Press Release

| November 12, 2007

Dewey & LeBoeuf Advises NCSP on its US$955 Million IPO

(London, November 12, 2007) - Dewey & LeBoeuf LLP has advised Novorossiysk Commercial Sea Port ("NCSP") on its US$955 million IPO on the London Stock Exchange, resulting in a post IPO valuation of NCSP of US$4.9 billion.

NCSP is a multi-purpose Russian stevedoring and port services company and Russia's largest commercial sea port operator.

The offering consisted of ordinary shares and global depository receipts ("GDR"). Each GDR was set at US$19.20 with each representing an interest in 75 ordinary shares. NCSP's existing ordinary shares have been admitted to list "V" on the Russian Trading System Stock Exchange ("RTS") and included on list "V" on the MICEX Stock Exchange ("MICEX"). The GDRs were offered internationally, including a US tranche pursuant to Rule 144A.

Dewey & LeBoeuf represented NCSP on the Russian English and US Law aspects of this transaction. London capital markets partner Federico Salinas led the team, which included London associates Kirsten Rodger and Nataliya Luchnikova, and Moscow associates Roman Dashko and Yulia Cherkassova and assisted by Anna Savinkova.

Moscow office managing partner Brian Zimbler stated that "this was one of the firm's largest Russian IPOs to date acting as issuer's counsel. We are delighted with this milestone and look forward to many more deals. NCSP is a leading company in the Russian transport sector and it has been a privilege to advise them."

Federico Salinas said "this was the type of the deal that enables us to showcase our particular strengths. We have great depth and breadth in each of our Moscow and London offices, with UK qualified lawyers in Russia and Russian lawyers in London, working together to achieve our clients' objectives."

Linklaters represented underwriters Morgan Stanley and Troika Dialog.

This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent. For further information on Dewey & LeBoeuf, please visit www.dl.com. +1 888 532 6383