
      Tenants, with or without interest, in each case according to the terms of
      their respective lease agreements.

      2.2.7 Collect Amounts Due. Arrange for prompt collection of all rents and
      other payments due from Tenants under the terms of their lease agreements,
      including base rent payments, security deposits, reimbursements of
      insurance premiums, local taxes, utility charges, Operating Expenses
      (including estimated Operating Expenses), interest and value added or
      similar taxes.

      2.2.8 Transfer Amounts to Fund. Timely transfer all amounts due to the
      Fund under this or any agreement between the Fund and PREA.

      2.2.9 Hire and Supervise Contractors and Building Staff. Hire and
      supervise, using funds from the Building operating budget, contractors and
      Building staff, including accountants, administrators, architects,
      attorneys, caterers, drivers, electricians, exterminators, landscapers,
      maintenance, plumbing, security personnel and telecommunications
      providers, to ensure the smooth and efficient operation of the Building,
      and use such contractors and staff as necessary to fulfil the obligations
      of the Fund and PREA pursuant to the terms of the lease agreements with
      Tenants. PREA shall, using funds from the Building operating budget, pay
      all payroll taxes and other contributions to the Russian Federation social
      funds on all salaries paid to the Building staff, as required by law.

      2.2.10 Maintain Insurance Coverage. Obtain and maintain insurance for the
      Building, its plant and machinery, in the scope and amount as is customary
      in the Russian market, and in no event less than PREA and the Fund,
      respectively, deem prudent to cover their respective interests in the
      Building. PREA shall provide the insurers with all relevant information
      required by, and shall keep the insurers informed in accordance with the
      terms of the insurance policies.

      2.2.11 Inspect the Building. Regularly inspect the Building to ensure
      timely discovery and identification of conditions that requiring cleaning,
      maintenance or repair, and act upon any such discoveries as necessary.

      2.2.12 Maintain Records. Maintain: (a) individual Tenant files including
      copies of all Tenant lease agreements, records of payments, insurance
      certificates, correspondence, complaints, legal notices, and any other
      relevant materials; (b) detailed service jackets for Building systems and
      equipment including schedules of all inspections made, maintenance
      performed, and replacement parts consumed; and (c)

                                                                         [Stamp]

                                       5
<PAGE>   6

      detailed accounting records for the Building depicting gross receipts,
      disbursements and expenses, taxes, and payments to the Fund.

      2.2.13 Make Reports. Make reports to the Fund as follows:

             (a) Monthly Reports. Make monthly reports to the Fund which shall
             include a summary of all significant occurrences, accidents,
             casualties, defects and/or repair or improvement work that have
             occurred in or around the Property during the preceding month, a
             summary of all ongoing lease negotiations including any offered or
             anticipated material deviations from the model lease agreement,
             descriptions of any lease violations, copies of any legal notices
             sent or received and an account of any amounts remaining due and
             unpaid under the terms of Tenant leases. In addition, PREA shall
             provide a list of property maintenance contracts in effect as of
             the date of the report and executed pursuant to section 2.2.9, and
             amendments thereto, including the payment amounts, purposes,
             parties and terms, that have been executed since PREA's last report
             under this section.

             (b) Quarterly Reports. Not later than the 10th day of the first
             month of each calendar quarter, make quarterly reports to the Fund
             which shall include a detailed account of receipts and operating
             expenditures, including any routine repair costs not recovered
             through Tenant contributions toward Operating Expenses, insurance
             premiums, amounts of rents and Operating Expenses received from
             each Tenant, a calculation of Property Management Fee, the balances
             of any sinking funds, and PREA's estimate of expenses for the
             remainder of the calendar year contrasted against the annual
             operating budget, and the list of all payments made under the
             property maintenance contracts with cross references to appropriate
             payment documents.

             (c) Annual Reports. PREA shall make annual reports not later than 1
             March of each year which shall include a detailed reconciliation of
             actual Building revenues and expenses for the previous year to the
             Operating Budget for that year. Prior to 1 December of each year,
             PREA shall submit the annual Operating Budget for the following
             year to the Fund in accordance with section 2.2.5, which shall
             include an estimate of Gross Collections, Operating Expenses,
             anticipated capital expenditures and all maintenance contracts PREA
             has executed for the following year.

