Rengaz Holdings Limited Advise of Compulsory Redemption

Hamilton, Bermuda, July 13, 2006 -- The Directors of Rengaz Holdings Limited (the "Company"), wish to advise that the Company has compulsorily redeemed for cancellation 5,858,713 Series One Shares and 2,750,652 Series Two Shares (together, the Shares) at a price of $43.05681112 per Series One Share and $30.38262350 per Series Two Share.  The redemption was completed in order to settle an imbalance between supply and demand of the shares in issuance.  The Company is prepared, if and when necessary at its discretion, to approve further redemptions of Shares in an attempt to protect shareholders from widening discounts and to facilitate as much as possible demand from the Company's shareholders to reduce their Gazprom exposure during times of volatile market conditions.

The Directors wish to note that they will use their reasonable discretion to buy-back or redeem Shares in accordance with practices to ensure that the Company is not open-ended for taxation or regulatory purposes and that accordingly shareholders cannot expect with any degree of certainty that any of the Shares they may offer for re-purchase or redemption will be bought back or redeemed at any particular time.

The Company has advised the Bermuda Stock Exchange (the "BSX") of the repurchase from the Renaissance Capital group of companies, a connected party of the Investment Manager, Renaissance Capital Investments Management Limited in accordance with Regulation 6.30 of Section IV, Chapter 6, Part B of the BSX Listing Rules.

For further information on the Company please contact:

Oleg Jelezko - 22 Voznesensky pereulok, 125009 Moscow, Russia

Anthony Tighe - 25 Eden Quay, Dublin 1, Ireland