Pioneer First Russia, Inc.

completed

Summary Of Project Information (SPI)Project NameRussia-Pioneer First RussiaRegionEuropeSectorProject No004905Projected Board DateApril 1, 1996Company NamePioneer First RussiaTechnical Partner and/or Major Shareholders The Pioneer Group, Inc., a US-based fund management and natural resources company whose common stock is traded on the NASDAQ National Market.Project Cost Including proposed IFC investment Project Cost: US$14.25 million; IFC Investment: US$4 millionLocation of project and Description of site Pioneer First Russia is a Delaware-incorporated holding company. Its subsidiaries are incorporated in Russia and headquartered in Moscow.Description of Company and Purpose of Project Pioneer First Russia was established by Pioneer Group to acquire an investment management company, brokerage company and majority interest in a commercial bank from four Russian entrepreneurs. The asset management company manages one of the largest voucher investment funds in Russia. IFC’s funds will be used to provide capital for the reorganization and expansion of these businesses, in particular, the expansion of the investment management company into domestic mutual fund management and offshore venture capital and traded equity fund management.Environmental Category and Issues This is a category FI project according to IFC’s environmental review procedure. For relevant operations, notably venture capital fund management activities, Pioneer First Russia will be required to establish an environmental risk management system.Date SPI sent to PIC      February 29, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365