FOR IMMEDIATE RELEASE

Moscow

Amtel Holland Holdings N.V. ("Amtel-Vredestein"), one of the largest European automobile tire producers, with manufacturing facilities in Russia and the Netherlands, is pleased to announce that it has closed a round of private equity capital totaling US$ 70 million on June 30th, 2005. Following the recent acquisition by Amtel of the Dutch tire producer Vredestein Banden B.V., the Company has secured equity financing from two leading groups, representing both Russian and international investors. They are Alfa Bank Holdings and Temasek Holdings (“Temasek”), an Asia investment company.

Alexei Gurin, Amtel-Vredestein’s Chief Executive Officer, stated: ”Investments by Alfa and Temasek in Amtel-Vredestein demonstrate these investors' confidence in the Company’s business and strategy. This broadening of the Company's shareholder base confirms the position of Amtel-Vredestein group as a pan-European company. We expect that Alfa and Temasek's involvement with the Company will further enhance its standards of corporate governance. Amtel–Vredestein management feels encouraged by this sign of investment community confidence.”

Manish Kejriwal, Managing Director (Strategic Development) of Temasek Holdings, commented: "Amtel is Temasek's first direct private investment in Russia, so it was important that we partnered with a company with an ethical and strong management team that was backed by other well-respected investors. We have confidence in Amtel's growth prospects and we are excited about the opportunities we are seeing as the Russian economy continues to do well, particularly in segments driven by growth in consumer demand."

Dominic Gualtieri, Managing Director and Head of Equities at Alfa Bank, added: “We are delighted to be a part of Amtel’s ongoing growth. This is a company that combines the best of Russian manufacturing competitiveness and an attractive portfolio of both domestic and international brands. Amtel is certain to be a leading player in this fast-growing market segment”.

Temasek and Alfa-Bank join a prestigious list of other leading private equity and investment firms that have invested in Amtel including Templeton Asset Management and Citicorp International Finance Corporation (part of Citigroup).

Mark Mobius, President of Templeton Asset Management and the first institutional investor to buy into Amtel in 2003 through the Templeton Strategic Emerging Markets Fund, applauded the deal saying "It's great to see our faith in the company rewarded. Attracting serious domestic and international investors like Alfa Bank and Temasek demonstrates that Amtel is headed in the right direction."

About Amtel-Vredestein Group

AMTEL is one of Russia’s largest tire manufacturers, with a significant share of the Russian tire production market and of car and light-truck tires, the most profitable market segment. The group includes three tire factories in Russia: the Amtel-Povolzhye Tire Complex (Kirov), the Amtel-Chernozemye Tire Complex (Voronezh) and the Amtel-Sibir Tire Complex (Krasnoyarsk). It also includes two chemical facilities in Russia -Amtel-Kuzbass (Kemerovo) and Amtel Carbon Black Plant (Volgograd).

The overall tire output of AMTEL plants was 14.4 million in 2004, which represents a 21% increase vs. 2003.results.

VREDESTEIN BANDEN, a Dutch tire manufacturer with a history of nearly 60 years, is wholly owned by Amtel Holdings Holland N.V.. In 2004 Vredestein had total sales of more than EUR 230 million in four main product groups: passenger car and delivery van tires, bicycle tires, agricultural tires and industrial tires. The company has sales offices operating throughout Europe and is also represented in the United States and Canada.

Vredestein has made significant investments in recent years and, as a result, its production equipment is state-of-the-art, allowing the company to produce a wide range of high-performance tires on one site. Vredestein is involved in the development, production, marketing and sales of tires. More than 17,000 passenger car tires and high-tech radial agricultural tires are produced per day at Vredestein Banden’s plant.

About Temasek Holdings

Temasek Holdings (Private) Limited ("Temasek") is an Asia investment company headquartered in Singapore. It is committed to maximizing long-term shareholder value as an active investor and shareholder of successful enterprises.

Established in 1974, Temasek manages a diversified global portfolio of US$54 billion, spanning Singapore, Asia and the OECD economies. Its investments are in a range of industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences.

Singapore-based companies in the Temasek group include listed firms such as Singapore Airlines, SingTel, DBS Bank, SMRT Corporation, Keppel Group and Neptune Orient Lines. Other overseas investments include Mobile Telesystems in Russia, ICICI Bank, Mahindra & Mahindra and the Apollo Hospital group in India, China Minsheng Banking Corporation in China, Bank Danamon and Bank Internasional Indonesia in Indonesia, Quintiles Transnational Corp in the US, as well as Malaysian Plantations and Telekom Malaysia in Malaysia.

About Alfa-Bank

Alfa-Bank, one of the Russia’s largest privately owned banks, successfully combines both international standards of business and corporate management with unique expertise in the Russian and Ukrainian markets.

Alfa-Bank is active in every key sector of the financial services industry, including corporate banking, retail banking, investment banking, insurance and asset management. Alfa Bank’s branch network has grown to 110 outlets, including subsidiary banks in Russia, Ukraine, Kazakhstan and the Netherlands. In addition to banking, the Bank has regulated FSA and NASD brokerage subsidiaries located in London and New York.

Contacts for Alfa Bank: +7 095 929 9191, mail@alfabank.ru, www.alfabank.com

For more information, please visit: www.temasekholdings.com.sg

Rachel Lin (Ms)
Associate Director
Corporate Communications
Temasek Holdings Pte Ltd
DID: (65) 6828 6766
Fax: (65) 6828 6266
Email: rachellin@temasek.com.sg

AMTEL Vredestein Press Center
Alexei Shakirtdinov
Tel.: (+7 095) 981-9818 Fax: (+7 095) 148-27-10
E-mail: shakirtdinov@amteltyre.com