Vnesheconombank, the eurasian development bank and kazyna capital management to invest

St. Petersburg, 7 June 2008 – Vnesheconombank, The Eurasian Development Bank (EDB) and Kazyna Capital Management (KCM) confirm their intentions to invest in the Macquarie Renaissance Infrastructure Fund (MRIF, the Fund), the first major CIS infrastructure fund, it was announced today at the St Petersburg International Economic Forum. Vnesheconombank intends to be the Fund-s Cornerstone investor with a commitment of US$200 million. EDB will be the Fund-s Pan-CIS strategic partner with a commitment of up to US$200 million. KCM will be the Fund-s strategic partner for Central Asia with a commitment of up to US$50 million. The International Finance Corporation (IFC) and The European Bank for Reconstruction and Development (EBRD) are also considering providing up to US$100 million each in equity for MRIF in both cases subject to consideration and approval by their respective boards.

The Macquarie Renaissance Infrastructure Fund is targeting total investor commitments of US$1-1.5 billion, which will include up to US$50 million each from Macquarie Group and Renaissance.

According to Igor Yurgens, Chairman of Macquarie Renaissance, the Fund will provide investors with diversified exposure to a large and growing infrastructure market. "In Russia alone, it has been estimated that approximately US$1 trillion will be spent on infrastructure projects over the next 10 years, and it is anticipated that the private sector will play a key role in this expansion program. We look forward to developing this market together with these well respected institutions," Mr Yurgens said.

Infrastructure growth in the CIS is expected to be driven by a number of factors:

• strong macroeconomic fundamentals
• growing business and consumer demand for improved infrastructure services, such as roads, ports, airports and utilities
• relative underinvestment in infrastructure since the early 1990s
• an acceptance by government authorities of the key role of the private sector in accelerating infrastructure development
• recent introduction of legal frameworks designed to facilitate private investment in the sector.

"We believe the Fund is well positioned to participate in many of the exciting opportunities we are seeing in the CIS infrastructure sector. We are pursuing several attractive investment opportunities in greenfield PPPs as well as assets requiring investment for modernisation and/or expansion," said Paulo Almeida, Chief Executive Officer of Macquarie Renaissance.

Vnesheconombank is the Russian state development bank. Vnesheconombank-s mission is to ensure Russian economic growth by means of stimulating investment activity, development of infrastructure, support of innovative technologies and Russian industrial exports.

The Eurasian Development Bank is an international financial institution founded in order to foster economic growth and integration processes in the Eurasian region. The Bank was founded by an intergovernmental agreement that was signed in January 2006 by the Presidents of the Russian Federation and the Republic of Kazakhstan.

Kazyna Capital Management is a Kazakhstani development institution and a 100% subsidiary of Sustainable Development Fund Kazyna. Its main objective is to improve overall investment and innovation activities in Kazakhstan by providing investments to foreign and Kazakhstani companies which implement investment projects including investment funds, in the form of private equity funds, infrastructure funds, venture capital funds and investment portfolio funds.

IFC, part of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilising capital in the international financial markets, and providing advisory services to businesses and governments.

The EBRD, owned by 61 countries and two intergovernmental institutions, aims to foster the transition from centrally planned to market economies from central Europe to central Asia.

Macquarie Renaissance is a joint venture between Macquarie Group and Renaissance Capital, with the aim of developing infrastructure advisory and fund management opportunities in Russia and the CIS.