12 March 2010

This announcement is not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

CASH OFFER FOR NR NORDIC & RUSSIA PROPERTIES LIMITED

BY

HOLOWENT LIMITED

Documents available for inspection

Holowent and the Independent Directors of NR Nordic announce that, as described in the offer document published by Holowent on 22 February 2010 (the "Offer Document"), copies of the following documents are available for inspection during normal business hours on any weekday (public holidays excepted) at the offices of Pinsent Masons LLP and Holland van Gijzen, until the end of the Offer Period.

In addition, these documents are available on the website of NR Nordic (www.nr-properties.co.uk ):

(a) The memorandum and articles of association (or equivalent constitutional documents) of Spirastrella and the Offeror

(b) the memorandum and articles of association of NR Nordic

(c) the audited consolidated accounts of NR Nordic for the year ended 31 December 2008 and the period 23 October 2006 to 31 December 2007

(d) the published NR Nordic unaudited preliminary results for the six months ended 30 June 2009 and the published NR Nordic financial update for Q3 2009 (unaudited)

(e) the independent DTZ Property Valuation contained in Appendix III to the Offer Document;

(f) the reports prepared by E&Y and Numis contained in Appendix V to the Offer Document;

(g) the material contracts referred to in paragraph 6 of Appendix VI to the Offer Document;

(h) the letters of appointment referred to in paragraph 7 of Appendix VI to the Offer Document;

(i) the letters of consent referred to in paragraph 9 of Appendix VI to the Offer Document;

(j) the Offer Document and the Form of Acceptance

This is a joint announcement by Holowent and the Independent Directors of NR Nordic. Capitalised terms used but not defined in this announcement shall have the meanings attributed to them in the Offer Document.

In accordance with Rule 19.11 of the City Code, a copy of this announcement will be published on the websites of NR Nordic (http://www.nr-properties.co.uk) and Holowent (http://www.holowent.com).

Enquiries:

Lazard (Financial adviser to the Offeror) Patrick Long 44(0)207 187 2000

Kreab Gavin Anderson (PR adviser to the Offeror) Tom Poston 44(0)207 074 1800

Numis (Financial adviser to NR Nordic) Nick Westlake 44(0)207 260 1000

Lazard, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Offeror as financial adviser within the meaning of the Rules of the Financial Services Authority and for no one else in connection with the Offer. Lazard is not advising any other person or treating any other person as its client in relation thereto and will not be responsible to anyone other than the Offeror for providing the protections afforded to clients of Lazard, or for giving advice to any other person in relation to the Offer, the contents of this announcement, or any other matter referred to herein.

Numis, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for NR Nordic as financial adviser within the meaning of the Rules of the Financial Services Authority and for no one else in connection with the Offer. Numis is not advising any other person or treating any other person as its client in relation thereto and will not be responsible to anyone other than NR Nordic for providing the protections afforded to clients of Numis, or for giving advice to any other person in relation to the Offer, the contents of this announcement, or any other matter referred to herein.

[HUG#1393169]

Documents For Inspection: http://hugin.info/142917/R/1393169/350536.pdf