ENR Russia Invest SA: Unaudited interim results and net asset value at 30 June 2014

Press Release: Geneva, 26 August 2014

ENR RUSSIA INVEST SA UNAUDITED INTERIM RESULTS AND 30 JUNE 2014 NET ASSET VALUE

For the 6 months ended 30 June 2014 ENR Russia Invest SA ("ENR") and its subsidiaries produced a consolidated net loss of CHF 4.11 million (compared to a consolidated net loss of CHF 2.78 million for the 2013 financial half year). At 30 June 2014 the consolidated net asset value as per International Financial Reporting Standards was CHF 109.76 million, declining by 4.29% from CHF 114.68 million at 31 December 2013.

During the reporting period ENR acquired fixed income instruments issued by Russian corporates for an aggregate value of CHF 11.61 million. ENR also generated CHF 31.69 million via the sale of and/or the repayment of fixed income instruments during the first half of 2014. As a result, cash balances increased to CHF 38.58 million at 30 June 2014.

Regional tensions in eastern Ukraine remain high and there is ongoing Ukrainian military intervention in the Luhansk and neighboring Donetsk region where pro-Russian militant supporters have been engaged in an ongoing armed conflict with the Kiev government. Recent forecasts are that the economy in Ukraine would contract by 7% in 2014, with Russia's growth to be at zero%. Russia is likely to avoid recession as oil prices are expected to remain high and the country is financially strong. Financial conditions in Russia have tightened driven by domestic factors (rate hikes and less liquidity) and by external factors where sanctions restrict access to and raise the cost of financing. Russian counter sanctions via a food and agriculture import ban from countries which had imposed sanctions on Russia may bring about inflationary pressure, which could impact real incomes and result in a weaker ruble. Analyst growth forecasts for 2015 growth in Russia range between 1% and 1.5%.

Whilst uncertainty relating to the Russian economy has increased, this should result in potential lower entry valuations for new investments and ENR continues to focus on promising private equity opportunities in the real estate, consumer retail and information technology sectors.

ENR's interim report for the six months ended 30 June 2014 is available from today on ENR's web site at www.enr.ch.

Contact person: Ben de Bruyn, ENR Russia Invest SA, tel: +41 22 510 2626

ENR Russia Invest SA is an investment company listed on the SIX Swiss Exchange. It specialises in the management of equities and equity-like investments as well as fixed income instruments in Russia, other members of the Commonwealth of Independent States and the Baltic States. Additional information on ENR Russia Invest is available on the company website www.enr.ch