Rengaz Holdings Limited Advise of Compulsory Redemption

Hamilton, Bermuda: June 27, 2007 - In an announcement made to the Bermuda Stock Exchange (BSX) The Directors of Rengaz Holdings Limited (the "Company"), wish to advise that the Company has compulsorily redeemed for cancellation 575,000 Series One Shares (the "Shares") at a price of $41.84880251 per Share.  The redemption was completed in order to settle an imbalance between supply and demand of shares of the Company in issuance.  Subject to the following paragraph, the Company is prepared, if and when necessary at its discretion, to approve further redemptions of its shares in issuance in an attempt to protect its shareholders from widening discounts and to facilitate as far 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 of the Company in issuance in accordance with such practices in order to ensure that the Company is not open-ended for taxation or regulatory purposes, and that accordingly shareholders of the Company cannot expect with any degree of certainty that any shares of the Company 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