OREANDA-NEWS. March 2, 2011. Further to the announcements of 26 January 2011 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 Maksym Naumenko and Oleg Puchev have been appointed to the Board as executive directors, in each case with immediate effect.

Maksym Naumenko has been Executive Director of Steltex Investments LLC, a company beneficially owned by Oleg Salmin, since 2007, previously having held a number of senior positions in the financial and real estate sectors in Ukraine.  Mr. Naumenko has a master's degree in Financial Management and a bachelor's degree in Finance, both from the Kyiv National Economic University.

Oleg Puchev has been a Deputy Director of Steltex Investments LLC, a company beneficially owned by Oleg Salmin, since 2008, previously having held a number of senior positions in the insurance sector in Ukraine.  Mr. Puchev has a master's degree in Insurance Management and a bachelor's degree in Financial Management, both from the Kyiv National Economic University.

Lev Partskhaladze, Non-Executive Chairman, said: "I would like to take this opportunity, on behalf of the Company, to welcome Maksym Naumenko and Oleg Puchev 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."