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RZD CAPITAL LIMITED for the Sole Purpose of Financing a Loan to JOINT STOCK COMPANY “RUSSIAN RAILWAYS” Issue Price: 100 Percent

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RZD CAPITAL LIMITED for the Sole Purpose of Financing a Loan to JOINT STOCK COMPANY “RUSSIAN RAILWAYS” Issue Price: 100 Percent PROSPECTUS DATED 28 MARCH 2012 RUR 25,000,000,000 8.30 percent Loan Participation Notes due 2019 issued by, but with limited recourse to, RZD CAPITAL LIMITED for the sole purpose of financing a loan to JOINT STOCK COMPANY “RUSSIAN RAILWAYS” Issue Price: 100 percent RZD Capital Limited, a company organised and existing as a private limited company under the laws of Ireland (the “Issuer”), is issuing an aggregate principal amount of RUR25,000,000,000 8.30 percent Loan Participation Notes due 2019 (the “Notes”) for the sole purpose of financing a loan (the “Loan”) to Joint Stock Company “Russian Railways”, a joint stock company organised under the laws of the Russian Federation (the “Company” or the “Borrower”), pursuant to a loan agreement dated 28 March 2012 between the Issuer, as lender, and the Borrower (the “Loan Agreement”). Interest on the Notes will be payable semi- annually in arrear on 2 April and 2 October in each year, commencing on 2 October 2012, as described under “Terms and Conditions of the Notes—5 Interest”. The Loan will bear interest of 8.30 percent per annum. Payments of principal and interest in respect of each Note will be paid in Russian Roubles. However, each Noteholder has the option to make an irrevocable election, pursuant to Condition 7(A), to receive a forthcoming payment of principal or interest in U.S. Dollars. See “Summary of the Offering — Currency Exchange Option” and “Terms and Conditions of the Notes — Currency Exchange Option and Payments”. Subject to the provisions of the Trust Deed (as defined herein), the Issuer will charge as security for its payment obligations in respect of the Notes and under the Trust Deed (i) its rights to all payments of principal, interest and additional amounts (if any) payable by the Borrower under the Loan Agreement; (ii) its rights to receive all sums which may become payable by the Borrower under any claim, award or judgment relating to the Loan Agreement; and (iii) amounts deposited in an account of the Issuer pursuant to the Loan Agreement, in each case to Deutsche Trustee Company Limited (the “Trustee”), as trustee for the benefit of the holders of the Notes (the “Noteholders”). Furthermore, under the terms of the Trust Deed, the Issuer will assign all of its rights under the Loan Agreement, except for any Reserved Rights (as defined in the Trust Deed) and rights subject to the charge, to the Trustee for the benefit of the Noteholders. The Notes are limited recourse obligations of the Issuer. In each case, where amounts of principal, interest and additional amounts (if any) are statedtobepayablein respect of the Notes, the obligation of the Issuer to make such payment will constitute an obligation only to account to the Noteholders, on each date upon which such amounts of principal, interest and additional amounts (if any) are due in respect of the Notes, for an amount equivalent to all principal, interest and additional amounts (if any) actually received and retained (net of tax) by or for the account of the Issuer pursuant to the Loan Agreement, excluding amounts paid in respect of Reserved Rights. The Issuer will have no other financial obligation under the Notes. Noteholders will be deemed to have accepted and agreed that they will be relying solely and exclusively on the credit and financial standing of the Company in respect of the financial servicing of the Notes. Except as set forth herein under “Taxation”, payments in respect of the Notes (and the Loan) will be made without any deduction or withholding on accountof taxes. As set forth more fully in the Loan Agreement, the Company may prepay the Loan at its principal amount, in whole but not in part, together with accrued interest, if (i) the Company or the Issuer must deduct or withhold certain taxes from payments they make in respect of the Loan or the Notes, respectively; or (ii) it becomes illegal for the Notes or the Loan to remain outstanding. Upon such occurrence, the Issuer will, subject to the receipt of the relevant funds from the Company, prepay the principal amount of all Notes outstanding, together with accrued interest. Except as otherwise expressly provided in this Prospectus and in the Trust Deed, no proprietary or other direct interest in the Issuer’s rights under or in respect of the Loan Agreement, or in any rights that the Issuer may receive by way of assignment in respect of the Loan, exists for the benefit of the Noteholders. Subject to the terms