Prospectus Dated 3 May 2007

Renaissance Securities Trading Limited 10,000 Certificates due March 2009 linked to a Basket of Consumer and Retail Shares (the "certificates")

Guaranteed by Renaissance Capital Holdings Limited Issued pursuant to the Warrant and Certificate Programme

U.S.$1,000 per Certificate

This Prospectus is prepared in conjunction with the listing of the above Certificates issued by Renaissance Securities Trading Limited ( the "Issuer") on 20 March 2007 pursuant to its Warrant and Certificate Programme ( the "Programme") . This Prospectus will constitute a prospectus issued in compliance with the Prospectus Directive and relevant laws in Ireland . Application has been made to the IFSRA , as competent authority under Directive 20031711EC, for this Prospectus to be approved . Application has been made to the Irish Stock Exchange for the Certificates to be admitted to the Official List and trading on its regulated market . No assurance is given that , once made , such approval will be granted . This Prospectus , together with the documents incorporated by reference herein , comprises the prospectus for such application . Full information on the Issuer and the offer of the Certificates is only available on the basis of the combination of the provisions set out within this Prospectus and the information incorporated by reference herein .

Arranger I Dealer

Renaissance Securities (Cyprus) Limited

Subject as provided below in respect of the Reference Information, the Issuer accepts responsibility for the information contained in this Prospectus . To the best of the knowledge and belief of the Issuer ( which has taken all reasonable care to ensure that such is the case ), the information contained in this Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information . The information ( the "Reference Information") on each Basket Company and its Shares (each as defined on page 6 ) is more particularly described in Schedule 1 hereto including the sources from which such information has been taken . The Reference Information consists only of extracts from, or summaries of, information which is publicly available . The Issuer accepts responsibility that the Reference Information has been correctly extracted or summarised and as far as the Issuer is aware and is able to ascertain from publicly available information, no facts have been omitted which would render the Reference Information inaccurate or misleading . No further or other responsibility (express or implied ) in respect of the Reference Information is accepted by the Issuer . Interests in the Certificates may be held through Euroclear and Clearstream , Luxembourg and indirectly through institutions which are participants in Euroclear and Clearstream , Luxembourg . The Issuer will not be responsible for the operation of the clearing arrangements , which is a matter for the clearing institutions, their participants and the investors . No person has been authorised to give any information or to make representations other than those contained in this Prospectus in connection with the issue or sale of the Certificates and, if given or made, such information or representations must not be relied upon as having been authorised by the Issuer or by the Lead Manager . The Lead Manager has not verified the information contained in this Prospectus and makes no representation as to such information or to this Prospectus . This Prospectus comprises a prospectus for the purposes of Article 5 of Directive 2003/71 /EC (the "Prospectus Directive") and for the purpose of giving information with regard to the Issuer which is necessary to enable investors to make an informed assessment of the assets and liabilities , financial position, profit and losses and prospects of the Issuer. This Prospectus is to be read in conjunction with all documents which are deemed to be incorporated herein by reference ( see "Incorporation by Reference " below) . THE CERTIFICATES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U .S . SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") . SUBJECT TO CERTAIN EXCEPTIONS, THE CERTIFICATES MAY NOT BE OFFERED OR SOLD /OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U .S . PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT ("REGULATION S")) . THIS PROSPECTUS HAS BEEN PREPARED BY THE ISSUER FOR USE IN CONNECTION WITH THE OFFER AND SALE OF THE CERTIFICATES OUTSIDE THE UNITED STATES TO NON-U .S. PERSONS IN RELIANCE ON REGULATION S AND FOR LISTING OF THE CERTIFICATES ON THE IRISH STOCK EXCHANGE . Particular attention is drawn to the section of this Prospectus headed "Risk Factors" .

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TABLE OF CONTENTS

INCORPORATION BY REFERENCE

.4

SUMMARY . . . .. . . . . . . .. . . . . . . .. . . . . . .. .. . . . . . . . . . . . . . ... . . . . . .... . . . . .... . . . . . .. . . . . . . .. .. . . . . . . .. . . . . . . .. . . . . . .. .. . . . . ... . .. . . . ..... . . . . . . .. 5 RISK FACTORS . .. .. . . . . . .. . . . . . . .. . . . . .. .. . . . . . .. . . . . . . . ... . . . . . . .. . . . . . . . ... . . . . . . ... . . . . .... . . . . . ... . . . . . .... . . . . .... . . . . . . . . .. . . . .. ... 8 TERMS AND CONDITIONS OF THE CERTIFICATES . . . .. . . . . . .. .. . . . . ... . . . . . . ... . . . . . .... . . . . .. .. . . . . . .. . . . . . . . ... . 9 THE BASKET COMPANIES .. . . . . .... . . . . . . .. . . . . . .. .. . . . . . . .. . . . . . . .. . . . . . . . .. . . . . . . .. . . . . . .. . . . . . . . ... .. . . . . .. . . . . . . . ... . . . . . ... 24

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INCORPORATION BY REFERENCE The provisions of the base prospectus dated 31 August 2006 in respect of the issuer's Warrant and Certificate Programme which constitutes a base prospectus ( the "Base Prospectus ") for the purposes of the Prospectus Directive shall be deemed to be incorporated into and form part of this Prospectus in its entirety with the exception of the section entitled "Summary" on pages 6 to 12 of the Base Prospectus and the section entitled "Pro Forma Final Terms" on pages 23 to 32 of the Base Prospectus (which are replaced by the sections herein entitled "Summary" and "Terms and Conditions of the Securities " respectively), save that any statement contained in the Base Prospectus shall be deemed to be modified or superseded for the purpose of this Prospectus to the extent that a statement contained herein modifies or supersedes such earlier statement (whether expressly, by implication or otherwise) . Any statement so modified or superseded shall not be deemed , except as so modified or superseded , to constitute a part of this Prospectus . Terms used herein but not otherwise defined shall have the meanings given to them in the Base Prospectus . This Prospectus must be read in conjunction with the Base Prospectus and full information on the Issuer and the offer of the Certificates is only available on the basis of the combination of the provisions set out within this document and the Base Prospectus . Any statement contained in any document incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Prospectus to the extent that such statement is inconsistent with a statement contained in this Prospectus . Any website referred to in this Prospectus and the content of that website ( including any document or weblink contained in that website ) shall not form part of this Prospectus . Investors who have not previously reviewed the Base Prospectus should do so in connection with their evaluation of any securities issued by the issuer . Copies of the documents incorporated by reference in this Prospectus will be available free of charge during usual business hours at the offices of JPMorgan Chase Bank , N .A. of Trinity Tower, 9 Thomas Moore Street , London E1W 1YT . Any person receiving a copy of this Prospectus may obtain , without charge , upon written or oral request , a copy of any document incorporated by reference herein , except for the exhibits to such documents ( unless such exhibits are specifically incorporated by reference) . No websites that are cited or referred to in this Prospectus , shall be deemed to form part of, or to be incorporated by reference into, this Prospectus .

