Almaz Capital Fund II

signed

Translated version of this PSD: Russian The EBRD is considering an equity investment of up to USD 50 million, but not exceeding 25 per cent of total aggregate capital commitments, to Almaz Capital Fund II (“the Fund”). The Fund will make venture capital investments in Information & Communications Technologies (“ICT”) companies in Russia and Commonwealth of Independent States ("CIS") with a focus on (i) proven technologies for global markets, developed in Russia/CIS; and (ii) proven business models targeted at Russian/CIS consumers. The transition impact of the proposed project would come from the following areas: (i) market expansion in the Russia/CIS venture capital sector through continued investments by one of the few institutional quality private investors (ii) institution building as a result of the Fund’s unique proposition of creating a bridge between the Silicon Valley and Russia/CIS (iii) transfer of Western venture capital knowledge and skills to the Russian venture capital sector (iv) promotion and enhancement of high standards of corporate governance and integrity in the Fund and investee companies Almaz Capital Partners Ltd. The Bank will invest the lesser of USD 50 million or 25% of aggregate commitments. The target size of the Fund is USD 175-200 million. The project has been assigned a screening category of FI, as the EBRD financing is via a financial intermediary. The Fund will be required to comply with EBRD Performance Requirements 2 (Labour and Working Conditions) and 9 (Financial Intermediaries) and implement the EBRD's Environmental and Social Procedures for Active Equity Investments. The Fund should ensure investee companies comply with national environmental, OHS, social and labour standards. The Fund will be required submit annual environmental and social reports to the Bank. None.