Volga Resources Sells 45.9% Stake in German Insurer

By Volga Resources Sicav-sif S.a, PRNE
Wednesday, December 15, 2010

LUXEMBOURG, December 16, 2010 - Volga Resources SICAV-SIF S.A. ("Volga"), the Luxembourg-based investment
fund, announces that it has agreed to sell a 45.9% stake in the share capital
of SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft ("SOVAG") to
SOGAZ, the Russian insurance group. The transaction has been approved by the
German Federal Financial Supervisory Authority ("BaFin").

Volga acquired a 54.1% stake in SOVAG in October 2009. Subsequently it
purchased the remaining stake in the German insurer to give it a 100%
holding. Following the completion of the deal with SOGAZ, Volga's stake in
the share capital of SOVAG will comprise 54.1%.

Commenting on the acquisition, Chlodwig Reuter, Chairman of Volga
Resources said: "This transaction marks an important and strategic step in
the development of SOVAG. SOGAZ's support will create the necessary platform
for further strategic progress and dynamic growth of the company's business".


Volga Resources SICAV-SIF S.A. is a private investment fund registered in
Luxembourg in 2007. The Fund invests in projects in the oil & gas sector,
infrastructure, development and financial services in Central and Eastern
, CIS, Russia and Turkey.

More information is available at: www.volga.lu


SOVAG is a German non-life insurance company offering motor, fire risk
and property insurance as well as cargo, marine, aviation and transportation
insurance for corporate and retail clients in Western Europe and the CIS.
Founded in 1927, its gross written premium income in 2008 was EURO 90m. SOVAG
is headquartered in Hamburg and has offices in Cologne, Berlin, Vienna and

More information is available at: www.sovag.at


The SOGAZ Insurance Group includes insurance companies OJSC SOGAZ, LLC IC
SOGAZ-Agro (formerly LLC IC Neftepolis), OJSC Insurance Company SOGAZ-Med
(formerly OJSC Gazprommedstrakh), LLC IC SOGAZ-Life, OJSC IC SOGAZ-SHEKSNA,
OJSC MIC Sheksna-M, asset management company OJSC Leader, and health service
company LLC Gazprommedservice. Currently the group's regional network
includes over 600 subdivisions and sales outlets across Russia and a
representative office in Kazakhstan. SOGAZ has been assigned reliability
rating A++ by Expert RA, as well as international financial stability ratings
BB+ (Standard & Poor's, forecast Stable) and BB (Fitch Ratings, forecast
Positive). More information is available at: www.sogaz.ru

    For further information contact:

    Stuart Leasor
    M: Communications                    Tel: +44-20-7920-2317

    Anton Kurevin
    Mikhailov & Partners                 Tel: +7-495-956-3972

For further information contact: Stuart Leasor, M: Communications Tel: +44-20-7920-2317;
Anton Kurevin, Mikhailov & Partners Tel: +7-495-956-3972

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