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SUMMARY This summary must be read as an introduction to this Prospectus and any decision to invest in the Certificates should be based on a consideration of the Prospectus as a whole, including the documents incorporated by reference . Following the implementation of the relevant provisions of Directive 2003/71/EC (the "Prospectus Directive ") in each Member State of the European Economic Area no civil liability will attach to the Responsible Persons in any such Member State solely on the basis of this summary, including any translation thereof, unless it is misleading, inaccurate or inconsistent when read together with the other parts of this Prospectus . Where a claim relating to the information contained in this Prospectus is brought before a court in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Prospectus before the legal proceedings are initiated . Summary of the Issuer and Guarantor The Issuer, Renaissance Securities Trading Limited, is an exempted limited liability company incorporated in Bermuda on 2 February 1998 under the Companies Act 1981 of Bermuda, as amended . Its business comprises fixed income securities trading and structured product sales with non-Russian counterparties . The Issuer is an indirect wholly-owned subsidiary of Renaissance Capital Holdings Limited (the "Guarantor") . Group Structure and Principal Activities The Guarantor is a private limited liability company incorporated in Bermuda, and is the ultimate parent for a group of companies incorporated in Bermuda, the United Kingdom, the United States of America, the Republic of Cyprus, the Netherlands, the Russian Federation, Ukraine and British Virgin Islands (collectively, the "Group" or "Renaissance") . The Group is an integrated financial services company and its primary businesses include sales and trading of Russian equity and fixed income securities , investment banking services including advisory, MM and asset management and investment advisory services . The Group's main offices are located in Moscow, London, New York, Nicosia (in the Republic of Cyprus) and Kiev (Ukraine). The Group structure consists of various operating subsidiaries and intermediate holding companies . The detailed description of principal operating subsidiaries of the Group is presented in "Description of the Group and the Guarantor' of the Base Prospectus . Summary of Terms and Conditions of the Certificates The following summary does not purport to be complete and is qualified in its entirety by the full text of this document and, in relation to the terms and conditions of any particular issue of Certificates or the Prospectus relating thereto . Terms not defined in this summary are defined elsewhere herein . Issuer:

Renaissance Securities Trading Limited .

Guarantor :

Renaissance Capital Holdings Limited .

Arranger and Dealer :

Renaissance Securities (Cyprus) Limited .

Principal Security Agent :

JPMorgan Chase Bank, N .A. (acting also as paying agent in respect of the Certificates) .

Irish Security Agent :

J .P . Morgan Bank (Ireland) plc . (acting also as paying agent in

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respect of the Securities) . Calculation Agent :

Renaissance Securities (Cyprus) Limited .

Irish Listing Agent :

J .P Morgan Bank ( Ireland) plc.

Status of the Securities : The Certificates are direct, unconditional, unsubordinated and unsecured general obligations of the Issuer . The obligations evidenced by the Certificates rank and will rank pane passu among themselves and equally with all other unsecured and unsubordinated indebtedness of the Issuer from time to time outstanding . Status of the Guarantee : The obligations of the Guarantor under the Guarantee, save for such exceptions as may be provided by applicable legislation or judicial order, are direct , unconditional , unsubordinated and unsecured obligations of the Guarantor and rank and will rank pani passu with its other present and future unsecured and unsubordinated contractual obligations . Warrant/Certificate : Type of Security :

Certificate.

Share

Security.

Relevant Asset(s) : A basket comprised of the shares (the "Shares" and each a "Share") of each Company (each a " Basket Company ") as described in Schedule 1 hereto . Issue Date:

20

March

Issue Price :

2007 .

U .S .$1,000 per Certificate . The Certificates may be offered from time to time at negotiated prices other than the Issue Price and which may vary at any one time between different purchasers .

Number:

10,000

Certificates . The Certificates may be issued in several tranches however the total number of Certificates issued shall not exceed 20,000 .

Purchase and Sale and Transfer On the secondary market Certificates may only be traded in amounts Restrictions : greater than or equal to U .S .$100,000. Specified Currency or Currencies : United States dollars . Interest:

None .

Redemption Date : The earlier of 23 March 2009 (the Final Redemption Date ) and the Early Redemption Date as defined in Annex 1 to the section headed "Terms and Conditions of the Certificates" . Early Redemption at the Option of The holder of a Certificate shall have the right to redeem such the Holder : Certificate prior to the Final Redemption Date further details of which are set out in Annex 1 . Settlement Date : Five (5) Business Days after the applicable Redemption Date . Cash/Physically Settled : Cash Settled Certificates . Certificate Settlement Notice : In order to obtain payment of the Cash Settlement Amount in respect of any Certificate, the Holder must deliver a duly completed

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settlement notice . Cash Settlement Amount :

The Cash Settlement Amount payable in respect of each Certificate shall be an amount equal to such Certificate's pro rata share of the U .S .$ equivalent of the aggregate proceeds of sale of the Shares by the Issuer less taxes and costs (including any costs of unwinding any Hedging Transaction and the Early Redemption Fee) incurred, provided always that if the Issuer is unable to sell or otherwise realise any of the Shares on or before the day falling one month after the date on which the Certificates are due to be redeemed, the proceeds of sale of such Shares shall be deemed to be zero . Further details are set out in Annex 1 to the section headed "Terms and Conditions of the Certificates" .

Expenses and Taxation :

The Issuer shall not be liable for or otherwise obliged to pay any tax, duty, withholding or other payment which may arise as a result of the ownership, transfer, exercise or enforcement of any Certificates by any person and all payments made by the Issuer shall be made subject to any such tax, duty, withholding or other payment which may be required to be made, paid, withheld or deducted .

Form of Securities :

Permanent Global Security exchangeable for Definitive Securities only upon an Exchange Event .

