TMM Real Estate Development’s (TR61 GR: BUY) project portfolio was valued at USD 1.494 bln as of June 30, USD 26 mln more than the last appraisal as of December 31, 2007, according to the results announced yesterday in Kyiv. The valuation was done by CB Richard Ellis and included 35 projects with a total area of 3.3 mln m2. Alexander Romanov: As with the news of upgraded portfolio valuations of other Ukrainian real estate developers, the updated figure is not materially different from the previous valuation, therefore we do not expect this news to have a significant impact on TMM’s stock price. In TMM’s case, though the value of some projects in the portfolio increased up to 36% and one new project was added, the overall portfolio value was USD 1.494 bln vs. USD 1.468 bln as of December 31, 2007. The revaluation of maturing projects was mainly offset by applying higher discount rates for projects in early stages of development (for TMM, it was increased from 16% to 20%).