Global Financial Contec - a division of Time Warner


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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.

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ots Originaltext: Global Financial Contec - a division of Time Warner
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Further inquiry note:
Stefan Peters
Communication Officer
Telefon: +49(0)1805 78 57 28

Branche: Media
ISIN:      US8873171057
WKN:        592629
Börsen:  Frankfurt / Open Market

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