Selling Restrictions :

For a description of certain restrictions on offers, sales and deliveries of Certificates and on the distribution of offering material in the United States, the United Kingdom and certain other jurisdictions, see the section headed "Selling Restrictions" in the Base Prospectus

(beginning on page 78) . Risk Factors : The Certificates are not capital protected Certificates and the redemption proceeds paid to an investor depend on the price at which the corresponding Shares of the Basket Companies can be sold in the secondary markets. Therefore there is no guarantee that an investor will receive his invested amount on redemption of the Certificates . Investors should read carefully the sections headed "Risk Factors" herein and in the Base Prospectus (beginning on page 13) .

Governing Law :

English

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RISK FACTORS Holders should also read the risk factors set out in the Base Prospectus (beginning on page 13 of the Base Prospectus) which are incorporated by reference into this Prospectus . Prospective purchasers of the Certificates should ensure that they understand the nature of the Certificates and the extent of their exposure to risk and that they consider the suitability of the Certificates as an investment in the light of their own circumstances and financial condition . Prospective purchasers should conduct their own investigations and, in deciding whether or not to purchase Certificates , prospective purchasers should form their own views of the merits of an investment related to the Certificates based upon such investigations and not in reliance upon any information given . The Certificates are direct , unconditional , unsubordinated and unsecured obligations of the Issuer. The Certificates are not capital protected . The redemption proceeds paid to an investor in the Certificates depends on the price at which the corresponding Shares of the Basket Companies held by or on the Issuer 's behalf may be sold in the secondary markets . Therefore there is no guarantee that an investor will receive his invested amount on redemption of the Certificates . Neither the Issuer nor the Dealer makes any representation as to the existence of a secondary market for the Certificates .

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TERMS AND CONDITIONS OF THE CERTIFICATES RENAISSANCE SECURITIES TRADING LIMITED 10,000 Certificates due March 2009 linked to a Basket of Consumer and Retail Shares

Guaranteed by Renaissance Capital Holdings Limited Issued pursuant to the Warrant and Certificate Programme

PART A - CONTRACTUAL TERMS Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Base Prospectus dated 31 August 2006 which constitutes a base prospectus for the purposes of the Prospectus Directive ( Directive 2003/71/EC) (the "Prospectus Directive") . Full information on the Issuer and the offer of the Certificates is only available on the basis of the combination of this Prospectus and the Base Prospectus . The Base Prospectus is available for viewing at and copies may be obtained from JPMorgan Chase Bank, N .A. of Trinity Tower, 9 Thomas Moore Street, London E1W 1YT . 1 . (i) Issuer: (ii) Guarantor:

Renaissance Securities Trading Limited ( Bermuda) Renaissance Capital Holdings Limited ( Bermuda)

2 . Warrants/Certificates :

Certificates

3 . Specified Currency or Currencies :

United States dollars (" U .S .$")

4 . Type of Security : (I) Index Security :

Not Applicable

(ii) Share Security :

Applicable

(iii) Debt Security :

Not Applicable

(iv) Currency Security :

Not Applicable

(v) Commodity Security :

Not Applicable

(vi) Other Security :

Not Applicable

5 . Issue Price :

U .S .$1,000 per Certificate . The Certificates may be offered from time to time at negotiated prices other than the Issue Price and which may vary at any one time between different purchasers .

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6 . Number : 10,000 Certificates per Tranche A The Certificates may be issued in several trenches however the total number of Certificates issued shall not exceed 20,000 . 7. (i) Issue Date:

20

March

2007 .

(ii) Trade Date :

20

March

2007

(iii) Tranche:

A

WARRANT EXERCISE 8.

(i) American, European Style other :

or Not Applicable

(ii) Automatic Exercise:

Not Applicable

(i) Minimum Exercise Number:

Not Applicable

(ii) Maximum Exercise Number :

Not Applicable

(iii) Units :

Not Applicable

10.

Minimum Trading Size :

Not Applicable

11 .

Exercise Price :

Not Applicable

12 .

Call or Put:

Not Applicable

9.

SETTLEMENT AND REDEMPTION 13 .

Exercise Date(s ) :

Not Applicable

14 .

Exercise Period :

Not Applicable

15 .

Expiration Date :

Not Applicable

16 .

(i) Settlement Date :

Five (5) Business Days after the applicable Redemption Date

(ii) Settlement Business Day :

Any Business Day

(iii) Redemption Date :

The earlier of 23 March 2009 ( the "Final Redemption Date") and the Early Redemption Date as defined in Annex 1

17 . Cash/Physically Settled :

Cash Settled Certificates

18 . Issuer' s Option to vary Settlement :

Not Applicable

19 Cash Settlement Amount :

Shall be determined as set out in Annex 1 hereto (subject to the occurrence of a Potential Adjustment Event, Adjustment Event or Termination Event) .

20 . Settlement Currency:

U .S .$

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21 .

Guaranteed Cash Settlement Amount :

Not Applicable

22 .

Settlement Price:

Not Applicable

23 .

Exchange Rate :

If on the relevant Settlement Date any price or amount is quoted or calculated in a currency (the "Actual Currency") other than the Settlement Currency, such price or amount should be converted into the Settlement Currency at the Exchange Rate determined by the Calculation Agent acting in good faith on or about such relevant Settlement Date .

24 .

Business Day Centre ( s) :

London , New York, Nicosia, Moscow

25 .

Multiplier:

Not Applicable

26 .

Relevant Asset(s) :

A basket comprised of the shares ( the "Shares" and each a "Share ") of each company (each a "Basket Company ") as described in Annex 2

27 .

Method of Delivery of Entitlement:

Not Applicable

28 .

Evidence of Entitlement:

Not Applicable

29 .

Schedule Trading Day :

A day on which the Exchanges and each Related Exchange are open for trading for their respective

regular trading sessions 30 .

Valuation Date :

The Final Redemption Date or the Early Redemption Date , as applicable

31 .

Market Disruption :

Applicable

32 .

Relevant Time :

Not Applicable

ADJUSTMENTS AND SECURITIES SPECIFIC PROVISIONS 33 .

Index Securities:

Not Applicable

SHARE SECURITIES 34 .

Exchanges :

As set out in Annex 2

35 .

Related Exchange :

Each exchange or quotation system where trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the relevant Share

36 .

Method of Adjustment :

Calculation Agent Adjustment

37 .

Options Exchange :

Not Applicable

38 .

Additional adjustments relating to Relevant Assets listed , quoted or compiled on a stock exchange :

Not Applicable

39 .

