Press Release

| November 15, 2007

Dewey & LeBoeuf Advises Eastern Property Holdings Limited on $153 million Share Offering

(London, November 15, 2007) - Dewey & LeBoeuf has advised Eastern Property Holdings Limited (EPH) on its offering of up to 1.61 million of its ordinary shares (including 210,000 shares subject to an over-allotment put option) and the listing of the shares on the Swiss Stock Exchange (SWX). The offering was comprised of an offering in the United States to eligible investors pursuant to Rule 144A, an offering outside the United States pursuant to Regulation S and a public offering in Switzerland. The total size of the offering was US$151,340,000.

EPH is an SWX-listed real estate development and investment company focusing on Russia and other countries in the Commonwealth of Independent States (CIS). EPH currently holds interests in office, residential and retail real estate and property developments, principally in Moscow and St. Petersburg.

Dewey & LeBoeuf represented EPH on the English, US and Russian law aspects of this transaction. London capital markets partner Louise Roman Bernstein and senior associate Patrick Lyons led the team, which also included Moscow associates Yulia Cherkassova and Ksenia Kazakova, assisted by David Stubbs and Valentina Semenikhina.

Kempen & Co., Renaissance Capital and Valartis Bank AG acted as the Joint Lead Managers for the offering.

Moscow office managing partner Brian Zimbler stated that "EPH is a leading investor in the booming Russian property market, and is involved in substantial commercial and retail projects, particularly in Russia. We are delighted with the success of the offering."

Louise Roman Bernstein said "This offering called upon Dewey & LeBoeuf's market-leading expertise in emerging capital markets transactions, including in Russia and the CIS, and upon our ability to provide clients with English, US and Russian law advice across a multi-jurisdictional team."

This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383