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Announcement of Exchange Offer

Renaissance Securities Trading Limited and Renaissance Capital (as Guarantor) has launched an any-or-all exchange offer for its USD 100,000,000 8% Guaranteed Notes due 2008 (“Existing Bonds”) for new Fixed Rate Guaranteed Notes due 2009 (“New Notes”). At the same time Renaissance Capital is announcing a noteholder meeting. Holders are invited to vote in favour of adding a call option to redeem any Existing Notes not submitted into the exchange.

The Early Exchange Price will be repurchased based on a spread of 270bps over the interpolated 1 and 2 year USD mid-swap rates. The final new issue coupon will be announced at or around 14:00 (London time) on 26 October 2006. The early response deadline will be at 16:00 (London time) on 24 October 2006.

Holders who tender their Existing Notes after the early response deadline will receive an amount of New Notes based on the Early Exchange Price less 0.75%. Holders who do not elect to exchange notes will receive the Exchange Price minus 0.75% if the extraordinary resolution is passed and the call option is exercised. Renaissance Securities Trading Limited will also be issuing additional New Notes for cash. Minimum aggregate new issue size (including Notes issued through the exchange) of USD 150,000,000.

The exchange offer expires at 16:00 (London time) on 26 October 2006. Pricing will occur on 26 October 2006 and the Bondholder meeting will be held on 16 November 2006. Settlement is expected to occur on 17 November 2006

Citigroup (Liability Management: +44 20 7986 8969), Credit Suisse (+44 20 7883 6748) and Renaissance Securities (Cyprus) Limited (+357 22 36 0000) are Joint Dealer Managers. Citibank, N.A. (+44 20 7508 3867) is Exchange Agent.

The exchange offer is not being made directly or indirectly in the US, Canada, Australia, Japan and Italy. Other restrictions apply.

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