      All reports to the Fund shall be submitted in the English and Russian
languages. The Fund shall have the right to request a copy of any contract or
payment document executed by PREA in connection with its property management
responsibilities under this Agreement.

                          ARTICLE 3. FUND'S OBLIGATIONS

      In addition to its other obligations hereunder, the Fund shall have the
following obligations:

                                                                         [Stamp]

                                        6
<PAGE>   7

3.1 Provide Office Space. The Fund shall provide PREA, free of charge and
without any obligation to pay rents, fees or expenses, including Operating
Expenses, as much space in the Building as PREA deems reasonably necessary to
support its management and related activities. The Fund shall fit-out up to 50
square meters of office space at its own expense in accordance with PREA's
reasonable requirements, including an office for the Building Manager,
accommodation for secretaries and building service managers, and a meeting room.
PREA shall fit-out any such space in excess of 50 square meters.

3.2 Reimburse Unrecoverable Expenses. The Fund shall reimburse PREA for all
Unrecoverable Expenses, whether budgeted or incurred in good faith by PREA upon
the happening of any casualty, event or occurrence that, in PREA's reasonable
opinion, required the urgent expenditure of funds, at such times as the parties
may agree.

3.3 Provide Ownership Documents. The Fund shall provide to PREA copies of the
ownership and related documents for the Building, including: (a) the ownership
certificate for the Building issued by MOSKOMIMUSHESTVO; (b) the State
Acceptance Committee report issued when the Building was approved for occupancy;
(c) the "passport" certificate from the Bureau of Technical Inventory (BTI); (d)
utility agreements for water, electricity, sewer and gas services;, and (e) the
lease agreement for the Land. Additionally, the Fund shall make the original
documents available to PREA and any existing or prospective Tenants on request.

3.4 Assist PREA. The Fund shall assist PREA as reasonably necessary from time to
time to facilitate relations with government authorities, including tax
authorities, and as necessary to ensure the smooth and efficient operation of
the Building.

                          ARTICLE 4. FEES AND PAYMENTS

4.1 Property Management Fee. As consideration for PREA's services hereunder,
PREA shall be entitled to collect the Property Management Fee from Tenants as
part of their contributions to Operating Expenses. The Property Management Fee
shall be an amount equivalent to the greater of: (a) U.S. $56,250.00 per
quarter; or (b) five percent of Gross Collections and Nominal Rents (excluding
security deposits and any interest earned thereon), which shall be exclusive of
value added and similar taxes. PREA shall be entitled to include the portion of
the Property Management Fee, if any, that PREA is unable to recover from
Tenants, among the Operating Expenses used to calculate PREA's total rent
obligation for the Building, provided however that in no event may the portion
so included be greater than an amount equivalent to U.S. $56,250.00 per quarter.

4.2 Additional Fees. PREA shall be entitled to charge the Fund additional fees
for services outside the scope of this Agreement, such as certain property
management expenses incurred prior to the Effective Date, rent review, lease
renewals, re-lettings, insurance reinstatement valuations or other valuations
requested by the Fund or required in connection with any system of local or
other taxation, administration of insurance claims and any matter requiring
consideration or action as a consequence of any new or amended statute or
requirement of any local, regional or federal level government organization,
unless such fee may be recovered in full as part of the Operating Expenses. With
the exception of the property management expenses incurred by PREA prior to the
Effective Date for which the Fund

                                                                         [Stamp]

                                        7
<PAGE>   8

hereby agrees to reimburse PREA, such fees shall be agreed between the Fund and
PREA from time to time when such circumstances arise.

                         ARTICLE 5. TERM AND TERMINATION

5.1 Term. This Agreement shall be effective as of the Effective Date, and unless
earlier terminated as provided herein, shall expire five years thereafter. PREA
shall have the option to renew this agreement for two additional five year terms
with such changes to the terms hereof as may be agreed between the parties.

