Argo Real Estate Opportunities Fund Limited (AREOF) is a closed-ended investment company formed for the purpose of investing primarily in commercial property markets of Central and Eastern Europe. Its investment objective is to provide investors with a high level of risk adjusted total returns derived principally from rental income and capital appreciation from acquisition, development and active asset management of its retail and mixed-use property investments. During the fiscal year ended September 30, 2010 (fiscal 2010), AREOF�s primary markets of operation were Romania, Ukraine and Moldova. Its properties include European Retail Park Sibiu and Suceava Shopping City in Romania, Riviera Shopping City and Nikolaev in Ukraine and Moldova Retail and Mixed Use Development Sites, Republic of Moldova. During fiscal 2010, it completed its construction of 83,000 square meters Riviera Shopping City, Odessa in Ukraine. Argo Capital Management Property Limited acts as its investment manager.