VNV Global — Share Issue/Capital Change 2009

Jun 10, 2009

Press Release June 10, 2009

Vostok Nafta acquires a portfolio of Russian listed stocks worth approximately MUSD 34.4 through a directed new share issue

The Board of Directors of Vostok Nafta Investment Ltd. ("Vostok Nafta") has decided, subject to approval of an extraordinary meeting of shareholders on the 25th of June, to take advantage of the opportunities that arise from a combination of the current low valuation for Russian companies, limited liquidity in certain listed Russian stocks and the relatively good liquidity of Vostok Nafta's depository receipts, by acquiring a portfolio of mainly Russian stocks with a total value of approximately MUSD 34.4. The acquisition will be financed through a directed new issue of approximately 8.9 million Swedish Depository Receipts of Vostok Nafta. The newly issued depository receipts will be subscribed for by a limited number of Swedish institutional investors and paid for by the transfer to Vostok Nafta of the portfolio described above.

"As an active investor in Russia for close to 15 years we view today's valuations of many Russian companies as extremely low, and therefore attractive. Through this acquisition we will further enhance our ability to create long term value for our shareholders, and at the same time the cost of managing Vostok Nafta's portfolio will decrease even further in relation to the total size of our holdings", comments Vostok Nafta's managing director Per Brilioth.

The Rationale behind the acquisition

The turbulence in the global financial markets in general and specifically in Russia has led to a situation where the liquidity in many Russian stocks has fallen significantly. In combination with low fundamental valuations this creates interesting business opportunities for a long term investor such as Vostok Nafta.

The depository receipts of Vostok Nafta are fairly liquid, which means that they can be used as an attractive means of payment in transactions as the one described above.

We believe that Vostok Nafta will be even better positioned to deliver a good return for current and future holders of depository receipts through the acquisition announced today.

As an effect of the above described transaction the number of depository receipts of Vostok Nafta will increase, which in turn should lead to a further increase in the liquidity with the company's cost base remaining unchanged. This means that the cost in relation to the size of the portfolio will decrease.

Support from the main shareholders

Vostok Nafta's largest shareholders, Lorito Holdings (Guernsey) Limited and Zebra Holdings and Investments (Guernsey) Limited, together representing approximately 30 percent of the total number of depository receipts and votes, have committed themselves to vote in favor of approving the Board's proposal of conducting a directed new share issue at the extraordinary general meeting on the 25th of June, 2009.

Pricing

The acquisition is financed by Vostok Nafta issuing new shares, represented by Swedish Depository receipts, for a total value representing the acquisition price of the acquired shares. The majority of the shares have been valued at their respective bid price, while some have been valued at the mid-price between the bid and ask prices as of the close of trading on the 9th of June, 2009. The new depository receipts will be issued at a price that corresponds to the Net Asset Value of Vostok Nafta as of the 9th of June, 2009.

As of the 9th of June, 2009 Vostok Nafta's Net Asset Value per depository receipt amounted to USD 3.84, equal to SEK 29.56 (SEK/USD 7.6995).

The effects of the transaction

As an effect of the transaction the number of depository receipts of Vostok Nafta will increase by 8,949,173 depository receipts to 100,990,975. The Net Asset Value of Vostok Nafta will increase from approximately MUSD 353.4 to approximately MUSD 387.7.

Approval by the Extraordinary General Meeting

The decision by the Board of Directors is conditioned by the approval of the shareholders, and the new share issue will be voted on at an Extraordinary General Meeting on June 25, 2009¹ . The decision to approve the new issue must be supported by at least two thirds of the votes casted at the Extraordinary General Meeting.

Preliminary time line

June 10, 2009 Notice of Extraordinary General Meeting of Vostok Nafta

June 11, 2009 Documentation for the upcoming Extraordinary General Meeting of Vostok Nafta will be made available for the holders of depository receipts

June 25, 2009 Extraordinary General Meeting of Vostok Nafta

Financial advisor

HQ Bank AB acts as the financial advisor in the above described transaction.

For further information, please contact:

Per Brilioth Managing Director Tel +46 8 545 015 50

Robert Eriksson Head of Investor Relations Tel +46 701 112615

¹ Please see the notice of the Extraordinary General Meeting