5.2 Termination. The parties may terminate this Agreement prior to its
expiration as follows:

      5.2.1 By the Fund. The Fund may terminate this Agreement upon its sale of
      the Building, to be effective one year from the closing date of any such
      sale, and with written notice to PREA on or before the closing date. The
      Fund may also terminate this Agreement "for cause" and with three months
      advanced notice to PREA in writing if PREA fails to perform its
      obligations as provided in this Agreement. For the purposes of this
      Agreement, "for cause" shall mean:

      (a) PREA's material breach of the terms of this Agreement;

      (b) PREA's conduct that materially injures the Fund or Tenants;

      (c) Indictment of PREA's on-site managers on charges of criminal conduct;

      (d) PREA's material violation of any law applicable to its
          responsibilities under this Agreement;

      (e) PREA's neglect of its duties which continues for 30 calendar days or
          more after written warning from the Fund;

      5.2.2 By PREA. PREA may terminate this Agreement for any reason and with
      six month's advanced notice to the Fund in writing.

                          ARTICLE 6. DISPUTE RESOLUTION

6.1 Choice of Law. This Agreement shall be governed and construed in accordance
with the laws of the Commonwealth of Massachusetts, U.S.A.

6.2 Dispute Resolution. The parties shall attempt to resolve any dispute arising
from or in connection with this Agreement, including any question of its
existence, validity or termination, by amicable negotiation. If the parties are
unable to resolve the dispute within 20 Business Days, then either party may
refer the dispute to, and the parties hereby agree to the jurisdiction of,
arbitration by the American Arbitration Association, in accordance with its
International Arbitration Rules. The arbitration tribunal shall consist of one
arbitrator appointed by the administrator thereunder, and shall take place in
the City of Boston, Massachusetts, U.S.A. The arbitration shall proceed and all
documents shall be presented

                                                                         [Stamp]

                                        8
<PAGE>   9

in the English language. Any award of the arbitrator shall be final and binding
on the parties.

                        ARTICLE 7. ADDITIONAL PROVISIONS

7.1 No Assignment. Neither party shall assign, delegate and/or transfer to third
parties its rights and obligations under this Agreement without the other
party's prior written consent, except PREA may assign its rights and obligations
under this Agreement to any entity controlling, controlled by or under the
common control of PREA. This Agreement shall be binding upon and inure to the
benefit of the parties, their successors in interest, if any, and their
respective permitted assigns and transferees.

7.2 No Partnership. Nothing in this Agreement is intended nor shall be construed
to create a partnership, joint venture or similar relationship between the
parties, nor shall it be construed to create any rights in any third parties
against the parties hereto.

7.3 Severability. If any provision of this Agreement is or becomes invalid,
ineffective, unenforceable or illegal for any reason, the remaining provisions
shall continue in full force and effect. The parties shall amend any invalid
provision so as to fulfil their original intent to the maximum extent possible.

7.4 Amendments. The parties may amend this Agreement at any time, provided such
amendments are made in writing, designated as an amendment to this Agreement,
and duly signed by both parties.

7.5 Notices. Notices required or permitted under this Agreement shall be in
writing and shall be delivered by: (1) an internationally accepted courier
service, with signed receipt of delivery made; (2) hand-delivery, with signed
receipt of delivery made; or (3) by facsimile, with a confirmation copy sent by
internationally accepted courier service or hand-delivery, addressed to the
parties hereto as follows (unless changed by a notice in accordance herewith
from the party changing its address to the other party):

                  To PREA               Robert Nault, Stephen G. Kasnet
                                        Pioneer Real Estate Advisors, Inc
                                        60 State Street
                                        Boston, MA 02109-1820
                                        FAX: 1-617-422-4293

                  with a copy to        Grenville Carr-Jones
                                        Meridian Commercial Tower
                                        Ulitsa Smolnaya 24/D
                                        125445 Moscow, Russia
                                        FAX: 7-095-960-2920

                 To the Fund:           Michael Chebotarev, Timothy Frost
                                        First Investment Voucher Fund

                                                                         [Stamp]

                                        9
<PAGE>   10

                                        21/2 Trubnikovsky Pereulok
                                        Moscow, Russia
                                        FAX: 7-095-956-6181

Notices delivered pursuant to the terms of this section shall be deemed
effective within three calendar days from the date when the notice is sent to
the foregoing addresses.

