RUSSIAN SEA GROUP PRICES SHARE OFFERING AT USD $6.00 PER SHARE

April 16, 2010 16:09

Moscow 16 April 2010, OJSC Russian Sea Group (the "Company" or the "Group"), a leading Russian consumer food company, specializing in the production, aquaculture and distribution of fish and seafood products, announces the price of the Initial Public Offering (the "Offering") of its ordinary shares, reports http://www.megafishnet.com/ with reference to Russian Sea Group.

The offering has been priced at USD 6.00 per ordinary share;

A total of 15,000,000 ordinary shares are being sold, representing 11,384,746 ordinary shares held by Corsico Limited (the "Selling Shareholder") and 3,615,254 treasury shares currently held by the Company;

The offering generated gross proceeds of approximately USD 90 million;

The implied market capitalisation of the Company upon completion of the Offering and subsequent placement of ordinary shares to the Selling shareholder  through the closed subscription is approximately USD 477.2 million;

The post-money free float following the Offering and placement of ordinary shares to the Selling shareholder through the closed subscription is expected to be approximately 18.9%;

The shares have been admitted to trading on MICEX and RTS under the symbol "RSEA";

The Offering represents the first international Initial Public Offering of a Russian company on Russian stock exchanges since 2007; and Renaissance Capital and VTB Capital acted as Joint Global Coordinators and Joint Bookrunners for the Offering.

Commenting on today's announcement, Mr. Dmitry Dangauer, Chief Executive Officer of the Company, said:

"We are delighted with the reception we received on our roadshow and the very positive response to our IPO, reflecting investors' interest in the Russian market as a whole and in the consumer sector in particular. Our IPO is obviously an important milestone for the Russian fish industry. We have become the first public company in this sector and we hope that this remarkable achievement will stimulate the further development and modernisation of the Russian fish industry.

Completing one of the first post crisis IPOs in Russia, we have demonstrated the revival of both the economy and investor interest.  We welcome our new shareholders to the company and with their support will continue to deliver our development strategy. We intend to pursue active growth, further consolidate our market position, expand our fish-farming operations and strengthen our brand. We will do our best to meet investors' expectations and justify their confidence".

About the company

Russian Sea Group was founded in 1997 and began its operations by importing herring and mackerel from Norway. In 1999, the Company launched production of the ready-to-eat fish products under its core ‘Russian Sea' brand and then continued its development as a producer and distributor of fish and seafood products. At present, Russian Sea Group comprises two main business divisions, operated respectively by Russian Sea Company, and Russian Fish Company, each a wholly-owned subsidiary of Russian Sea Group.

The ‘ready-to-eat' business (Russian Sea Company) produces and sells "ready-to-eat" fish and seafood products under well-recognized brands, such as "Russian Sea", "Islandka", "Selyodochka Stolichnaya", "Mediterana", "7 Uzlov" and "Flottika". These products include salted and smoked salmon and trout, red caviar, a wide assortment of herring products, seafood, seaweed products and roe spreads. The Group operates a modern fish and seafood production facility in Noginsk, Moscow region (approximately 40 km from Moscow).

The Group's ‘chilled and frozen' business (Russian Fish Company) sells and distributes over 60 types of fish and seafood, including, among others, salmon, trout, cod, herring, mackerel, humpback salmon, pollack, flounder, shrimp and squid, to nationwide and regional retail chains, regional distributors and fish processing companies throughout Russia. The chilled and frozen fish and seafood business sources fish from domestic suppliers, as well as foreign suppliers from 18 countries, including, among others, Norway, the UK, the USA, Chile, Iceland, Vietnam and China. Its major international suppliers include Marine Harvest, Shetland Catch and Norway Pelagic. The Company supplies fish and seafood to over 85% of the regions of the Russian Federation.

The Group also operates a fish farming business (Russian Sea Aquaculture) which commenced operations in 2007 following the Group's purchase of a trout farm at Lake Segozero in Karelia, Russia, the entire output of which is currently sold to Russian Fish Company for further distribution.

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