PRDF Prosperity Rus.

 
TIDMPRDF 
 
Prosperity Russia Domestic Fund Limited 
 
                                                        Statement of 
Investing Policy 
 
Prosperity Russia Domestic Fund Limited (the "Company") today 
notifies its investing policy pursuant to the new requirements of AIM 
Rule 8. The Company's investing policy as set out in this 
announcement is as originally disclosed in the Company's admission 
document at the time of its admission to AIM on 21 February 2007. The 
Company has substantially implemented its investing policy and 
continues to actively manage its portfolio in accordance with it. 
 
Investment Objective and Strategy: 
 
The investment objective of the Company is to achieve capital growth 
by investing in a portfolio of securities issued by companies in the 
sectors of the domestic economies of Russia and other NIS countries 
which are expected to benefit from the increase in consumer demand 
and capital investment in such countries. The Company will invest 
primarily in small and medium-sized companies, with the aim of being 
an active and influential minority shareholder. 
 
The Company will invest at least 75% of its gross assets in the 
securities of listed and unlisted companies established or having 
their principal operations in Russia. The Company will be permitted 
to invest up to 25% of its gross assets in the securities of 
companies established or having their principal operations in NIS 
countries other than Russia, which Prosperity Capital Management 
Limited (the "Manager") expects to be primarily the Ukraine and 
Kazakhstan; however, the Company may, within such limitation and on 
an opportunistic basis, invest in the securities of companies 
established or having their principal operations in other NIS 
countries. 
 
The Company will seek to fulfil its investment objective by making 
investments in a limited number of 
investment opportunities, primarily in small and medium sized 
companies in Russia and other NIS countries in (i) the domestic 
consumer sectors, such as retail and consumer goods, (ii) sectors 
which enable domestic consumer growth, such as banking and (iii) 
sectors related to capital investment, such as telecoms, power, 
construction, maintenance services and cement manufacture. However, 
the Company may invest in other sectors of the economies of Russia 
and other NIS countries which are expected to benefit from the 
increase in consumer demand and capital investment in such countries. 
Investment will be directed towards companies considered attractive 
from a fundamental value and growth perspective. 
 
Borrowing: 
 
The Company's articles contain standard borrowing powers for the 
Company to borrow up to US$100 million, which powers may be exercised 
by the Company's board of directors. However, the directors intend in 
practice to restrict any such borrowings to a maximum of 20% of Net 
Asset Value (calculated as at the time the borrowing occurs). The 
Company will not invest in derivatives other than for the purposes of 
efficient portfolio management and in any event not in a manner which 
increases the level of the Company's borrowing beyond that stated 
above. To date the board of directors has not exercised these 
borrowing powers. 
 
Investment Restrictions: 
 
Investment of the Company's assets is subject to certain 
restrictions. The directors of the Company have determined that the 
restrictions below will apply: 
 
(i)                   The Company may not invest less than 75% of its 
gross assets in the securities of companies established or having 
their principal operations in Russia. 
 
(ii)                 The Company may not invest more than 25% of its 
gross assets in the securities of companies established or having 
their principal operations in NIS countries other than Russia. 
 
(iii)                The Company may not make any investments in debt 
securities other than (a) convertibles (b) in connection with making 
an equity investment or (c) when making short-term investments as 
contemplated in Section 5 of Part 1 of its admission document, headed 
"Short-Term Investments". 
 
(iv)               The Company may not invest more than 20% of its 
gross assets in the securities of a single underlying issuer 
(including the issuer's subsidiaries or affiliates), or in any one 
(or more) collective investment undertaking which may invest in 
excess of 20% of its gross assets in other collective investment 
undertakings (whether open-ended or closed-ended). 
 
(v)                 The Company may not invest in more than 25% of 
the equity securities of any one company. 
 
(vi)               The Company may not expose more than 20% of its 
gross assets to the creditworthiness or solvency of any one 
counterparty. The foregoing restriction will not apply to (a) 
investments in securities issued or guaranteed by a government, 
government agency or instrumentality of any EU or OECD member state, 
or by any supranational authority of any EU or OECD member state, or 
(b) cash deposits awaiting investment. 
 
(vii)              The Company may not invest directly in physical 
commodities or real property. The foregoing restriction shall not 
apply to investments in securities of issuers that make investments 
in physical commodities or real property. 
 
(viii)            The Company may not invest in any pooled investment 
vehicles, other than when making short-term investments in the 
circumstances referred to in clause (v) of Section 5 of Part 1 of its 
admission document, headed "Short-Term Investments". 
 
(ix)                The Company may not invest in derivatives other 
than for the purposes of efficient portfolio management and in any 
event not in a manner which increases the level of the Company's 
borrowings beyond that stated above in the section entitled 
"Borrowing". 
 
The foregoing restrictions apply at the date the relevant investment 
is made. 
 
Dividend Policy: 
 
The Company's objective is to achieve capital growth. It is therefore 
anticipated that all income and capital gains derived from the 
Company's investment programme will be re-invested. However, income 
and capital gains may be distributed to shareholders, if the 
directors deem it appropriate. No dividend has been declared to date 
and to the extent that any dividend is declared, it will be paid in 
compliance with any applicable laws. 
 
Liquidity Events: 
 
The Company, acting on the advice of the Manager and taking account 
of the investment programme of the Company and the prevailing 
conditions of the local markets, will no later than the fifth 
anniversary of its admission to AIM, and each following anniversary 
put to the vote of its shareholders the option of realising the 
Company's investments and winding up the Company, which the Company 
would seek to carry out within twelve months of the date of such 
determination. 
 
The Company will pursue such option if it is voted for by not less 
than 75% of members voting on the 
resolution. If such option is not voted for by such majority, the 
Company will continue to conduct its 
operations pursuant to its existing investment objective and 
arrangements. 
 
Enquiries: 
 
Elly Wordsworth, Prosperity Capital Management 
Telephone: +44 (0) 20 7299 6950 
 
Tom Franks, KPMG Corporate Finance (Nominated Adviser) 
Telephone: +44 (0) 20 7311 1000 
 
KPMG Corporate Finance, a division of KPMG LLP which is authorised 
and regulated by the Financial Services Authority for investment 
business activities, is acting for the Company as nominated adviser 
in relation to the matters set out in this announcement and is not 
acting for any other person in relation to these matters.  KPMG 
Corporate Finance will not be responsible to anyone other than the 
Company for providing the protections afforded to its clients or for 
providing advice in relation to the contents of this announcement. 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

Grafico Azioni Prosperity Rus. (LSE:PRDF)
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