7.6 Force Majeure. The parties shall be relieved of responsibility for any
nonfulfillment in whole or in part of their obligations under this Agreement, if
such nonfulfillment is caused by force-majeure circumstance, including but not
limited to such events as war, civil uprising, rebellion, civil or military
conflict, acts of sabotage, strike, lockout, fire, floods, or other natural
disasters. Notwithstanding the foregoing, if as a result of such force majeure
circumstances, one of the parties is unable to fulfil its obligations, that
party shall inform the other party immediately and take all measures that it
deems expedient in order to protect the interests of the other party. The
parties shall not have the right to demand compensation for any losses arising
as a consequence of such unfulfilled obligations.

7.7 Liability of PREA. PREA shall not be liable directly or vicariously for the
acts or omissions of, nor any damages caused to the Fund by any other party
involved in operating the Building, including the acts or omissions of Tenants
or any contractors PREA may hire pursuant to section 2.2.9. Except for PREA's
own acts of wilful misconduct or gross negligence, PREA shall not be liable for
any damages caused to the Fund for actions taken in good faith in connection
with performing its obligations under this Agreement.

7.8 Limitation on Damages. Subject to section 7.7, if either party breaches any
of its obligations under this Agreement, such party shall compensate the other
party for any actual damages, but shall not be liable for any subsequent or
consequential damages suffered as a result of the breach.

7.9 Indemnification. Except when caused by the wilful misconduct or gross
negligence of PREA, the Fund shall indemnify and hold PREA harmless from and
against all claims, costs, damages, judgments, attorneys' fees, expenses,
obligations and liabilities of any kind or nature that PREA may incur or sustain
in good faith in connection with or arising out of its obligations under this
Agreement. Notwithstanding the foregoing, the Fund shall not be liable and shall
not indemnify PREA for any claims, damages or judgements related to any labor
disputes arising from employment relationships established by PREA.

7.10 Cost and Expenses. Wherever in this Agreement a provision is made for the
doing of any act by any person it is understood and agreed that such act shall
be done by such person at its own cost and expense unless otherwise stated.

7.11 Interpretation. Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms, and with respect to the
parties shall include where the context does not prohibit, their respective
permitted successors and assigns. The words "include," "includes" and
"including" shall be deemed to be followed by the phrase "without limitation."
All references to articles, sections and appendices shall mean articles,
sections and appendices of this Agreement, unless otherwise stated. All headings
are inserted for convenience only and shall not affect construction of this
Agreement.

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<PAGE>   11

IN WITNESS WHEREOF, the parties have executed this Agreement in four
counterparts, two in English and two in Russian with one counterpart of each
language for each party. In the case of differences in interpretation between
the English and Russian texts of this Agreement, the English text shall control.

FIRST INVESTMENT VOUCHER FUND           PIONEER REAL ESTATE
                                        ADVISORS INC.

[SEAL]

/s/ Michael Yu. Chebotarev              /s/ Stephen G. Kasnet
------------------------------          ------------------------------
Michael Yu. Chebotarev                  Stephen G. Kasnet
Chairman, Board of Directors           President

(Company Seal)                          (Company Seal)

                                                                         [Stamp]

                                       11
<PAGE>   12

                                   APPENDIX A
                  To the Property Management Agreement between
                        The First Investment Voucher Fund
                                       and
                       Pioneer Real Estate Advisors, Inc.

                        Banking Requisites of the Parties
                        ---------------------------------

The Fund:                               PREA:

21/2 Trubnikovsky Per                   60 State Street
Moscow, Russian Federation              Boston, MA. U.S.A
                                        representative office;
                                        24/D Smolnaya Street,
                                        Moscow, Russian Federation

Account no. 701467900                   Ruble Account no. 853603717
with Citibank T/O                       with ING Bank Eurasia
MFO 996426 Yu 6P                        BIC 044545176 and corresponding account
                                        no. 001161392 also through ING

currency account no. 700100022          USD currency account no. 17845
with Citibank T/O                       with ING Bank Eurasia
Cor. account no. 36087478               and corresponding account
Citibank New York                       no. 001-1-908019 through
                                        Chase Manhattan Bank N.A. New York

Tax Identification No. 7704038268       Tax Identification No. 7700070140

                                                                         [Stamp]

                                       A1

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