KYIV, December 19, 2007 – Dragon Capital is pleased to announce that it has sold a small minority stake to Goldman Sachs, which acquired it as a financial portfolio investment.

Goldman Sachs has invested in Dragon Capital via a share capital increase. The deal, which is not subject to regulatory approvals in Ukraine and other jurisdictions, closed today. Dragon Capital’s management continues to control the firm and run its day-to-day operations following the entry of the new minority shareholder.

Tomas Fiala, Dragon Capital’s Managing Director and controlling shareholder, commented: “This development is recognition of the professionalism and success of our 120-strong multi-national team and of our track record of triple-digit returns on equity. It underscores our progress over the past seven years, which saw Dragon Capital grow from a brokerage operation into Ukraine’s largest full-service investment bank and one of the top 10 financial institutions in the country by market value.”

ENDS

ABOUT DRAGON CAPITAL
Dragon Capital (www.dragon-capital.ua) is Ukraine's largest securities brokerage, investment banking, private equity and asset management firm offering a full range of services to institutional, corporate and private clients. Established in 2000, the company is an independent partnership controlled by management, with a small minority stake held by Goldman Sachs. Dragon Capital is the largest broker on the Ukrainian stock market, with a 34% market share in 2007. The firm has completed 20 IPOs and private placements for Ukrainian companies since 2005, raising $1.5bn. Dragon’s asset management arm has nearly $1bn under management. Financial magazine Euromoney has recognized Dragon Capital as the Best Equity House in Ukraine in 2002 and 2004-2007.

ABOUT GOLDMAN SACHS
Goldman Sachs is a global investment banking, securities and investment management firm.  It provides a wide range of services to a substantial and diversified client base that includes corporations, institutional investors, governments, non-profit organisations and high-net-worth individuals.  Its headquarters is in New York and it maintains significant offices in London, Frankfurt, Tokyo, Hong Kong and other financial centres around the world.