Interim Results

Aisi Realty Public Limited
27 September 2007


                           Aisi Realty Public Limited

                                Interim Results

Aisi Realty Public Limited ('Aisi' or 'the Company'), a closed-ended investment
company focusing on real estate development projects and related investments in
and around the major population centres of Ukraine, is pleased to announce its
interim results for the six months ended 30 June 2007.

On 1st August the Company successfully completed its admission to AIM and raised
a further $33.1m to be invested in real estate projects in Ukraine. This follows
on from successful fundraisings of over $67m the Company previously completed.

In addition to the five projects the Company held at the time of admission to 
AIM, the Company recently acquired an outdoor advertising business.

Net Asset Value

As at 30 June 2007 the Company's Adjusted Net Asset Value, following certain 
adjustments made by the Investment Manager, was $73,651,788.  This represents an 
Adjusted Net Asset Value per share of $0.64.

Outlook

The Company's projects remain on target and continue to make good progress.  The 
real estate market in Ukraine, particularly for development projects, remains 
strong and a significant number of investment opportunities are currently being 
reviewed.

Paul Ensor, Chairman

Enquiries

Aisi Realty:
Beso Sikharulidze                               0038 044 459 3000

Corfin Communications:
Neil Thapar, William Cullum                     020 7977 0020

Libertas Capital:
Andrew Hardy, Aamir Quraishi                    020 7569 9650


Consolidated Income Statements

In US Dollars                   Six months         Six months       Year ended
                                     ended              ended
                              30 June 2007       30 June 2006      31 December
                                                                          2006
                               (unaudited)        (unaudited)        (audited)

Profit from sale of
investment in subsidiary
undertakings                       883.301                  -                -
Increase in fair value of
investment                         991.504          9.654.446       14.110.087
property
General and administrative
expenses                        (1.810.443)          (662.981)      (3.532.597)
Other operating
income/(expense) net                  (205)           (63.008)          (5.481)
                                     -------         ----------        ---------

Profit/(loss) from operations       64.157          8.928.457       10.572.009
Finance income/(expense) net       (90.646)            (7.111)           3.994
                                  ----------          ---------          -------

Profit/(loss) before tax           (26.489)         8.921.346       10.576.003
Income tax expense                (252.970)        (2.413.612)      (4.511.103)
                                 -----------      -------------    -------------

Profit/(loss) for the
period/year                       (279.459)         6.507.734        6.064.900
                                  ========           ========         ========

Attributable to:

Equity holders of the parent      (268.841)         6.507.734        2.812.891
Minority interests                 (10.618)                 -        3.252.009
                                 -----------      -------------    -------------
                                  (279.459)         6.507.734        6.064.900
                                  ========           ========         ========



Consolidated Balance Sheets

In US Dollars                    Six months         Six months      Year ended
                                      ended              ended     31 December
                               30 June 2007       30 June 2006            2006
                                (unaudited)        (unaudited)       (audited)

Non-current assets
Investment property              29.894.205         15.098.446      25.176.948
Property, plant and equipment        56.962              9.135          64.418
Advances for investments         10.000.000          1.000.000               -
                                 ------------       ------------    ------------
                                 39.951.167         16.107.581      25.241.366
                                 ------------       ------------    ------------

Current assets
Advances to related parties         126.656                  -         120.000
Prepayments and other current
assets                              931.721            283.854         222.388
Cash and cash equivalents        35.739.306          2.944.678         373.473
                                 ------------        -----------       ---------
                                 36.797.683          3.228.532         715.861
                                 ------------        -----------       ---------
Total assets                     76.748.850         19.336.113      25.957.227
                                 ------------       ------------    ------------

Current liabilities
Accounts payable and accruals     2.189.714            339.154       2.245.300
Due to related parties              771.757          1.070.480         608.823
Income tax payable                   77.462                  -          77.462
Current portion of finance
lease                                 8.878                  -           8.878
                                 ------------       ------------    ------------
                                  3.047.811          1.409.634       2.940.463
                                  -----------        -----------     -----------

Non-current liabilities
Long-term portion of finance
lease                                45.164                  -          48.966
Deferred tax liability            4.686.610          2.413.612       4.433.641
                                  -----------        -----------     -----------
                                  4.731.774          2.413.612       4.482.607
                                  -----------        -----------     -----------
Total liabilities                 7.779.585          3.823.246       7.423.070
                                  -----------        -----------     -----------

Net assets                       68.969.265         15.512.867      18.534.157
                                   ========           ========        ========

Equity
Share capital                    64.478.521          9.711.645      13.121.395
Retained earnings                 2.276.656          5.801.222       2.545.497
                                  -----------        -----------     -----------
                                 66.755.177         15.512.867      15.666.892
Minority interests                2.214.088                  -       2.867.265
                                 ------------       ------------    ------------
Equity shareholders' funds       68.969.265         15.512.867      18.534.157
                                  =========          =========       =========

Consolidated Cash Flow Statements

In US Dollars                                     Six months        Six months
                                                       ended             ended
                                                30 June 2007      30 June 2006
                                                 (unaudited)       (unaudited)

