EAST CAPITAL BERING UKRAINE FUND CLOSED FOR FURTHER INVESTMENTS

The East Capital Bering Ukraine Fund has reached its investment target of USD 100m and is now closed for further investments. The East Capital Bering Ukraine Fund is the second of the offshore funds in East Capital’s range.

The East Capital Bering Ukraine Fund was launched by East Capital Alternative Investments (Cayman) Ltd on 30 July 2005 and has gained 47.4% in USD since inception. The portfolio consists of listed shares and private equity investments in Ukrainian companies that stand to gain from the country’s economic growth.

East Capital’s Bering funds adhere to the company’s general investment philosophy, which involves active management and a high degree of portfolio diversification. The structure of the Bering funds, with quarterly subscription and long-term investments, as well as their smaller size, allow for an increased possibility of greater risks. The funds are domiciled in the Cayman Islands and target a limited number of institutional and qualified investors. The first of the East Capital Bering funds, the East Capital Bering Russia Fund, has returned 364.8% in USD since inception in June 2004. The third offshore fund, the East Capital Bering Balkan Fund, was launched in July 2006 and provides exposure to the rapidly-expanding Southeastern European countries.

Facts about East Capital

East Capital is a leading, independent asset manager specialising in Eastern European financial markets. The company, which is headquartered in Stockholm, with offices in Paris, Hong Kong, Tallinn, Moscow and Oslo, actively manages over EUR 3.8bn, basing its investment strategy on thorough knowledge of the markets, fundamental analysis and frequent company visits by fund managers and analysts.

Further information can be obtained from:

Karine Hirn, East Capital, telephone +46 (0)8 505 88 526

karine.hirn@eastcapital.com