VNV Global — Net Asset Value 2008

Jan 10, 2008

Net asset value of Vostok Nafta Investment Ltd as of December 31, 2007

Net asset value per share: USD: 17.61, SEK: 113.92

Change in net asset value (USD/share) December 2007: 15.26%

RTS index development, December 2007: 3.22%

Three largest holdings, December 31, 2007 (Share of stockholdings):

1. Black Earth Farming 25.34%

2. Kuzbassrazrezugol 12.15%

3. TNK BP Holding Pref 10.43%

Vostok Nafta's estimated net asset value as of December 31, 2007 amounted to approximately USD 810.55 mln (SEK 5,242.86 mln according to SEK/USD 6.47). The number of outstanding shares per December 31, 2007 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 December 31, 2007.

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

Per Brilioth Managing Director