The BSX Approves Listing of Russian Growth Fund

Hamilton, BERMUDA (February 16, 1998) -- The Listing Committee of The Bermuda Stock Exchange ("The BSX") today announced that it has approved the listing of up to 6,000,000 SWGI Russian Growth Fund Shares. The issue is being introduced for listing under the restricted marketing provisions of The BSX, meaning that shares may be distributed to Qualified Investors only and may not be traded in lots with an initial value of less than U.S. $100,000.

The SWGI Russian Growth Fund is a closed-end investment company incorporated in the Cayman Islands on September 17, 1997. The Fund is managed by SWGI Capital Management Limited, which was incorporated in 1997 in the British Virgin Islands for the purpose of managing the Fund. The Fund's investment objective to provide Qualified Investors with capital appreciation through investment opportunities in Russian securities and where appropriate, CIS securities. The Fund seeks to identify promising investment opportunities in quoted as well as privately-held companies. The Fund will focus on small to medium sized companies (market capitalisation of between US$50 million and US$300 million).

Mr. Simon Luhr, Chairman of SWGI Capital Management Ltd. and a Director of SWGI Russian Growth Fund, said, "We are very pleased with the new listing. We chose The BSX due to its commitment to listing funds and its progressive approach to the world market. We also feel its on-line Internet access will be of great benefit to our shareholders."

"The BSX welcomes this listing, which brings the total number of funds listed on The BSX to 110," said Chief Operating Officer of The BSX Mr. Greg Wojciechowski. "The listing of these Russian Growth Fund Shares fits into the Exchange's business strategy of offering enhanced visibility to Issuers developing innovative investment products for institutional investors."

SWGI Capital Management has extensive experience in managing assets in Russia and the CIS. Its shareholders and Directors are Mr. Gerd Jakob, Mr. Simon Luhr and Mr. Ivan Ivanovich Mazur, each of whom are also Directors of the Fund. Mr. Jakob and Mr. Luhr will be responsible for the management of the assets of the Fund.

The listing of the Funds was sponsored by MRM Securities Ltd., a subsidiary of MRM Financial Services Ltd. in Hamilton, Bermuda.

For further information on any of the SWGI Russian Growth Fund shares, please contact Mr. Ronan Daly at MRM Securities Ltd., Tel: 1-441-295-9166 or Fax: 1-441-292-6145.

For additional information on The BSX, please call Robin H. McPhee, 441-292-7212 or e-mail info@bsx.com, or visit The BSX Web site at www.bsx.com.