RGI owns development rights to an attractive portfolio consisting of ten projects across the residential, office and retail market segments. The table below lists the Company’s projects portfolio.

It should be noted that the valuation figures listed in the table are taken from the Company's most recent NAV ("Nat Asset Value") table, which was published as part of the Company’s financial report as at 30 June 2008. Since the publication of the report on September 5th 2008 and as was announced by the Company on November 7th 2008, the Company has revised its development plan and as a result will delay construction across the balance of RGI's portfolio with the exception of the Tsvetnoy development. Such work will be placed on hold until sufficient long-term debt financing can be secured on commercially viable terms and/or sufficient cash flow can be generated from pre-sales.

The Company cannot determine at this point the impact that the current Russian economic situation and the expected delay in the development schedule will have on the most recent portfolio valuation as published by the Company in its financial report as at 30 June 2008. The next portfolio valuation will be undertaken as at 31 December 2008 and published with the Company's annual results for 2008.

It should be noted that RGI's development rights in its Dream, Maya, Zemlianoy, Media City and parts of its Chelsea projects are secured solely by investment contracts entered into with the Moscow City authorities. These contracts are conditional on building work having commenced and/or having been completed by certain dates. The Company intends to continue to actively manage its relations with the Moscow City authorities. If RGI believes that the proposed delays in commencing construction will jeopardize RGI's development rights in its projects, the Company intends to renegotiate the terms of such investment contracts with the Moscow City authorities and other contract counterparties, in order to reflect the delayed project development schedules. Whilst any effort to renegotiate such contracts poses risks, the Company is optimistic that the Moscow City authorities will accommodate RGI's revised development schedules in light of the current economic situation.

It should be further noted that RGI's development plan for all other projects (Khilkov, Victory Park, Ostozhenka, Kingston and parts of the Chelsea development) are based on possessing long-term land leases and/or ownership over building(s) on site, which are not subject to deadlines imposed by the Moscow City authorities. Nonetheless, a variety of contractual arrangements may need to be entered into or amended in order to execute the proposed development plans.