of the Trust Deed, no Noteholder will be entitled to enforce any provisions of the Loan Agreement or have direct recourse to the Borrower. AN INVESTMENT IN THE NOTES INVOLVES A HIGH DEGREE OF RISK. SEE “RISK FACTORS” ON PAGE 12. The Notes and the Loan have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “Securities Act”), and, subject to certain exceptions, may not be offered and sold within the United States or to US persons. The Notes are not eligible for “offering”, “advertisement”, “placement” and “circulation” in the Russian Federation unless and to the extent otherwise permitted under Russian law. The Prospectus has been approved by the Central Bank of Ireland (the “Central Bank”) as competent authority under Directive 2003/71/EC (the “Prospectus Directive”). The Central Bank only approves this Prospectus as meeting the requirements imposed under Irish and European Union law pursuant to the Prospectus Directive. Application has been made to the Irish Stock Exchange (the “Irish Stock Exchange”) for the Notes to be admitted to the official list and trading on its regulated market (the “Market”). The Market is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments. There is no assurance that a trading market in the Notes will develop or be maintained. The Notes will be offered and sold in the minimum denomination of RUR 5,000,000 and integral multiples of RUR 100,000 in excess thereof. The Notes will initially be represented by interests in a global unrestricted Note in registered form (the “Global Certificate”), which will be deposited with a common depositary for, and registered in the name of a nominee of a common depositary for, Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream, Luxembourg”) on 2 April 2012 (the “Issue Date”). Interests in the Global Certificate will be shown on, and transfers thereof will be effected only through records maintained by, Euroclear or Clearstream, Luxembourg. See “Summary of the Provisions Relating to the Notes in Global Form”. Individual definitive Notes in registered form (“Definitive Certificates”) will only be available in certain limited circumstances as described in the Global Certificate. The Notes have been rated “BBB” by Fitch Ratings Limited (“Fitch”), “Baa1” by Moody’s Investors Service Ltd (“Moody’s”) and “BBB” by Standard & Poor’s Ratings Services (“Standard & Poor’s”). Each of Moody’s, Fitch and Standard and Poor’s, is established in the EU and registered under Regulation (EC) No 1060/ 2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Similar ratings on different types of notes do not necessarily mean the same thing. The ratings do not address the likelihood that the principal on the Notes will be prepaid or paid on a particular date before the legal final maturity date of the Notes. The ratings do not address the marketability of the Notes or any market price. Any change in the credit ratings of the Notes could adversely affect the price that a subsequent purchaser will be willing to pay for the Notes. The significance of each rating should be analysed independently from any other rating. Joint Lead Managers J.P. Morgan The Royal Bank of Scotland VTB Capital This Prospectus comprises a prospectus for the purposes of the Prospectus Directive as implemented in Ireland by the Prospectus (Directive 2003/71/EC) Regulations 2005 (the “Prospectus Regulations”) and for the purpose of giving information with respect to the Issuer, the Company, the Company and its subsidiaries taken as a whole (the “Group”), the Loan and the Notes, which, according to the particular nature of the Issuer, the Company, the Group, the Loan and the Notes, is necessary to enable investors to make an informed assessment of the assets and liabilities, financial position, profits and losses and prospects of the Issuer, the Company and the Group and of the rights attaching to the Notes. Each of the Issuer and the Company accepts responsibility for the information given in this Prospectus. To the best of the knowledge and belief of each of the Issuer and the Company (having taken all reasonable care to ensure that such is the case), each of the Issuer and the Company confirms that the information given in this Prospectus is in accordance with the facts and does not omit anything likely to affect its import. The Company’s legal name is Joint Stock Company “Russian Railways” and the address of its registered office is 2, Novaya Basmannaya St., 107174 Moscow, Russian Federation. The telephone number of the Company’s registered office is +7 499 262 99 01. The Issuer’s legal name is RZD Capital Limited and the address of its registered office is 5 Harbourmaster Place, IFSC, Dublin 1, Ireland. The telephone number of the Issuer’s registered office is +353 1 680 6000.
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