EANS-News: PRIVATE FLEX FONDS 1 - BEST PORTFOLIO-FUND WITH FOCUS REAL ESTATE

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Wiesbaden (euro adhoc) - Interview with Ralph Pawlik,
member oft he board of directors of FLEX Fonds Capital AG

INVESTMENT: For 20 years, FLEX funds is sucessfully operative at the
market in the property-investments section. Since the beginning of
the financial crisis your turnover even strongly got a move on. You
and your investors obviously don´t have to bother, don´t they?

Ralph Pawlik: To underestimate the financial crisis and its duration,
would be very carelessly. The biggest effects of the financial crisis
are still supposed to emerge. Many banks are still highly restrictive
in the allocation of loans, so that many companies have significant
financing problems. In such a situation the conceptional advantages
of the FLEX funds are demonstrated. Admittedly it is prospected, that
fifty per cent of the investments are funded out of own resources.
But in extreme cases it can be fully passed on outside capital. So
FLEX funds are far-reaching independent of the money- and
loan-markets.

INVESTMENT: How is this flexibility in regard of the financing
structure of your funds possible?

Ralph Pawlik: Juridically seen, FLEX funds are closed ended funds,
but from the manner of investment they are similar with open funds.
The investments just start, when the investment capital is available.
Through the blindpool construction there is no immediate pressure to
invest. So, at no time, a placement risk emerges and in principle the
funds can free choose their financing structure.

INVESTMENT: Are there any further security mechanisms in the fund?

Ralph Pawlik: FLEX funds among other things invest in lackless,
long-ranging rented, underrated property in so-called middle centers.
For every investment there are binding and comprehensible price
ceilings. The investor profits of a widespread portfolio structure
with investments in industrial and living properties, the oil and gas
extraction and a depot of precious metal and stocks.

INVESTMENT: How long are FLEX funds usually in the placement phase?

Ralph Pawlik: Since the beginning of 2002, the placement phases of
FLEX funds are not limited in time, but is oriented at the
satisfaction of the prognosticated expectations. When the property-
and the loan market stay at the same values for a longer time, it is
possible, that a fund is placed for several years, because the
prognosticated expectations are not affected of market influences.
This explains, why the economic progress of the funds for the most
part proceeds above the planning values.

INVESTMENT: So, through the financial crisis, the property market and
the utilization of the loan market are getting more attractive?

Ralph Pawlik: You can say that. Through the financial crisis the
price level at german immovables got under pressure and is giving
very good chances to get started. Furthermore, at this time the tax
level is very attractive and is heading for a historic low point. Our
investors additionally profit of these two progresses.

INVESTMENT: If we understood your concept correctly, the investor at
"Private FLEX fund 1" can choose between several payout variants?

Ralph Pawlik: This is right. The "Private FLEX fund 1" provides a
monthly, fixed payout of 5,25 % p.a. for the first five years and
this is free of flat rate withholding taxes. This variant focuses at
people who are retired or shortly before. There is also a partial-pay
variant, in which the investor brings in only the half of his
deposit. The other half is brought in within the next 15 years with a
payout claim of 5,09 % p.a. This variant is fitted for persons, who
want to adjust their future planning medium-dated. And then there is
also the so-called "classic", an adjustable payout, which is only
oriented at the cash-flow with a prognosticated payout of 5,75% p.a.

INVESTMENT: So, at the fund conception, the flexibility stood in the
foreground for you?

Ralph Pawlik: I think, here is the name a commitment. To develop and
to place flexible and contemporary investment products has always
been the FLEX funds company philosophy. Our investors principally
have the possibility of an extraordinary lay-off with fixed dates and
terms. Furthermore exists a company-internal second market, where the
investor can sell his investments within few days and where he even
has the chance of a better disposition avail.

INVESTMENT: So it is a legally closed fund, where you can leave at
every time?

Ralph Pawlik: It is a combination of closed ended funds and open
funds, that is unique at the market. Our opinion is, that capital
investments with fixed, long durations are no more contemporary
today.

end of announcement euro adhoc
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Stefan Peters

Communication Officer

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