Additional adjustments relating to Fund

Not Applicable

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40.

Adjustments for other Relevant Assets :

Not Applicable

41 .

Additional Termination Events :

Not Applicable

DEBT SECURITIES : 42 .

Nominal Amount :

Not Applicable

43 .

Relevant Screen Page :

Not Applicable

44 .

Provisions for calculations :

Not Applicable

CURRENCY SECURITIES : 45 .

Relevant Screen Page :

Not Applicable

46 .

Base Currency :

Not Applicable

47 .

Subject Currency :

Not Applicable

COMMODITY SECURITIES : 48 .

Provisions for calculations :

Not Applicable

MISCELLANEOUS 49 .

Relevant Clearing System :

Euroclear and/or Clearstream, Luxembourg

50 .

Alternative Clearing System :

None

51 .

Additional principal financial centre :

None

52 .

Purchase and Sale and Transfer Restrictions :

The subscription amount shall be equal to the product of (i) the number of Certificates subscribed for by the particular Holder and (ii) the price agreed between the Dealer and Holder ( the "Subscription Amount"). On the secondary market Certificates may only be traded in amounts greater than or equal to U .S .$100,000 .

53 .

Date of resolution of Board of Directors of the Issuer approving the issue of the Certificates :

54 .

Commission/Concession : (i) Arrangement Fee :

9 March 2007

The Dealer will charge 1 .00 per cent. of the Subscription Amount, or another negotiated

amount, as arrangement fee (the " Arrangement Fee") . The Arrangement Fee will be paid by the particular Holder to the Dealer in addition to the Subscription Amount . (ii) Early Redemption Fee :

FMDCMN 9308-58/AZS/JAZG(0 009332)

An early redemption fee of 3 per cent . will be deducted by the Dealer off the Aggregate Sale Proceeds to be paid to the relevant holder of

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Certificates . GENERAL PROVISIONS APPLICABLE TO THE SECURITIES 55. Form of Securities : Permanent Global Security exchangeable for Definitive Securities only upon an Exchange Event. 56. Other final terms:

Applicable : (a) The holder of a Certificate shall have the right to redeem such Certificate prior to the Final Redemption Date further details of which are set out in Annex 1 . (b) All determinations and calculations to be made by the Calculation Agent shall be done by it acting in good faith and in a commercially reasonable manner. (c) The Issuer may, but is not obliged to, from time to time declare coupons or dividends with respect to Certificates as described in Annex 1 .

DISTRIBUTION 57 . (1) If syndicated, names and Not Applicable addresses of the Managers and underwriting commitments : (ii) Date of Syndication Agreement: Not Applicable (iii) Stabilising Manager (if any) : Not Applicable 58 . If non-syndicated, name and address of Renaissance Securities (Cyprus) Limited gth Floor Dealer:

Capital Centre 2-4 Arch . Makarios Ill Avenue Nicosia 1505 Cyprus 59 . Selling restrictions : As set out in the section entitled "Selling Restrictions" in the Base Prospectus 60. Estimate of total expenses related to Euro 4,000 admission to trading : Interests in the Certificates may be held through Euroclear and Clearstream, Luxembourg indirectly through institutions which are participants in Euroclear and Clearstream, Luxembourg . The Issuer will not be responsible for the operation of the clearing arrangements which is a matter for the clearing institutions, their participants and the investors . RESPONSIBILITY

Each of the Issuer and the Guarantor accepts responsibility for the information contained in these Terms and Conditions or Prospectus . Signed on behalf of the Issuer and the Guarantor :

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By Duly authorised

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PART B - OTHER INFORMATION 1 . LISTING

2.

Listing :

Applicable

Admission to Trading :

Application will be made for the Certificates to be admitted to the Official List and trading on the regulated market of the Irish Stock Exchange or of any other stock exchange as the Issuer may decide. No guarantee can be given that such application( s), once made , will be successful .

INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE ISSUE Save as discussed in herein and in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Certificates has an interest material to the offer .

3.

REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

(i)

Reason for the offer

As set out in the section entitled "Use of Proceeds" in the Base Prospectus and Annex 1 .

(ii)

Estimated gross proceeds :

U .S .$ 10,000,000

(iii)

Estimated total expenses :

The approximate expenses incurred by the Issuer in respect of the Certificates are as follows : Legal Expenses = £20,000 Listing Fee = Euro 4,000

(iv) Estimated net proceeds :

U .S .$10,000,000

4 . Index , Equity, Commodity , Currency or Debt Security or formula -linked Securities only performance of relevant Index , Equity, Commodity, Currency or Debt Security or other underlying , explanation of effect on value of investment and associated risks and other information concerning the underlying . On redemption of a Certificate the amount paid to the Holder of such Security on the relevant Settlement Date will be equal to that Certificate's pro rata share of the actual sales proceeds received by the Issuer on the sale of the Share(s) relevant to such redemption on such Redemption Date less any Early Redemption Fee, if applicable . Further information on the Shares is available on the relevant Bloomberg page specified for each Share in Annex 2 . 5 . OPERATIONAL INFORMATION ISIN Code :

BMG74947I 394

Common Code :

029099995

Any clearing system ( s) other than Euroclear Bank Not Applicable . S .A ./N .V. and Clearstream Banking , societe anonyme and the relevant identification number(s) :

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Delivery:

Free of payment

Names and addresses of additional Security Agent ( s) Not Applicable (if any) : 6. REPRESENTATIONS OF HOLDERS OF CERTIFICATES By purchasing the Certificates, each Holder represents and agrees that: (a) it has sufficient knowledge and experience and has taken such professional advice and has independently obtained such information as it thinks necessary to make its own evaluation of the merits and risks involved in purchasing the Certificates and in making an investment of this type, (b) it understands that the Cash Settlement Amount will be dependent upon the performance of the Share (as defined in Annex 1 attached hereto ), which contains substantial risks and that neither the Guarantor nor Issuer provides any guarantees or undertakings regarding the performance of the Shares ; (c) it understands and agrees that the Issue Price may include an amount related to hedging arrangements entered into by the Issuer and one of its affiliates and the Certificates may be re-sold in the future at prices which may be greater or less than such price ; (d) it understands that since the entity acting as Calculation Agent is an affiliate of the Issuer, potential conflicts of interest may exist between such affiliate in its capacity as the Calculation Agent , on the one hand , and the Holders of Certificates on the other ; (e) it acknowledges that , in acting hereunder, the Calculation Agent is acting as agent of the Issuer and such entity shall not thereby assume any obligations towards or relationship of agency or trust for or with the Holders of Certificates ; (f) it understands and acknowledges that an arrangement fee is being paid to a third party in relation to the issue of the Certificates. Full details of this fee will be disclosed to the Holder upon request ; (g) it understands that the Certificates do not constitute beneficial ownership of the Shares and do not entitle the Holder to any rights , including voting rights , directly arising from holding the Certificates .

