COMMISSION FOR THE PROTECTION OF COMPETITION

Notification of concentration by Volga Resources SICAV-SIF S.A. regarding the acquisition of the enterprise Schwarzmeer und Ostsee Versicherungs-Aktiengesellschaft “Sovag”

The Service of the Commission for the Protection of Competition on the 12th of October 2009 received on behalf of the company Volga Resources SICAV-SIF S.A., notification of a proposed concentration according to Article 13 of the Control of Concentration between Enterprises Law (Number 22(I)/99), concerning an agreement by which Volga Resources SICAV-SIF S.A. which at the moment owns 24.1% of the Schwarzmeer und Ostsee Versicherungs-Aktiengesellschaft “Sovag” share capital will acquire a further 54.1%.

Volga Resources SICAV-SIF S.A. main activities concentrate in the investment and acquisition of share capital of various companies.

Schwarzmeer und Ostsee Versicherungs-Aktiengesellschaft “Sovag”, through its subsidiaries is active in the insurance sector.