listing on the Bermuda Stock Exchange (BSX), under restricted marketing provisions.

The restrictions mean that shares may only be sold to qualified investors, and may not be traded in lots with an initial value of less than $100,000.

The SWGI Russian Growth Fund Shares is a closed-end investment company incorporated in the Cayman Islands last September. SWGI Capital Management Ltd., a company set up to manage the funds, was incorporated last year in the British Virgin Islands. The fund's investment objective is to provide capital appreciation to qualified investors 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 with a market capitalisation of between $50 million and $300 million. About 110 funds are now listed on the BSX, which seeks to enhance the visibility to issuers developing innovative investment products for institutional investors.