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ANNEX 1 Use of Proceeds On or after the Issue Date of each Tranche, the Issuer will acquire, or procure that any of its Affiliates will acquire the number of Shares comprising the Basket under such Tranche using the Net Proceeds of such Tranche. The Issuer, or its Affiliate ( as the case may be) is obliged to hold all such Shares and is not able to sell them to, or encumber them in favour of, any third party until the Final Redemption Date of the Certificates or until the Early Redemption Date of the Certificates (whichever is the earlier) . For the purposes of the preceding paragraph the purchase price per each Share shall be determined by the Calculation Agent in its absolute discretion and all such transactions of the Issuer or its Affiliate (as the case may be) with respect to the Shares shall constitute hedging transactions ( the "Hedging Transactions" and each a " Hedging Transaction") . 2 . Coupons and Dividends 2 .1 The Issuer may, but is not obliged to, from time to time declare coupons and dividends (the "Distribution ") with respect to the Certificates . Any such Distribution shall be payable in cash to the relevant Holders on the Distribution Payment Dates . 2 .2 Subject as provided in paragraphs 5 and 6 below, the amount of any Distribution payable in respect of each Certificate on each Distribution Payment Date shall be an amount equal to such Certificates pro rata share of the U .S .$ equivalent of the Declared Distribution Amount in respect of the immediately preceding Accrual Period . 3 . Early Redemption 3 .1 At the Option of each Holder Subject to paragraphs 5 and 6 below, the Holder of one or more Certificates may redeem all such Certificates held by it on any Settlement Business Day (the " Early Redemption Date") by the delivery of a Certificate Settlement Notice in respect of such Certificate(s) to the Principal Securities Agent (as required pursuant to Condition 6), with copies sent to the Issuer and the Calculation Agent, no later than ten (10) Business Days prior to such Early Redemption Date . Provided such Certificate Settlement Notice is valid (for which purposes it must have been copied to the Issuer and the Calculation Agent) the Issuer shall redeem such Certificate(s) and shall pay to the Holder of such Certificate(s) on the relevant Settlement Date the Cash Settlement Amount to such account of the Holder as is specified in the Certificate Settlement Notice . Upon early redemption of a Certificate by the Holder thereof, the Issuer shall cancel such Certificate . 3 .2 At the Option of the Issuer For the purposes of Condition 14 (Illegality), cancellation of the Certificates thereunder shall, at the option of the Issuer, also occur upon the occurrence of a Termination Event (as defined below) and, to the extent permissible under applicable law, the Issuer will make reasonable efforts to pay to each Holder the Cash Settlement Amount . 4 . Cash Settlement Amount

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LN :2588F51 4f

For the purposes of these Terms and Conditions the "Cash Settlement Amount" payable in respect of each Certificate shall be an amount equal to such Certificate's pro rata share of the U .S.$ Equivalent of the Aggregate Net Sale Proceeds less (i) any costs related to unwinding any Hedging Transaction and (ii) the Early Redemption Fee . 5 . Non-convertibility 5 .1 If the Calculation Agent determines that a Non-Convertibility Event has occurred and is continuing on any Redemption Date : (A) the Issuer shall not be required to pay the Cash Settlement Amount otherwise due on such Redemption Date (the " Non-Convertible Redemption Amount") ; (B) if, in the reasonable opinion of the Issuer , all applicable laws and regulations prevailing at the relevant time permit the transfer of the relevant number of Shares of the Basket Companies by the Issuer to or to the order of the Holders , the Issuer shall give notice to such Holders in accordance with Condition 17 and each Holder may elect by notice to the Issuer ( to be served on the Issuer not later than 15 Business Days after the giving of the said notice to such Holders) to receive such Shares in respect of the Certificates held by such Holder, the amount of Shares to be received in respect of each such Certificate (such amount, the "Alternative Redemption Amount ") to be equal to a proportionate part of the applicable Shares to be transferred by the relevant Basket Company which the number of Certificates held by such Holder bears to the aggregate number of outstanding Certificates, less any number of such Shares realised or retained by the Issuer to cover any Taxes and Costs incurred by the Issuer and/or the Issuer and/or any Affiliate in connection with the transfer or delivery of the applicable Shares for the purpose of this sub - paragraph (B) . Any Taxes and Costs referred to in the preceding sentence shall be for the account of each of the Holder and the Issuer may reduce or retain a number of applicable Shares in order to account for such Taxes and Costs or, at its option , may require a Holder to pay to the Issuer such Holder ' s proportionate share of such Taxes and Costs prior to the transfer to such Holder of its proportionate share of the applicable Shares . The Alternative Redemption Amount will be rounded down to the nearest Share issued by the relevant Basket Company but after aggregating for this purpose all Certificates in respect of which an election is made at the same time by the same Holder . The Issuer shall have no liability to any Holder as a result of such rounding down . Delivery of any Shares pursuant to this sub-paragraph ( B) shall be made in such manner and on such date ( the "Alternative Redemption Settlement Date ") as the Issuer shall determine and notify to the relevant Holder and shall be subject to the payment by such Holder of any Taxes and Costs referred to in the preceding paragraph to the extent that no deduction is made in respect thereof from the amount of the Shares transferred . Upon such delivery and , if applicable , payment in respect of the relevant Certificates all liability of the Issuer in respect of such Certificates shall be discharged . Notwithstanding any provision of the Certificates, the Issuer shall not be required to offer, sell or otherwise transfer to any U . S . Person (as defined in Regulation S under the U .S . Securities Act of 1933, as amended ) any security ( a "Subject Security") issued by the relevant Basket Company unless such offer, sale or transfer can be made in a transaction that, after giving effect to any agreement by the holders of Certificates to transfer restrictions on the Subject Security , would be exempt, as determined in the absolute discretion of the Issuer , from registration under such Act and applicable state securities laws ; and

