Announcement on the Launch of the Russian Direct Investment Fund

ST PETERSBURG, Russia, June 17, 2011 -

Today at the St. Petersburg International Economic Forum Russian
President Dmitry Medvedev officially announced the launch of the
Russian Direct Investment Fund. The Fund’s management committee has
been registered, its leadership appointed and preliminary reactions
from international investors have been positive.

Over the coming five years the $10 billion Russian
government-backed fund will make direct investments in businesses
and assets in high-growth sectors of Russia’s economy. In every
investment it makes, the fund is mandated to co-invest with leading
institutional investors or corporates - thus acting as a catalyst
for flows of direct investment, new technologies and talent into
Russia.

The management company of the fund has been registered as a 100%
subsidiary of state development bank Vnesheconombank (VEB).

The idea of establishing a Russian government direct investment
fund was first proposed at last year’s St. Petersburg International
Economic Forum. At the request of the country’s leadership, a
delegation led by Vladimir Dmitriev, Chairman of VEB, held
consultations with leading investment funds from Europe, the United
States, Asia and the Middle East to listen to their views on
investing in Russia and the structure of the fund.

On April 21, 2011 the Supervisory Board of VEB, chaired by Prime
Minister Vladimir Putin, formally approved the creation of RDIF and
appointed Kirill Dmitriev as Chief Executive Officer.

Senior management from many of the world’s largest institutional
investors, representing more than $2 trillion in assets under
management, visited Moscow in May 2011 and met with senior
officials including Prime Minister Putin to discuss the objectives
and structure of the fund. The visit was unprecedented in the
history of investing in Russia.

Kirill Dmitriev, Chief Executive Officer of the Russian Direct
Investment Fund, said:

“The creation of the fund is the result of extensive
consultations with many of the largest institutional investors
globally. International investors like RDIF because it is focused
on maximizing returns, because it will be managed by an experienced
investment team and because it gives them an opportunity to
co-invest alongside an agent of the state. For
Russia, the fund will act as a catalyst for billions of
dollars in new direct investment, and will spur the adoption of new
technologies and international best practices in
Russia.“

The Russian Direct Investment Fund plans to make its first
investment in the next six to nine months.

press at rdif.ru, Katerina Varzar +7-964-721-50-86, Quinn Martin +7-985-361-0369