Cash flows from operating activities
Profit/(loss) before tax                             (26.489)        8.921.347
Adjustments for:
Depreciation                                           6.442                 -
Change in unrealized gains/losses                    722.514                 -
Profit from sale of investments in
subsidiary undertakings                             (883.301)                -
Capitalization of the property related
expenses                                            (139.586)                -
Gain on revaluation of investment
property                                            (991.504)       (9.654.446)
                                                   -----------     -------------
Operating profit/(loss) before working
capital changes                                   (1.311.924)         (733.099)
(Increase)/decrease in advances for
investments                                      (10.000.000)          244.000
(Increase)/decrease in prepayments and
other current assets                                (709.333)         (245.653)
(Increase)/decrease in trade and other
payables                                          (2.198.439)           99.859
(Increase)/decrease in advances/payables
to related parties                                   156.278         1.070.480
Increase in minority shareholders'
liability                                         (1.067.941)           (9.136)
                                                   -----------     -------------
Net cash used in operating activities            (13.819.435)        1.159.550

Cash flows from investing activities
Proceeds from sale of investment in
subsidiary undertakings                            3.000.000        (5.444.000)
Purchases of investments                          (6.000.000)                -
Purchases of property, plant and
equipment                                             (2.788)                -
                                                   -----------     -------------
Net cash used in investing activities             (3.002.788)       (5.444.000)

Financing activities
Proceeds from shareholders'
contributions                                     53.499.980         7.900.000
                                                  ------------       -----------
Net cash provided by financing
activities                                        53.499.980         7.900.000
                                                  ------------       -----------

Net increase in cash and cash
equivalents                                       35.365.833         2.882.451
Cash and cash equivalents at the
beginning of the period/year                         373.473            62.227
                                                     ---------          --------

Cash and cash equivalents at the end of
the period/year                                   35.739.306         2.944.678
                                                    ========           =======

Consolidated Statements of Changes in Equity

In US Dollars                  Revaluation     Retained    Minority
               Share capital       reserve     Earnings    Interest        Total

Balance as at
January 2007      13.121.395     6.825.916   (4.280.419)  2.867.265   18.534.157
Payments for
shares issued
in 2006           1.499.980             -            -           -    1.499.980
Shares issued    52.000.000             -            -           -   52.000.000
Capital
raising costs    (2.142.854)            -            -           -   (2.142.854)
Minority
interest from
purchases and
sales of
subsidiaries              -             -            -    (642.559)    (642.559)
Profit for the
period                    -       651.504     (920.345)    (10.618)    (279.459)
                     -------     ---------  -----------  ----------  -----------

Balance as at
30 June 2007      64.478.521     7.477.420   (5.200.764)  2.214.088   68.969.265
                    ========      ========     ========     =======     ========

Notes to the interim Financial Statements

1. Statement of compliance

These interim consolidated financial statements for the six months ended 30 June
2007 and the comparative figures for the six months ended 30 June 2006 have been
prepared on the basis of the accounting policies set out in consolidated
financial statements for the year ended 31 December 2006 in so far as
applicable, as to the measurement and presentation in accordance with
International Accounting Standards ('IAS') and International Financial Reporting
Standards ('IFRS') promulgated by the International Accounting Standards Board
('IASB') up to the date of this announcement and applicable to the Group for the
reporting period.

The accounting policies are consistent with those that the Directors intend to
use in the annual IFRS consolidated financial statements for the year ending 31
December 2007.

The interim results for the six months ended 30 June 2007 were approved by the
Board of Directors on 24 September 2007.

2. Share Capital

In US               2007    2007      2007      2006         2006        2006
Dollars
                  No. Of    Share     Share      No. Of      Share       Share
                  Shares    Capital   Premium    Shares      Capital     Premium
Authorised

Ordinary
shares of
CY£0.01 each 875.000.000                       500.000.000
             -------------                   -------------

Issued and
fully paid
On 1          15.024.981   332.508   13.192.493  2.100.000    42.000   2.058.000
January
Issues of
shares in
April 2006             -         -            -  7.900.000   158.000   7.742.000
Payments
received
from
shareholders
for shares             -         -    1.499.980          -         -           -
issued in
2006
Issues of
shares in
March 2007    45.000.000   900.000   44.100.000          -         -           -
Additional
shares
related
to
conversion    45.018.746         -            -          -         -           -
at 7:4 in
April 2007
Issues of
shares in
June          10.937.500   218.750    6.781.250          -         -           -
2007         ----------- ---------   ----------     ------     -----       -----

At 30 June   115.981.227 1.451.258   65.573.723 10.000.000   200.000   9.800.000
             =========== =========   ========== ==========   =======   =========

Additional 50.210.601 ordinary shares were issued in connection to $33,1 million
raised during the admission to AIM on 1st August 2007.

3. Net Asset Value per Share

The per-share computations retroactively reflect the changes in number of shares
occurred as a result of conversions in March 2006 and April 2007. Net asset
value per share of $0,64 is calculated based on the adjusted net assets and on
ordinary shares of 115.981.227 outstanding at the end of the period. The
Investment Manager believes that the adjustments made fairly reflect the net
asset value as at 30 June 2007.



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