OREANDA-NEWS. July 31, 2008. “Far Eastern Shipping Company Plc”, the issuer of shares for FESCO Transportation Group, announces the completion of its placement of all 590,250,000 new shares, reported the press-centre of FESCO.

The capital increase raised over RUR 15 billion, or approximately USD 640 million.

JPMorgan acted as the advisor to FESCO on this capital increase.

Existing shareholders subscribed for approximately 262 million new shares, and the remaining 328 million shares were placed through open subscription.

The Placement Results Notice will be filed with the Russian Financial Markets Service.

This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933 or an exemption from registration thereunder. No public offering of securities has been or will be made in the United States and, accordingly, no securities will be registered under the United States Securities Act of 1933. This announcement is being issued pursuant to Rule 135e of the United States Securities Act of 1933.