BSX Approves Listing of up to 200,000,000 Participating Shares of RenShares Utilities Limited

Hamilton, Bermuda, 28 February 2005 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of up to 200,000,000 Participating Shares of RenShares Utilities Limited divided equally between RenNet Class Shares and RenGen Class Shares.

RenShares Utilities Limited ("the Company") was incorporated in the British Virgin Islands on 30 November 2004 as an exempted closed-end investment company. The offer of Participating Shares in the Company was launched on 24 January 2005.

The overall investment objective of the Company is to achieve medium-term capital appreciation from investments in companies engaged in electricity generation, transmission, distribution and related businesses in Russia.  

The Company will seek to achieve this overall investment objective via two separate investment portfolios, Class RenNet and Class RenGen. Class RenNet's investment objective is to seek to take advantage of investment opportunities in electricity network companies, namely companies which have a significant interest in the distribution and/or transmission of electricity via the Russian electricity networks. Class RenGen's investment objective is to seek to take advantage of investment opportunities in electricity generating companies, namely companies which have a significant interest in the generation of electricity in Russia. 

Reid Services Limited sponsored the listing of the Participating Shares of RenShares Utilities Limited. The securities are being listed under the Listing Regulations for Collective Investment Schemes and the provisions for Restricted Marketing.

"The BSX is pleased to welcome RenShares Utilities Limited to listing", said Mr. James S. McKirdy, Chief Compliance Officer of the BSX.