Press release

Not for release, publication or distribution in, or into, the United States, Canada, Australia or
Japan.

The annual report 2007 for Alpcot Russian Land Fund AB (publ) (under proposed change of
name to Alpcot Agro AB) is now available in Swedish on the company’s website –
www.alpcotagro.com. An English version of the annual report will be available in due course.

- The Group’s profit before tax amounted to SEK -22.0 million during the extended
accounting year September 2006 – December 2007. Cash and cash equivalent amounted
to SEK 186.6 million as of December 31, 2007.

- During the year Alpcot Agro acquired land in four regions in Russia, Voronezh, Volgograd,
Tambov and Lipetsk. At the end of the year, the company had approximately 93,000
hectares under control and owned, primarily in the form of land certificates, 44,000
hectares.

- The company made three private placements during 2007 which in total amounted to
approximately SEK 862 million. The first private placement was in January and amounted
to approximately SEK 228 million, the second was in October and amounted to
approximately SEK 274 million and the third private placement was in December and
amounted to approximately SEK 360 million.

- Investments in new Western machinery and equipment during the year amounted to
approximately SEK 30 million, investments in new Russian machinery amounted to
approximately SEK 2.4 million and the value of equipment taken over in conjunction with
acquisitions amounted to approximately SEK 9.7 million.

- In the beginning of 2008, the company has continued its expansion in two additional
regions, Kursk and Kurgan and Alpcot Agro controlled approximately 109,000 hectares in
Russia as of March 2008.

Accounting documents and the auditor’s statement are available at the company’s office,
Birger Jarlsgatan 2, Stockholm. Copies of documents will be sent to shareholders, who provide
their address, on request

The Annual General Meeting will take place on Tuesday May 13, 2008 at 16:30 in
Markeliussalen, Norrlandsgatan 11, Stockholm.