OREANDA-NEWS. June 18, 2012. As previously announced Bremille Investments Limited (which is indirectly beneficially owned by Mr Oleg Salmin CEO and Interim Chairman of the Company) has sold 4,000 ordinary shares (50 per cent of the issued share capital) in Ovaro Holding Limited for approximately USD 10.3 million to DCH IMMO Limited, a company indirectly beneficially owned by Mr. Yaroslavskyy.

The Company is pleased to announce that in respect to the above Mr. Aleksander Yaroslavskyy and Mr. Artem Aleksandrov have been nominated to the Board of Directors of the Company as Non-Executive Chairman and Non-Executive Director, respectively. Mr. Oleg Salmin has retired as Interim Chairman.

The Company also announces that Mr. Roman Nasirov has resigned as a Non-Executive Director of the Company.

Mr. Salmin thanked Mr. Nasirov for his contribution to the development of the Company and expressed the interest of the Company to cooperate with Mr. Nasirov on future projects. Mr. Salmin also outlined that the new Directors of the Company Mr. Yaroslavskyy and Mr. Aleksandrov are experienced directors and will contribute significantly to the development of the Company.

Mr. Aleksander Yaroslavskyy is 52 years old. He is, or has been, a director of the following companies and organisations during the past five years:

Current directorships:

Development Construction Holding LLC

Previous directorships within the last five years:

JSCIB "UkrSibbank"

Flanders Enterprises Limited

DCH IMMO Limited

NFM Investment Limited

DCH Investment UA Limited

DCH Finance Management Limited

Linkreen Holdings Limited

UGDC Holding Limited

Mr. Artem Aleksandrov is 40 years old. He is, or has been, a director of the following companies and organisations during the past five years:

Current directorships:

Development Construction Holding LLC

Previous directorships within the last five years:

Investment Management Company "Heritage Investment Management" LLC

There is no further information on Mr. Aleksander Yaroslavskyy or Mr. Artem Aleksandrov required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.