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IN 2568F514 E

(C) if the Issuer freely and unconditionally receives any U . S.$ amount in exchange for the Aggregate Sales Proceeds (or any part thereof ) relating to any Shares which are not delivered to Holders pursuant to sub - paragraph ( B) above within the period of one calendar month after such Redemption Date and is able freely and unconditionally to transfer such U .S .$ amount to the Holders , the Issuer shall give notice to the Holders which have not exercised the election to receive Shares referred to in sub - paragraph (B) above (the "NonElecting Holders") and, not later than 10 Business Days following receipt of such U .S .$ amount by or on behalf of the Issuer , the Issuer shall pay such U .S .$ amount ( less an amount equal to any Taxes and Costs incurred by Issuer the Issuer and/or any Affiliate) to the Non-Electing Holders , the amount payable in respect of each Certificate held by the Non-Electing Holder being such Certificate ' s pro rata share of such U .S .$ amount; and (D) except as provided in sub -paragraphs 4 .1(B) or (C) above , the Issuer shall have no further obligations or liability whatsoever in respect of the Non-Convertible Redemption Amount . 5 .2 If the Calculation Agent determines that a Non-Convertibility Event has occurred and is continuing on any date on which the Certificates are to be redeemed and cancelled by the Issuer in accordance with Condition 12 or 14 : (A) the Issuer shall not be required to pay any cash amount owing to the Holder of a Certificate pursuant to either such Condition (in each case the "Mandatory Non-Convertible Redemption Amount") . However, if, in the reasonable opinion of the Issuer, all applicable laws and regulations prevailing at the relevant time permit the transfer of the relevant number of Shares of the Basket Company by the Issuer to or to the order of the Holders, the Issuer shall give notice to such Holders in accordance with Condition 17 and each Holder may elect by notice to the Issuer (to be served on the Issuer not later than 15 Business Days after the giving of the said notice to such Holders) to receive Shares in respect of the Certificates held by such Holder . The amount of Shares to be received in respect of each such Certificate will be determined in the sole and absolute discretion of the Issuer (such amount to constitute an "Alternative Redemption Amount" for the purposes of sub-paragraph 5 .1(B) above) and the remaining provisions in sub-paragraph 5 .1(B) above shall apply ; (B) if the Issuer freely and unconditionally receives any U . S .$ amount in exchange for the sale proceeds from any Shares not delivered to Holders pursuant to sub - paragraph 5.2(A) above within the period of one calendar month after any Alternative Redemption Date that occurs pursuant to sub-paragraph 4 .2(A) and is able freely and unconditionally to transfer such U . S .$ amount to the Holders , the Issuer shall give notice to the Holders which have not exercised the election to receive Shares referred to in subparagraph 5 .2(A) above (such Holders to constitute " Non-Electing Holders " for the purposes of sub- paragraph 4 .1(C) above) and the remaining provisions in sub - paragraph 5 .1(C) above shall apply with the exception that the amount payable in respect of each Certificate shall be determined by the Issuer in its sole and absolute discretion ; and (C) except as provided in sub-paragraphs 5 .2(A) or ( B) above , the Issuer shall have no further obligations or liability whatsoever in respect of the Mandatory Non-Convertible Redemption Amount. 6 . Adjustments

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LN . 2588F51 4£

6 .1 If an Adjustment Event has occurred on relation to any of the Shares , the Calculation Agent in its sole and absolute discretion may take the action described in (A) or ( B) below: (A) determine in its sole and absolute discretion the appropriate adjustment, if any, to be made to the number of Shares of the relevant Basket Company attributable to each Note and/or any of the other terms of these Conditions to account for the Adjustment Event and determine the effective date of that adjustment ; or (B) cancel the Certificates by giving notice to Noteholders in accordance with Condition 17 . If the Certificates are so cancelled the Issuer will pay an amount in US$ to each holder in respect of each Certificate held by it which amount shall be the fair market value of a Certificate taking into account the Adjustment Event, less (i) the Facility Amount (including Accrued Interest) and (ii) all costs the Issuer or its Affiliates might have realising the Shares, all as determined by the Calculation Agent in its sole and absolute discretion . Payment will be made in such manner as shall be notified to the Noteholders in accordance with Condition 17 ; or 6.2 Upon the occurrence of an Adjustment Event, the Calculation Agent shall give notice as soon as practicable to the holders in accordance with Condition 17 stating the occurrence of the Adjustment Event, as the case may be, giving details thereof and the action proposed to be taken in relation thereto . However, holders should be aware that there may be necessarily some delay between the time at which any of the above events occur and the time at which it is reported to holders . 6 .3 Following the declaration by any Basket Company of the terms of any Potential Adjustment Event, the Calculation Agent will, in its sole and absolute discretion, determine whether such Other Adjustment Event has a diluting or concentrative effect on the theoretical value of the Shares and if so, will (i) calculate and make the corresponding adjustment, if any, to be made to the number of shares of the relevant Basket Company attributable to each Certificate and/or any of the other terms of these Conditions as the Calculation Agent in its sole and absolute discretion determines appropriate to account for that diluting or concentrative effect and (ii) determine the effective date of that adjustment Upon making any such adjustment, the Calculation Agent shall give notice as soon as practicable to the holders in accordance with Condition 17, stating the adjustment to the Shares of the relevant Basket Company and/or any of the other terms of these Conditions and giving brief details of the Other Adjustment Event. 7 . Definitions The following definitions shall apply for the purposes of these Terms and Conditions and terms not defined herein shall have the meaning ascribed thereto in the Conditions set out in the Base Prospectus: "Accrual Period " means the period from and including the preceding Distribution Payment Date (but in the case of the first Accrual Period, from and including the Issue Date ) to but excluding the next Distribution Payment Date (but in the case of the final Accrual Period, to but excluding the Redemption Date) . "Adjustment Event" means the occurrence of any of the following : (i) Merger Event;

(ii) Nationalisation ;

FMDCM/19308-58/AZS/JAZG( D009332)

