VNV Global — M&A Activity 2012

Dec 20, 2012

Press Release December 20, 2012

Vostok Nafta Investment Ltd ("Vostok Nafta") announces material portfolio transaction

One of Vostok Nafta's principal holdings, Avito Holding AB ("Avito"), has entered into a transaction which includes Avito issuing new shares in the amount of USD 50 million to a new shareholder. The transaction is conditional upon approval of relevant authorities. The transaction will result in a significant positive revaluation of Vostok Nafta's holding in Avito by approximately 55 percent. This transaction will lead to an increase in Vostok Nafta's Net Asset Value by some 9 percent.

Following completion of the transaction, and assuming the remaining shareholdings remain constant since the last published Net Asset Value as per November 30, 2012, Vostok Nafta's largest shareholdings would be as follows:

• 1. Tinkoff Credit Systems 39.6%
• 1. Avito 23.7%
• 1. Black Earth Farming 19.8%

Vostok Nafta will publish a new Net Asset Value revaluing all holdings as per December 31, 2012 on Thursday, January 3, 2013.

This press release has not been reviewed by Vostok Nafta's auditors.

For further information please contact: Robert Eriksson, Head of Investor Relations, Tel +46 8 545 015 50

www.vostoknafta.com