Press releases – 2007

Appointment of new Chief Financial Officer

31 Oct 2007

Chagala, the specialist Kazakh real estate developer and operator, is pleased to announce the appointment of Andrea Bucekova as Chief Financial Officer (CFO) of the Company. The appointment is to take place with immediate effect.

Prior to joining Chagala Andrea Bucekova, 35, was Finance Director at Massive Slovakia for two years and spent 2 years at MediaCom Bratislava as Finance Director.

Andrea has worked at Ogilvy & Mather CEEHQ in Viennaas as Finance Director and Finance Controller for O&M Ukraine, O&M Kazakhstan and O&M Croatia, O&M Slovakia and O&M Russia for 4 years. Andrea has also worked for British-American Tobacco in Slovakia as a Financial Assistant.

Chagala also announces that Vernon Page is stepping down with immediate effect from his role as Chief Financial Officer to pursue other business opportunities.

Tim Abson, Chief Executive of Chagala, said:

"The Board would like to thank Vernon Page for his significant contribution to the development of the Company, particularly since the flotation of Chagala in February 2007.

"We are delighted to welcome Andrea to Chagala. Her experience in high level international finance means that she has an excellent understanding of the demands of a publicly listed company, and will be of enormous benefit to Chagala."

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