VNV Global — Net Asset Value 2008

Mar 10, 2008

Press Release March 10, 2008

Net asset value of Vostok Nafta Investment Ltd as of February 29, 2008

Net asset value per share: USD: 22.80, SEK: 140.60

Change in net asset value (USD/share) February 2008: 19.46%

RTS index development, February 2008: 8.23%

Three largest holdings, February 2008 (Share of stockholdings):

• 1. Black Earth Farming 31.61%
• 1. Kuzbassrazrezugol 16.27%
• 1. Belon 8.96%

Vostok Nafta's estimated net asset value as of February 29, 2008 amounted to approximately USD 1,049.06 mln (SEK 6,470.52 mln according to SEK/USD 6.17). The number of outstanding shares per February 29, 2008 was 46,020,901. For the shares in the portfolio that are listed, the market value has been calculated by using the last available closing bid price as at February 29, 2008.

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

Per Brilioth Managing Director