Eastern Property Holdings Limited

During late 2008 and early 2009 ENR Russia Invest SA (“ENR”) has made an investment in Eastern Property Holdings Limited (“EPH”) (“EPH Investment”).

EPH was founded in 2003 as a real estate investment and development company listed on SIX Swiss Exchange. EPH combines project development with the management of rented office, residential and commercial properties in prime locations in Moscow and St. Petersburg.

In late December 2012 ENR, together with certain other EPH investors, have sold all their EPH shares and received USD 16.44 million in cash.

ENR could receive a further amount in several tranches over the coming years, subject to EPH successfully completing and disposing of current real estate development projects.


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