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LN 2588F51_4£

(iii) Insolvency ; or (iv) Other Adjustment Event . "Affiliate " means any direct or indirect subsidiary of the Issuer , any entity which controls the Issuer either directly or indirectly and any entity which is under either direct or indirect common control with the Issuer . "Aggregate Net Sale Proceeds " means Aggregate Sale Proceeds received by the Issuer or its Affiliate (as the case may be) for the sale of the Basket comprising the Shares less Taxes and Costs incurred by the Issuer or any Affiliate . " Aggregate Sale Proceeds " means the aggregate proceeds of sale of the Shares of the Basket Companies (or, in the case of redemption of some only of the Certificates, a pro rata portion of the Shares selected by the Issuer) by the Issuer, provided always that if the Issuer is unable to sell or otherwise realise any of the Shares on or before the Cut-off Date, the proceeds of sale of such Shares shall be deemed to be zero . If the issuer is unable to sell or otherwise realise any of the Shares on or before the Final Redemption Date or, if applicable, the relevant Early Redemption Date or date on which the Certificates are to be redeemed pursuant to Condition 12 or 14, the Issuer shall be entitled to postpone payment of the Cash Settlement Amount until the date falling five (5) Business Days after such sale or other realisation or, if earlier, the date two (2) Business Days after the Cut-off Date . " Costs " means any costs , expenses , levies or other charges whatsoever incurred by the Issuer or the Issuer or any of its Affiliates in connection with redeeming the Certificates or hedging , indirectly or directly, the obligations of the Issuer in respect of the Certificates (such hedging to include the Issuer and /or any of its Affiliates maintaining funds in the Russian Federation ), holding or disposing of the applicable Shares . "Cut-off Date " means in relation to any date on which the Certificates are due to be redeemed, the day falling one calendar month after such date . "Declared Distribution Amount " means an amount in cash (if any) declared by the Issuer to be paid with respect to the Certificates for each Accrual Period . "Distribution Payment Date " means 24 March 2008 and the Redemption Date . "Jurisdiction Event " means any of the following : (i) the occurrence of any event or existence of any condition which , in the opinion of the Calculation Agent, is created on or after the Issue Date by, or results on or after such date from , any action of, or failure to act by , the government of the Relevant Jurisdiction or any agency or regulatory authority thereof, the Central Bank or the Ministry of Finance of the Relevant Jurisdiction , that, in the opinion of the Calculation Agent, has the effect of prohibiting or restricting the ability of the Issuer to hold , or dispose of, any of the Shares when compared with the restrictions known to the Issuer on the Issue Date ; (ii) any event which occurs in the Relevant Jurisdiction on or after the Issue Date , including but not limited to any changes in laws and regulations and changes in the interpretation and enforcement of laws and regulations and any amendment to the charter or other constitutive documents of any of a Basket Company pursuant to which any hedging arrangements envisaged in respect of any Basket Company or Shares ( whether taken individually or collectively or in part) may be recharacterised or interpreted by a legal , regulatory or other governmental authority of the Relevant Jurisdiction or by a Basket Company in a manner which is inconsistent with the commercial objectives of the Issuer in entering into such hedging arrangements ; or

FMDCM/ 19308- 58/AZS/JAZG (D009332 )

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LN .2568F51 4£

(iii) a challenge by a third party to the Issuer's title to any of the Shares . "Net Proceeds " means, with respect to this Tranche A, U .S .$10,000,000 . "Other Adjustment Event " means De-Listing and/or a Tender Offer or a Potential Adjustment Event . "Non-Convertibility Event" means the occurrence of any event or existence of any condition which, in the opinion of the Calculation Agent is created on or after the Issue Date by, or results on or after such date from, any action of or failure to act by the government of the Relevant Jurisdiction or any agency or regulatory authority thereof, including the Ministry of Finance or the Central Bank of the Relevant Jurisdiction, that, in the opinion of the Calculation Agent, has the effect of further restricting, prohibiting or delaying the exchange of Relevant Currency for dollars or the repatriation thereof abroad by non-residents of the Relevant Jurisdiction when compared with the restrictions and delays known by and enforced on the Issuer at the Issue Date . "Other Taxes" means, save for any items included in part (i) of the definition of "Taxes" contained in these Terms and Conditions, any Russian, Cypriot or Bermudan tax including, but not limited to, any duty, withholding, levy, impost, deduction, value added tax or tax which is payable as at the Issue Date or will become payable at any time thereafter (i) by or in connection with the purchase, holding, sale or transfer of the Shares, or (ii) on payment or receipt of distribution of dividends on the Shares in any form, such amounts to be determined by the Calculation Agent in its sole discretion . "Relevant Currency " means the lawful currency of the Relevant Jurisdiction . " Relevant Jurisdiction " means , in relation to each Basket Company , the jurisdiction of incorporation of such Basket Company or the jurisdiction in which the Exchange where the Shares of such Basket Company are listed is located . "Taxes " means ( i) any taxes , duties , levies , imposts and deductions payable or levied in Russia , Cyprus or Bermuda ( as at the Issue Date or at any time thereafter) on dividends, profits, income or gains in respect of the Shares ( on the assumption that gains and losses on sales or transfers of Shares cannot be offset and no expenses or costs are deductible) and all penalties and liabilities with respect thereto and (ii) any Other Taxes, the amount of all Taxes being determined by the Calculation Agent in its sole discretion. "Termination Event" means a Non-Convertibility Event or a Jurisdiction Event . "U .S .$ Equivalent" with respect to any amount in Roubles means an equivalent amount in U .S .$ as the Calculation Agent, acting in good faith, shall determine by reference to rates quoted by major financial institutions active in the U .S .$/Roubles foreign exchange interbank market for a transaction of the appropriate size on the date of such determination

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LN'2588F51 4£

ANNEX 2 Basket Company

Nominal value per Share

Type of security

% of Basket

Exchange

ISIN

Common Code

Bloomberg page

Cherkizovo Group

N/A

Global Depositary Receipt

12 .5

London Stock Exchange (LSE)

US68371H2094

66371H209



Group Razguliay

RUB 3 .00

Common Stock

12 .5

Moscow Interbank

RUOOOAOHG4P4

OOOAOHG4P

< GRAZ RM>

R00007247243

000724724

< KLNA RM>

RUOOOAOD8G13

OOOAOD8G1

< LBDO RM>

Currency Exchange (MICEX) Kalina

RUB 70 .00

Common Stock

12 .5

Moscow Interbank

Currency Exchange (MICEX) Lebedyansky

RUB 0 .01

Common Stock

Moscow Interbank

12 .5

Currency Exchange (MICEX) Oriflame Cosmetics

N/A

Receipt

12 .5

Stockholm Exchange

SE0001174889

000117488

< ORI SS>

RUB 0 .50

Common Stock

12 .5

Moscow Interbank Currency Exchange

RUOOOAODM8R7

OOOAODMBR

< SCOH RM>

US97263M1099

97263M109

< WBD US>

US98387E2054

98387E205

< FIVE LI>

SA OAO Seventh Continent

(MICEX) WIMM BILL DANN

N/A

12 .5

New York Stock

Depositary Receipt

Foods X 5 Retail Group NV

American

N/A

Global Depositary Receipt

Exchange (NYSE) London Stock Exchange (LSE)

