The Listing Committee of the Bermuda Stock Exchange (BSX) has announced the approval of the listing 4,999,900 shares of one cent each, at an issue price of $100, under the provisions for Qualified Investor, of Renaissance Russia Distressed Assets Ltd.

The listing was effective from December 21, 2007.

Renaissance Russia Distressed Assets was incorporated in October last year as a closed-ended investment vehicle and is domiciled in British Virgin Islands.

The shares are set to be distributed to Qualified Investors by the appointed placement agent, Renaissance Capital Investment Management Ltd., a company organised under the laws of the British Virgin Islands.

Appleby Securities (Bermuda) Ltd. sponsored the listing of Renaissance Russia Distressed Assets' common shares. The issue is being introduced for listing under the restricted marketing provisions of the BSX, which is for securities that are aimed at qualified investors, being individuals or institutions that invest either a minimum of $100,000 or otherwise meet one of the suitability standards as defined by the Exchange.

The investment objective of the company is to achieve medium-term capital growth by making investments into listed and unlisted financial instruments, equities, bonds, loan agreements, standard loan portfolios, promissory notes, other debt instruments, pledges and securitisation instruments of companies in default in various sectors in Russia, the other members of the CIS, and the Baltic States. The company will focus primarily on distressed instruments in the banking sector.

The BSX listing committee also announced the approval of the listing of the 24,500 non-voting redeemable preference class C shares of the African Property Development Fund Ltd. The listing was effective from October 18, 2007.

The African Property Development Fund was incorporated in British Virgin Islands as an open-ended investment company on June 4, 2007. The listing application for the company is restricted in the offering to Qualified Investors.

Apex Fund Services Ltd. sponsored the listing of the 24,500 non-voting redeemable preference class C shares of the company.

The issue is approved for listing under the restricted marketing provisions of the Exchange and is for securities that are aimed at qualified investors, being individuals or institutions that invest either a minimum of $100,000 or otherwise meet one of the suitability tests defined by the Exchange.