Citadele Bank

Liquidation of Closed-End Investment Fund “Citadele Ukrainian Real Estate fund”

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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.

In accordance with the information provided by the Fund’s asset managing company in order to perform the liquidation procedure a Fund liquidation committee will be set up by the middle of May 2012. The divestiture 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 deadlines set forth in the legislation of Ukraine.

It is planned to complete selling the 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 hrivna, 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 hrivna 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 as liquidated.

Please do not hesitate to contact your Bank officer in case of any inquiries.

Sincerely,
JSC “Citadele banka”

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