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Kyiv, Luxembourg, Warsaw
29th November 2010

Sadovaya Group S.A. announces intention to conduct Initial Public Offering and list on the Warsaw Stock Exchange

Sadovaya Group S.A. (the “Company” or “Sadovaya Group”), the Luxembourg-incorporated holding of a leading private Ukrainian producer of energy coal, announces its intention to conduct an Initial Public Offering and to seek admission of its shares to list on the main market of the Warsaw Stock Exchange.

The prospectus of the Company has been approved by the Luxembourg financial regulatory authority (Commission de Surveillance du Secteur Financier – the “CSSF”) and pending for the notification by the Polish Financial Supervisory Commission (the “KNF”).

“We chose the Warsaw Stock Exchange as the listing exchange due to its status as the leading platform in a region that holds potential for our company in the future,” said Alexander Tolstoukhov, Sadovaya Group Founder and Co-Owner. “In our view, Sadovaya’s public offering is an attractive proposal from an investment standpoint. The strategy we are consistently implementing calls for an increase in the mining and sale of energy coal, which will allow us to reinforce the leading market position we hold among private producers in Ukraine. We also feel this public offering can provide investors with the opportunity to broaden their portfolios, both in terms of coal sector assets, and in terms of Ukraine, which is currently represented on the Warsaw Stock Exchange mainly by agricultural and food companies.”

BG Capital JSC and BG Trading Limited will act as Lead Managers for the Offering. Dom Maklerski BZ WBK S.A. will act as Co-Lead Manager and Offering Agent in Poland, both for the purposes of the Offering in Poland and the admission to trading on the Warsaw Stock Exchange. Bank Zachodni WBK S.A. will act as Advisor in the Offering.

Sadovaya Group Overview

Sadovaya Group S.A., incorporated in Luxembourg, is a holding company for Sadovaya Group, which consists of subsidiaries incorporated and operating in Ukraine in the mining industry.

Sadovaya Group is the fourth largest private energy coal mining company in Ukraine and the leading private energy coal mining company that fully owns its coal mines and is not integrated with any local business group. The Group specializes in the extraction and processing of coal, processing of coal wastes, and coal trading activities. Sadovaya Group also incorporates companies that provide supplementary production facilities and services such as logistics.

The Group operates two full-cycle mine complexes in Ukraine’s coal-rich Donetsk and Luhansk Oblasts. Operating facilities are located near the Group’s customers in eastern Ukraine and in close proximity to major rail and sea routes connecting the country with world markets.

Sadovaya Group’s two coal mines operate their own infrastructure and develop 23.1 million tonnes of total coal resources (measured and indicated). Currently, the Group is in the process of acquiring two deposits that hold a further 99.1 million tonnes of coal. The Group extracts two types of anthracite coal, classified as grade A and grade T, and has an annual production capacity of about 600 thousand tonnes. The Group also controls 16 coal waste dumps and tailings ponds, and operates waste recovery facilities with annual coal output capacity of about 60 thousand tonnes.

Sadovaya Group operates in the Ukrainian coal market, which holds approximately 33.8 billion tonnes of proven coal reserves, representing 4.1% of total global reserves. Over the last decade, Ukraine produced 70-80 million tonnes of coal annually, making it the 11th or 12th largest producing countries globally. Coal accounts for 31% of primary energy consumption and 34% of electricity production sources in Ukraine.

In the first 9 months of 2010, Sadovaya achieved USD 40.8 million in revenues, USD 12.5 million in EBITDA and USD 7.9 million in net profit.
As of June 30, 2010, the Group had 1,060 full-time employees.

For further information please contact:
Jakub Smarz
NBS Communications
phone: +48 22 826 74 18
e-mail: [email protected]

Legal disclaimer:

This publication is for informational purposes only and shall not constitute the basis for a decision to invest in securities of Sadovaya Group S.A. (the “Company”). The prospectus (the “Prospectus”) prepared in connection with the offering of the Company’s shares and admission to trading on the Warsaw Stock Exchange is the sole legally binding document containing information on the Company and the offering of its shares in Poland. The Prospectus will be made available to the public once it was approved by Commission de Surveillance du Secteur Financier (the “CSSF”), the Luxembourg Financial Sector Supervision Authority which is competent capital markets authority for the Company, and Komisja Nadzoru Finansowego, the Polish Financial Supervision Authority, was notified by the CSSF of the approval of the Prospectus.
The Prospectus in electronic form in the English language, together with translation of the summary in Polish, will be available on the website of the Company (www.sadovayagroup.com), the Lead Manager (www.bgcapital.ge) and the Offering Agent in Poland (www.dmbzwbk.pl).
Not to be released in the USA, Canada and Japan.

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