Leading Russian Agri-business in $70 Million Share Offering

November 23, 2007

Cleary Gottlieb served as Russian, English and U.S. counsel to RAZGULAY Group OJSC in a $70 million Regulation S share offering. Renaissance Capital acted as sole bookrunner and underwriter for the offering. The shares trade on the Russian Trading System Stock Exchange and on the Moscow Interbank Currency Exchange. The deal closed on November 23.

Ceperlino Trading Limited was the selling shareholder. Ceperlino and other existing shareholders subscribed for $66 million of new shares in a parallel primary offering. Mr. Igor Potapenko, who in 1992 started the business, remains the controlling shareholder of the company.

Razgulay is Russia’s largest grain trader, leading rice seller, leading domestic rice producer and second largest sugarbeet processor.

Cleary Gottlieb also acted as underwriters counsel in Razgulay’s March 2006 IPO.