OREANDA-NEWS. January 26, 2011. Further to the announcements made earlier today and the circular posted to Shareholders on 16 December 2010 (the "Circular"), regarding the restructuring of the Company and the investment by Ovaro Holding Limited ("Ovaro") in XXI Century, the board of directors of the Company (the "Board") is pleased to announce that Oleg Salmin and Adel Kambar have been appointed to the Board as executive director and non-executive director respectively, in each case with immediate effect. The Board also appointed Mr. Salmin as Chief Executive Officer of the Company and the group of Ukrainian companies. 

The Company also announces that Lev Partskhaladze, currently Executive Chairman, will become the Non-Executive Chairman of the Company, with immediate effect.  In addition, Zhora Tsagareishvili and Andriy Myrgorodskyy have resigned from the Board, with immediate effect, as set out in the Circular.  Mr Tsagareishvili also resigned from his position as Chief Executive Officer of the Company, however, he will remain as part of the executive management team of the Company.

Oleg Volodymyrovich Salmin, aged 43, is a Ukrainian entrepreneur and politician, with diversified business interests.  Mr. Salmin was a vice president at Renaissance Capital in Moscow from 1996 to 1998, prior to being appointed deputy chairman of the board of Naftogaz NJSC in Ukraine.  From 2000 to 2003, Mr. Salmin was CEO of UkrNafta OJSC until his election to Ukraine's Parliament for its fourth sitting in 2002. During Mr Salmin's term as a Member of Parliament, he was the chairman of the Parliamentary Assembly of the Organisation of the Black Sea Economic Cooperation Council. From 2006 to 2007, Mr. Salmin was a managing partner responsible for regional development of XXI Century, a position which he subsequently left to focus on developing his personal property interests. Mr. Salmin has an Economics degree from the Institute of bankers "Ukraine" and a Law degree from Kyiv Highest School of Law, which is affiliated with Taras Shevchenko University, Kyiv.

Adel Habib Kambar, aged 37, is Managing Director, CEO Kazakhstan, Central Asia and Middle East and Head of Special Situations Group at Renaissance Capital, having joined in 2007. Previously, Mr. Kambar headed Russia and CIS Debt Capital Markets at Merrill Lynch, as well as developed the company's business for CEEMEA. From 2000 to 2003, Mr. Kambar was Head of CEEMEA Capital Markets Origination at Dresdner Kleinwort Wasserstein, as well as a board member of Dresdner Kleinwort Wasserstein LLC, Moscow.  Mr. Kambar started his career at SBC Warburg in London and is a graduate of University College, London.

Lev Partskhaladze, Non-Executive Chairman, said: "I would like to take this opportunity, on behalf of the Company, to welcome Oleg Salmin and Adel Kambar to the Board as representatives of Ovaro, our largest shareholder.  I believe that they will both provide valuable assistance to XXI Century in developing its strategic opportunities, particularly in view of Oleg's extensive experience in Ukraine and his wide ranging expertise.  I would also like to thank Andriy Myrgorodskyy for his efforts on behalf of the Company and wish him well in his future endeavours."