PRDF Prosperity Rus.

 
TIDMPRDF 
 
15 September 2011 
 
Prosperity Russia Domestic Fund Limited ("PRDF" or the "Fund") 
 
Announcement of proposals leading up to shareholder continuation vote 
 
The  Board of PRDF  wishes to announce  proposals leading up  to the shareholder 
continuation vote to be held by no later than February 2012. 
 
The Board and Prosperity Capital Management, the investment manager, continue to 
believe that PRDF is well positioned to benefit from investing in a portfolio of 
carefully  selected investments in  the Russian domestic  sector over the longer 
term,  despite  recent  extreme  volatility  in  the  international  and Russian 
markets. Our view is based in particular on our belief that the Russian domestic 
economy  is  likely  to  continue  to  offer attractive opportunities for growth 
combined with generally low financial leverage. 
 
Your Board has been concerned for some time about the discount which has existed 
between  PRDF's net  asset value  per share  and the  share price.  Further, the 
improving  liquidity of the Fund's holdings  would permit a fund structure which 
maximises   liquidity  for  investors.  Accordingly  the  Board,  together  with 
Prosperity  Capital Management, intend to propose  that the Fund is converted to 
an  open-ended structure.  It is  anticipated that subscriptions and redemptions 
on  an ongoing basis would be  structured to balance liquidity requirements with 
the  interests of shareholders as a whole in PRDF's investment portfolio.  These 
measures  would  address  the  discount  to  net asset value and improve overall 
liquidity  in the Fund's shares. The Board is also considering a listing for the 
Fund on an alternative market which may be attractive to certain investors. 
 
The  Board, its advisers and Prosperity Capital Management are now preparing the 
necessary  steps to be taken, ahead of  sending full details of the proposals to 
shareholders.  A further announcement in this regard will be made in due course, 
but it is intended to hold a shareholder vote in relation to the proposals by no 
later  than December  2011, with implementation  occurring by  no later than the 
first  quarter  of  2012 (subject  to  meeting  relevant  regulatory  and  legal 
requirements). 
 
The  Board  and  Prosperity  Capital  Management appreciate shareholder comments 
received to date and welcome further comments as the proposals are formulated. 
 
Enquiries: 
 
Prosperity Capital Management (UK) Limited 
 
Elly Wordsworth / Leon Santos 
 
Tel: 020 7299 6950 
 
Kleinwort Benson (Channel Islands) Fund Services Limited 
 
Company Secretary 
 
Tel: 01481 727111 
 
KPMG Corporate Finance (Nominated Adviser) 
 
Tom Franks 
 
Tel: 020 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 PRDF 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 PRDF for providing the protections afforded to its clients or for providing 
advice in relation to the contents of this announcement. 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Prosperity Russia Domestic Fund Limited via Thomson Reuters ONE 
 
[HUG#1546965] 
 

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