BWL

completed

Brunswick Wagon Leasing Limited (“BWL” or the “Company”) is a recently established leasing company providing freight railcars to corporate clients in the Russian Federation. It generally provides the railcars on an operating lease basis (where the residual value of the railcars remains with BWL). It is a wholly owned subsidiary of Brunswick Rail (“Brunswick” or the “Group”), one of the largest privately-owned freight railcar leasing companies active in the Russian Federation with a fleet of over 14,000 railcars. The Group is looking to expand its fleet over the next 12 months to optimize its operations and achieve the critical mass it needs to thrive in the sector. IFC has previously provided two loans to another subsidiary of the Group (Brunswick Rail Leasing which provides railcars on both an operating and financial lease basis) and has an equity stake in Brunswick.