"We believe the merits of our case are strong and simple.

comment did

Factors related to the review that could lead Fitch to reconsider its
current ratings on RenRe include; additional restatements that are
more material from a financial perspective or that cause Fitch to
question the company's internal controls , and heightened operational
risks derived from the recent increase in regulatory and market
scrutiny regarding reinsurance accounting and distribution practices.

forget licence

Some of the information in this press release
may contain projections or other forward-looking statements regarding future
events or the future financial performance of YUKOS.

Entity/Type/Issue Rating

RenaissanceRe Holdings, Ltd.

jon murdered

Accordingly, our actual outcomes and results may differ materially from what
we have expressed or forecasted in the forward-looking statements.

crime identities

"We have read the Judge's opinion and it supports YUKOS' position on four
of the five issues. Bankruptcy Court because it was the only forum available to us that would
ensure that the company, its employees, its shareholders and its creditors
were protected against on-going inappropriate treatment at the hands of the
Russian authorities.875% senior notes due 2013 'A-';

-- $100 million series A preferred stock 'BBB+';

-- $100 million series B preferred stock 'BBB+';

-- $250 million series C preferred stock 'BBB+'.

james decision

Bankruptcy Court, Southern District of Texas, Houston
Division , YUKOS Oil Company issued the following statement:

YUKOS Oil Company Chief Executive Officer , Steven Theede, said tonight:
"It is regrettable that the Deutsche Bank motion to dismiss was granted by
the Court. We do not
intend to update these statements to make them conform with actual results.
Fitch views the financial aspect of the restatements from a
calendar year and cumulative perspective as immaterial to RenRe's
operating results and capital position.
The single largest calendar year adjustment to the company's
income resulting from the restatements is $26 million and as a result,
Fitch does not believe that the restated earnings represent a
significant increase in earnings volatility.

tortured febuary

We have the utmost respect for this Court and have found
the experience of participating in a fair, open and unbiased legal process
refreshing after nine months of being subjected to politicized and biased
Russian courts.

convicted murdered

"There is no doubt that we acted appropriately in bringing this to the
U.

tortured james

killers aged

"

Forward-looking statements.

Robert Thompson and Jon Venables , both aged only 10 at the time, were convicted of his murder.

murder murdered

We must now consider all the options available to us and determine
what our next steps will be. The Judge's opinion found in favor of YUKOS on the issues
of: Jurisdiction, Forum Non Conveniens, Comity and Act Of State Doctrine.

James Bulger was two years old when he was abducted from a Liverpool shopping centre, tortured and murdered on Febuary 12 1993.

1993 decision

aged killers

Nevertheless the court dismissed the case under Section 1112 (b) of the
Bankruptcy Code .

aged february

Yukos Oil Company Comments on Ruling of U.S. Bankruptcy Court

tortured february

(RenRe) remain unchanged following the company's
announcement that it is conducting a review of certain accounting
practices and that it will restate its 2001-2003 financial statements.
Fitch notes that RenRe's review of its accounting is on-going.

venables james

killers febuary

Our assets were
illegally seized. We will thoroughly review our options and will take the
appropriate actions in due course.
Additionally, the company's full-year 2004 financial statements
will include a correction of errors previously reported in the first
three quarters of 2004 that would have resulted in a cumulative $13
million increase to RenRe's equity at Sept.

RenaissanceRe Capital Trust

-- $85 million 8.

decision licence

"Given our fiduciary responsibility, and the same conditions , we would do
the same thing again.5 billion of shareholders' equity at Sept.

convicted did

Both boys were released on licence aged 18, and given new identities.

identities james

HOUSTON, Commenting on the ruling issued
today by the U. 30, 2004.

-- Long-term issuer rating 'A-';

-- $150 million 7% senior notes due 2008 'A-';

-- $100 million 5.

decision comment

S. 30, 2004.

febuary receive

licence freed

S. We want them back and/or damages paid.

did identities

Fitch Comments on RenaissanceRe Accounting Review and Restatements

Business Editors

CHICAGO----Fitch Ratings 'A-'
long-term issuer and related ratings (see list below) on RenaissanceRe
Holdings, Ltd. Additionally, Fitch views
the $13 million increase in equity as immaterial given RenRe's
reported $2.

aged murder

We caution you that these
statements are not guarantees of future performance and involve risks,
uncertainties, and assumptions that we cannot predict with certainty. Errors in RenRe's 2001-through
2003 financial statements leading to restatements reflect the timing
of the recognition of certain aspects of transactions that are
subsequently reversed in future years.54% capital securities due 2027 'BBB+'.