VNV Global — Share Issue/Capital Change 2009

Jan 7, 2009

This information is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong or Japan

Press Release January 7, 2009

Vostok Nafta announces rights issue and staff changes

Vostok Nafta Investment Ltd. ("Vostok Nafta" or the "Company") announces that The Board of Directors has decided to undertake a rights issue in Vostok Nafta. The proceeds from the rights issue amounts to a maximum of SEK 552 million, or approximately USD 70 million at a USD/SEK exchange rate of 7.91.

Each Swedish depository Receipt ("SDR") of Vostok Nafta will entitle the holder to subscribe for one (1) newly issued SDR for a consideration of SEK 12.

The proceeds from the rights issue will be used to pay off part of Vostok Nafta's debt, as well as to invest into new and existing parts of the Company's portfolio.

"The turmoil in the global financial markets has created a situation in which we see great opportunities for Vostok Nafta to create value for our shareholders going forward. The valuations of both listed and non-listed assets are in many cases extremely attractive, and 2009 will be a year where we continue to evaluate a multitude of new investments. However, the majority of the proceeds from the rights issue will be used to reduce debt, as we believe that the conditions in the global credit markets will continue to be challenging for yet some time", comments Per Brilioth, Managing Director of Vostok Nafta.

Terms and conditions for the rights issue:

Any person who, on the record date of January 14, 2009, is registered as a SDR holder of Vostok Nafta is entitled, pursuant to pre-emption rights, to receive one (1) subscription right for each existing SDR. Each subscription right entitles the holder to subscribe for one (1) new SDR.

Subscription for SDRs by use of subscription rights shall take place through payment in cash made during the period from January 19, 2009 up to and including February 2, 2009. The subscription price has been set at SEK 12 per SDR.

SDR holders registered on the record date of January 14, 2009 will have secondary pre-emption rights. SDRs that have not been subscribed for by use of subscription rights will be offered to SDR holders with secondary

pre-emption rights that have applied to subscribe for SDRs without the use of subscription rights.

SDRs that have not been subscribed for by use of subscription rights or by secondary pre-emption rights will be offered to those that have applied to subscribe for SDRs without the use of subscription rights.

Trading in the subscription rights will take place on the NASDAQ OMX Nordic Exchange during the period January 19, 2009 up to and including January 28, 2009. The subscription rights must be sold no later than January 28, 2009, or used to subscribe for new SDRs no later than February 2, 2009. Non-exercised subscription rights become void and thereby worthless.

If the rights issue is fully subscribed, the Company's share capital will increase by USD 46,020,901, from USD 46,020,901 to USD 92,041,802 through the issuance of 46,020,901 new shares, represented by SDRs. After completion of the rights issue, the total number of shares and SDRs in the Company will amount to 92,041,802, provided all new shares, in the form of SDRs will be subscribed for. Through the rights issue, the Company will raise up to SEK 552 million, or approximately USD 70 million, prior to issue costs, which are estimated to not more than SEK 14 million, or approximately USD 2 million.

Preliminary timetable and key data for the rights issue

Pre-emption rights	One (1) existing SDR owned on the record day entitles the holder to receive one (1) subscription right which entitles to subscribe for one (1) new SDR for a subscription price corresponding to SEK 12.
Record date	January 14, 2009.
The prospectus will be made public	On or about January 15, 2009.
Trading period for subscription rights	January 19–January 28, 2009.
Subscription period	January 19–February 2, 2009.
Subscription and payment for SDRs by use of subscription rights	Not later than February 2, 2009.
Subscription without subscription rights	Subscription without subscription rights should be made in accordance with the instructions in the prospectus that will be made public on or about January 15, 2009. SDR holders registered on the record date of January 14, 2009 will have secondary pre-emption rights.

For additional information, reference is given to the prospectus which will be prepared in conjunction with the rights issue.

Financial advisor

E. Öhman J:or Fondkommission AB is acting as financial advisor to Vostok Nafta in connection with the rights issue.

Staff changes:

As Vostok Nafta's relatively smaller portfolio size and the current market environment require significant budget adjustments to be made, Mr. Alexander Kim and his team that focused primarily on private equity opportunities and on government relations will be leaving the Company. However, Alex Kim and his highly qualified team of professionals will continue to work together with Vostok Nafta on an ad-hoc basis and will remain a part of Vostok Nafta's network in Russia in order to help facilitate government relations and to originate and structure new private equity deals.

"I would like to thank Alex and his team for their services provided over the past eighteen months, and also before that. I look forward to continuing to work together with him and his superb team in the years to come, even though they will no longer be employed by Vostok Nafta", comments Per Brilioth.

Besides cutting staff costs at the representative office in Moscow by more than half, Vostok Nafta is currently evaluating different options to keep the cost of maintaining the office low as practicable possible – which includes the option of moving to a more cost efficient location within Moscow.

For further information, please contact:

Robert Eriksson, Head of Investor Relations: +46 701 11 26 15

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IMPORTANT NOTICE:

The information in this press-release is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong or Japan.

The information in this press-release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

The information in this press-release does not constitute an offer of securities of Vostok Nafta Investment Ltd. for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the offering of securities of Vostok Nafta Investment Ltd. in the United States or to conduct a public offering of shares in the United States.

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