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7 June 2007

Sayenko Kharenko advises ING on the debut Eurobond offering by the XXI Century Investment Public Limited

Sayenko Kharenko acted as Ukrainian counsel to ING, the lead manager of the issue of USD 175 million, 10% guaranteed secured notes due 2010 issued by XXI Century Investment Public Limited (XXI Century), one of Ukraine’s leading real estate investment, development and property management companies.

The notes were guaranteed on a joint and several basis by the Ukrainian members of the XXI Century group and secured by the pledge of shares in Cyprus and Ukrainian companies. The net proceeds from the issue will be used primarily to finance the development and construction of the existing projects of XXI Century as well as the expansion of its business through selective acquisitions of individual land plots and property portfolios in Kyiv and in other major cities throughout Ukraine.

The team of Sayenko Kharenko on this transaction was led by the partner Michael Kharenko assisted by Nazar Chernyavsky, Taras Pryhoda, Olexander Olshansky, and Anton Korobeynikov.

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