12 .5

23

SCHEDULE 1 : PART 1 THE BASKET COMPANIES

The information included herein with respect to the basket comprised of the Shares of each company (each a "Basket Company ") consists only of extracts from, or summaries of, publicly available information . Such information has not been prepared in connection with the offering of the Certificates. The Issuer accepts responsibility that such information has been accurately extracted or reproduced . No further or other responsibility in respect of such information is accepted by the Issuer and, in particular, the Issuer does not accept responsibility in respect of the accuracy or completeness of the information set forth herein concerning each Basket Company or its Shares or that there has not occurred any event which would affect the accuracy or completeness of such information . The Share Price levels shown in the table below under "Share Price Information" show the high and low closing levels of the Shares for the periods indicated. While the table below provides some historical data regarding the risks of investing in the Shares, past results are not necessarily indicative of future performance. Prospective purchasers of the Certificates are advised to consult their own legal, tax, accountancy and other professional advisers to assist them in determining the suitability of the Certificates for them as an investment. Each prospective purchaser of the Certificates should be fully aware of and understand the complexity and risks inherent in the Certificates before it makes its investment decision in accordance with the objectives of its business. The information provided in this Annex in respect of each Basket Company and its Shares is intended to provide only a very basic outline of the general nature of each Basket Company and the recent performance of its Shares . The information is in highly abbreviated form only, and investors must look to other sources of information (including, without limitation, those sources of information referred to herein) in order to obtain all material information in respect of each Basket Company and the Shares upon which to base their investment decision in the Certificates .

24

Basket Company

Nominal value per

Type of security

% of Basket

Exchange

ISIN

Common Code

Bloomberg page

Share Cherkizovo Group

NIA

Global Depositary Receipt

12 .5

London Stock Exchange (LSE)

US68371 H2094

68371H209



Group Razguliay

RUB 3 .00

Common Stock

12 .5

Moscow Interbank

RUOOOAOHG4P4

OOOAOHG4P

< GRAZ RM>

Currency Exchange (MICEX) Kalina

RUB 70 .00

Common Stock

12 .5

Moscow Interbank Currency Exchange (MICEX)

R00007247243

000724724

< KLNA RM>

Lebedyansky

RUB 0 .01

Common Stock

12 .5

Moscow Interbank Currency Exchange (MICEX)

RUOOOAOD8GI3

OOOAOD8G1

< LBDO RM>

Oriflame Cosmetics

N/A

Receipt

12 .5

Stockholm Exchange

SE0001174889

000117488

< ORI SS>

OAO Seventh Continent

RUB 0 .50

Common Stock

12 .5

Moscow Interbank Currency Exchange (MICEX)

RUOOOAODM8R7

OOOAODMBR

< SCOH RM>

WIMM BILL DANN Foods

NIA

American Depositary Receipt

12 .5

New York Stock Exchange (NYSE)

US97263M1099

97263M109

< WBD US>

X 5 Retail Group NV

N/A

Global Depositary Receipt

12 .5

London Stock Exchange (LSE)

US98387E2054

98387E205

< FIVE LI>

SA

25

SCHEDULE 1 : PART 2 SHARE PRICE INFORMATION The following table shows the high and low levels of the closing price of the Shares in each Basket Company on the relevant Exchange for each of the periods indicated . The historical performance of the Shares should not be taken as an indication of the future performance . 1 . CHERKIZOVO GROUP Year Ended 31 December Highest (USD) Lowest (USD) 2004 2005 2006

N/A N/A 16

N/A N/A 11

2. GROUP RAZGULIAY Year Ended 31 December

Highest (RUB)

Lowest (RUB)

2004 2005 2006

N/A N/A 350

N/A N/A 97

Year Ended 31 December

Highest (RUB)

Lowest (RUB)

2004 2005 2006

3700 1310 1790

555 .55 480 900

Year Ended 31 December

Highest (RUB)

Lowest (RUB)

2004 2005 2006

N/A N/A 2295

N/A N/A 1200

Year Ended 31 December

Highest (SEK)

Lowest (SEK)

2004 2005 2006

278 236 295

134 141 211 .5

3. KALINA

4. LEBEDYANSKY

5. ORIFLAME COSMETICS SA

6. OAO SEVENTH CONTINENT Year Ended 31 December

Highest (RUB) Lowest (RUB)

2004 2005 2006

N/A 840 799

7. WIMM BILL DANN Foods 26

N/A 293 460

Year Ended 31 December

Highest (USD)

Lowest (USD)

2004 2005 2006

20 .45 24 .6 67 .49

11 .9 14 .22 22 .15

Year Ended 31 December

Highest (USD)

Lowest (USD)

2004 2005 2006

NIA 26 .1 27

NIA 11 .85 12 .5

8 . X 5 RETAIL GROUP NV

(Source: Bloomberg (23 March 2007))

27

REGISTERED OFFICE OF THE ISSUER Renaissance Securities Trading Limited Canon's Court 22 Victoria Street Hamilton HM12 Bermuda

REGISTERED OFFICE OF THE GUARANTOR

ARRANGER , DEALER AND CALCULATION AGENT

Renaissance Capital Holdings Limited Canon's Court 22 Victoria Street Hamilton HM12 Bermuda

Renaissance Securities ( Cyprus ) Limited 9t' Floor

Capital Centre 2-4 Arch . Makanos III Avenue Nicosia 1505

Cyprus

PRINCIPAL SECURITIES AGENT JPMorgan Chase Bank, NA. Trinity Tower 9 Thomas More Street London E1W 1YT

LEGAL ADVISERS as to Bermudan Law Appleby Spurling Hunter Canon's Court 22 Victoria Street PO Box HM 1179 Hamilton HM EX

as to English Law Simmons 8 Simmons CityPoint One Ropemaker Street London EC2Y 9SS

Bermuda IRISH LISTING AND IRISH SECURITIES AGENT

AUDITORS OF THE GUARANTOR

J .P . Morgan Bank ( Ireland) plc JP Morgan House International Financial Services Centre Dublin 1 Ireland

Ernst 8 Young LLC 1, 77 Sadovnicheskaya nab., Moscow 115035, Russian Federation

28