Press releases – 2007

Announcement of net asset valuation and interim results date

15 Oct 2007

Following today's announcement regarding DTZ report assessing Chagala's market value of its portfolio of assets, the Company would like to clarify its revised Net Asset Value. It should be noted that the DTZ report does not account for minority shareholdings in some of Chagala's assets, in particular Chagala's 50.1% shareholding in the shopping malls located in Atyrau and Ust Kamenorgorsk. Subtracting the minority interests in these two projects gives a current market value of US$185,143,104 (as stated in today's DTZ report). When added to Chagala's current net cash position of approximately US$ 25.0 million, this gives a Net Asset Value of US$ 210,143,104 million.

Chagala would also like to confirm that it will be announcing unaudited interim results for the six months to 31st of June 2007 before the end of October 2007.

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