Brunswick Rail, the Russian train leasing group, sees an IPO as realistic only after a further 12 months, it is understood. The listing has to be seen as a medium term goal, with Russian names at present less

attractive to international investors against the backdrop of sanctions related to the Ukraine crisis. Brunswick Rail views a listing possible in 2015 or 2016. Reports have previously valued the group at close to USD 1.2 Billion (EUR 870 Million).

Source: www.pwc.de