OREANDA-NEWS. April 23, 2012. JSC “Citadele banka” (hereinafter – “the Bank”), as your custodian, hereby informs that “Citadele Asset Management Ukraine” LLC has announced the initiation of liquidation of Closed-End Investment Fund “Citadele Ukrainian Real Estate fund” (hereinafter – “the Fund”) due to expiry of its maturity period in April 2012, reported the press-centre of Citadele Banka.

In accordance with the information provided by the Fund’s asset managing company a Fund liquidation committee will be constituted by the middle of May 2012 in order to perform the liquidation procedure. The realization of existing assets of the Fund, composition of the final balance and settlement with Fund’s investors will be performed in accordance with the procedure and terms set forth in the legislation of Ukraine.

It is planned to complete the realization of Fund’s assets and receipt of funds in January – February 2013. Subsequently, the asset managing company will have three months for distribution of received funds to investors. Please be informed that distribution of funds to investors will be executed in the Fund’s currency – Ukrainian grivna, which will be credited by the Bank to your investment account only after receipt from the Fund’s asset managing company. Afterwards, upon your order the Bank as prescribed by Ukrainian legislation may commence the conversion process of Ukrainian grivna received from investment to freely convertible currency. Additionally, please note that transfer of funds received from investment from your investment account to any other accounts is possible only in freely convertible currency.

After settlement with the Fund’s investors and exclusion of the Fund from the official register, the Fund will be considered liquidated Please do not hesitate to contact your servicing Bank officer in case of any inquiries.