Cash offer for NR Nordic

Further to its holding announcement on 29 September 2009, Holowent Limited, a company ultimately owned by Ian Livingstone and Richard Livingstone (the "Offeror" or "Holowent"), has announced the terms of a cash offer (the "Offer") to be made in respect of NR Nordic & Russia Properties Limited.

Holowent is offering €0.24 in cash per NR Nordic Share for the entire issued and to be issued Share capital of NR Nordic other than NR Nordic Shares held by members of the Offeror Group.

The Offer values the existing issued Share capital of NR Nordic at approximately €114.2 million.

Ian Livingstone and Richard Livingstone, commenting on behalf of the Offeror, said:

"Our cash offer represents a significant premium over NR Nordic's share price prior to our announcement on 29th September 2009 that we were considering making an offer for the Company. Since then, we believe that the NR Nordic Share Price has been inflated by speculation as to the level of our offer – which today's announcement has put to rest. NR Nordic Shares are extremely illiquid and we believe that our offer represents the only sure route to liquidity for NR Nordic shareholders who wish to sell their shares at a fair price".

David Hunter, Senior Non-Executive Director of NR Nordic, commenting on behalf of the Independent Directors of the Company, said:

"The Independent Directors are not giving a firm recommendation to Shareholders on the Offer. Whilst the Offer provides Shareholders with an immediate opportunity to realise their investment in the Company for a certain cash amount, the Independent Directors believe Shareholders may wish to consider a number of factors for and against the Offer, including those set out in today's announcement, when considering whether or not to accept the Offer".

Note to Editors:

Full details of the Offer are available on the NR Nordic & Russia Properties Limited website.