The Fund was incorporated under the laws of the Cayman Islands on 26 June 1996 as an open-ended investment company.
The investment objective of the Firebird New Russia Fund is to achieve substantial capital appreciation through investment primarily in publicly traded equity securities of companies operating in the former Soviet Union. The Fund currently invests primarily in the stock of Russian companies, in particular those for which a relatively liquid market has existed in the past or is expected to develop soon.
The listing of the Class A Common Shares of Firebird New Russia Fund is sponsored by Harbour Financial Services Limited. The securities are being listed under the Listing Regulations for Collective Investment Schemes and the provisions for Restricted Marketing.
The Investment Advisor for the Fund, Firebird Management LLC, also acts as advisor for the Firebird Republics Fund that listed on the BSX on 4 May 1998.
"We are delighted to have Firebird New Russia listed on the BSX alongside Firebird Republics", said Mr. Harvey Sawikin, principal of Firebird Management. "Russia is experiencing rapid and impressive development, which is creating significant portfolio investment opportunities. Firebird New Russia Fund is not only the best-performing Russia fund over the last five years according to Standard & Poors, with a net gain of 169%, but is also among the top emerging market funds tracked by S&P over that period. We are glad to be able to offer it to a wider class of institutional investors."
"The BSX is pleased to welcome the Firebird New Russia Fund to listing", said Mr. James S. McKirdy, Listing and Compliance Manager of the BSX.
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For further information on Firebird New Russia Fund, please contact David Urban of Firebird Management LLC at telephone: 212-698-9274 or facsimile: 212-698-9266 or e-mail: durban@fbird.com.
For more information, contact Joanne MacPhee at the Bermuda Stock Exchange at phone 441-292-7212 or fax 441-292-7619. Information is also available at www.bsx.com, on Bloomberg at BSX