Russian Sea Group announces a change in ownership of its major shareholder

Moscow, June 28, 2011 - OJSC «Russian Sea Group» (the «Company» or the «Group»), one of Russia's leading consumer food companies, announces that it has been notified of a change in the ownership of its major shareholder. RS Group, owner of Corsico Limited, the Group's major shareholder, has formed a strategic partnership with the Luxembourg-based investment fund, Volga Resources, to invest into Russia Sea Group.

RS Group and Volga Resources intend to establish a joint company, which will own 60.936% of the Russian Sea Group. 50% of shares in the new company will be owned by RS Group, controlled by Maxim Vorobiev and 50% by the wholly-owned subsidiary of Volga Resources.

The parties expect the deal to be completed within the next two months.

Maxim Vorobiev, owner of RS Group, commenting on the future partnership with Volga Resources, said, "We see tremendous potential in our partnership for the strategic development of the Russian Sea Group. Our new partner's international business experience as well as its financial strength will contribute to rapid, profitable and sustainable growth of the Group. I will continue to be actively involved in the Company, and as Chairman, will remain in charge of the overall development of the Group".

Chlodwig Reuter, Chairman of Volga Resources, added, "The food industry, in particular the fish segment, as well as fast moving consumer goods (FMCG) are young and dynamic sectors of the Russian economy and offer great growth potential. Russian Sea Group is a well run company with a strong and proven management team. We are confident that the management, together with RS Group and Volga Resources, will successfully develop the business and take it to the next level. This acquisition allows us to diversify away from our more traditional sectors of oil & gas. We will continue to look for other opportunities that are undervalued and offer attractive and sustainable investment returns."

CEO of the Russian Sea Group, Dmitry Dangauer, said, "We will be pleased to welcome a new shareholder to the Company. Volga Resources will bring new expertise, strengthen corporate governance and contribute to the further development of the Company. The company's management is ready to meet and exceed the goals and objectives of all our shareholders."

For further enquiries contact:

Volga Resources
Anton Kurevin
+7 (495) 956 3972
Volga@m-p.ru
kurevin@m-p.ru

Stuart Leasor
+44 7703 537721
leasor@mcomgroup.com

Russian Sea Group
Natalia Trusova
IR manager
Tel.: +7 (495) 258 99 28 ext. 3186
Cell.: +7 (917) 568 42 26
E-mail: nt@rusfishcom.ru