VNV Global — Net Asset Value 2007

Oct 10, 2007

Net asset value of Vostok Nafta Investment Ltd as of September 28, 2007

Net asset value per share: USD: 13.62, SEK: 87.71

Change in net asset value (USD/share) September 2007: 13.28%

RTS index development, September 2007: 7.91%

Three largest holdings, September 28, 2007 (Share of stockholdings):

• 1. Black Earth Farming 22.21%
• 1. TNK BP Holding Pref 12.53%
• 1. Belon 6.95%

Vostok Nafta's estimated net asset value as of September 28, 2007 amounted to approximately USD 626.96 mln (SEK 4,036.28 mln according to SEK/USD 6.44). The number of outstanding shares per September 28, 2007 was 46,020,901. For the shares in the portfolio that are listed, the market value has been calculated by using the closing bid price of September 28, 2007.

This report has not been subject to review by the company's auditors.

Per Brilioth Managing Director