OREANDA-NEWS. On 12 January 2009 XXI Century, one of Ukraine's leading real estate investment, development and property management companies, announced the release of certain companies from their guarantee obligations under the USD175,000,000 Guaranteed Secured Notes due 2010 (the "2010 Notes") issued by the Company in May 2007 together with agreements associated therewith.

Under the terms and conditions of the 2010 Notes, XXI Century may, on giving not less than 30 days' notice to BNY Corporate Trustee Services Limited (in its capacity as trustee of the Notes (the ''Trustee'')) and each holder of the Notes (the "Noteholders") release any guarantor of the Notes from its obligations thereunder, so long as the Company is able to meet certain covenants.  The Company has despatched a formal notice to the Trustee and the Noteholders advising them of the release and, in accordance with the terms and conditions of the Notes, has also delivered to the Trustee a certificate from two of its directors certifying compliance with the relevant covenants taking into account the release of such guarantors.

Further to the documentation described above, BUK-1962 LLC and Staryy Boryspil LLC (the "Relevant Companies") will each be released from their respective obligations as guarantors under the Notes and the associated trust deed and surety agreement on January 29, 2009.