Half yearly report Alpcot Agro AB (publ) period January 1 – June 30, 2008

(Numbers within brackets refer to the period September 7, 2006 – June 30, 2007 unless otherwise stated)

- Net revenues amounted to SEK 29,316 (896) thousand, of which SEK 19,436 (-) thousand was result from market valuation of biological assets at the end of the period.
- During the period, gross profit amounted to SEK 6,222 (-1,905) thousand, operating profit amounted to SEK -25,361 (-3,581) thousand and profit for the period amounted to SEK -27,897 (-3,263) thousand.
- Result per share amounted to SEK -1.30 (-0.80).
- Agricultural land under control 1) increased to 133,000 (93,000) 2) hectares, of which around 78,000 (44,000) 2) hectares was owned 3) by the Company, directly or indirectly.
- This year’s seeded volume will amount to 53,900 hectares with an estimated harvest as of 20 August 2008 of approximately 150,600 tonnes, which is higher than earlier prognosis.
- Acquisition of land in two new Russian regions, namely Kursk and Kurgan.
- The Company raised SEK 520 million in capital before transaction costs through a new share issue directed towards institutional investors in Sweden and abroad.
- The Company has changed its name to Alpcot Agro AB.
- After the end of the period, the Company has opened a number of offices in Ukraine.

1) See definition of “Land under control” on page 20 in the report.
2) As of December 31, 2007.
3) See definition of “Land in ownership” on page 20 in the report.

Comments from CEO Carl Aschan:
”I am satisfied with what we have achieved during the first half of 2008. We have been able to combine a fast increase in land under control with successful operations. The harvested area is estimated to be approximately 53,900 hectares with an estimated harvest of approximately 150,600 tonnes, which is higher than expected.”

The complete report is available at the Company’s website www.alpcotagro.com.