Globaltrans Announces Exercise of Over-allotment Option Following Offering of GDRs

Further to the announcement dated April 30, 2008 in relation to the global offering (the "Offering‘) of GDRs of Globaltrans Investment PLC (’Globaltrans"), Globaltrans announces that it has received notice on 29 May 2008 from Deutsche Bank AG, London Branch and Morgan Stanley & Co. International PLC as underwriters of the Offering of the exercise of the over-allotment option in respect of 1,584,727 GDRs.

The price per Share sold pursuant to the over-allotment option is equal to the offer price announced on April 30, 2008, US$13.25 per GDR.

Globaltrans GDRs are traded on the London Stock Exchange under the symbol GLTR.

Following the sale of the additional Shares pursuant to the over-allotment option, the total size of the Offering will be 35,502,855 GDRs, corresponding to a total offer size of approximately U.S. $470.4 million.

Following the exercise of the over-allotment option the Offering represents approximately 30.4% of the issued Shares of Globaltrans.

It is expected that the over-allotment option will close on June 2 2008.

Globaltrans Investor Relations
Priit Pedaja
+357 25 503 153

Citigate Dewe Rogerson
David Westover
Marina Zakharova
Toby Moore
+44 20 7638 9571

Neither this press release nor any copy of it may be taken or transmitted, directly or indirectly, into the Australia, Canada, Japan, the Russian Federation or the United States. This press release does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor. The offer and the distribution of this press release and other information in connection with the listing and offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This press release is not an offer of securities for sale in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company has not registered and does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States.

This document does not constitute an advertisement or public offer of any securities in the Russian Federation. It is not intended to be and must not be publicly distributed in the Russian Federation. The GDRs have not been and will not be registered in the Russian Federation and are not intended for “placement” or “public distribution” in the Russian Federation.

Shares in Globaltrans and the GDRs have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan and, subject to certain exceptions, may not be offered or sold within Australia, Canada or Japan or to, or for the account or benefit of, citizens or residents of Australia, Canada or Japan except under circumstances which will result in the full compliance with the applicable laws and regulations promulgated by the relevant regulatory authorities in effect at the relevant time.

Deutsche Bank AG and Morgan Stanley & Co. International plc are acting exclusively for Globaltrans and the selling shareholders, including Transportation Investments Holding Limited and Envesta Investments Ltd., and no one else in connection with the Offering. They will not regard any other person (whether or not a recipient of this announcement) as their respective clients and will not be responsible to anyone other than Globaltrans and the selling shareholders for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering, the contents of this announcement or any transaction or arrangement referred to herein.