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Russia, Germany: RZD, DB, TransContainer, Kombiverkehr and Polzug forming a JV

January 2008.

RZD and Stinnes AG (Deutsche Bahn sub) submitted the applciation to the Germany antitrust agency on the foundation of JV.

The parties signed an agreement on the JV setting-up in June 2007 at par. It is assumed to provide services in transportation and logistic sectors.

The share capital will be worth EUR 1m.

The founders involve as well TransContainer which will have 20%; Kombiverkehr and Polzug. Two basic offices in
Moscow and Berlin should be built to provide the operating control over the activity.

The foudnation of the logistic company with Deutsche Bahn will be an important part of the strategy in the development of the integrated system aimed to raise transportation volume between
Western Europe, Russia and China.

RZHD was set up on the basis of the communications ministry in 2003. 100% are held by the state (85.5ths km of railways length in total). The 2007-net profit (RAS) increased 3.1 fold to RUb 84m from 26.3 billion prior year; revenues rose 16.9% to RUB 728.4 billion, from 623.3 billion; gross profit - 29.6% to RUB 77.9 billion from 60.2 billion, pretax profit - 24.9% to RUR 72.8 billion from RUB 58.3 billion.


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