NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA OR JAPAN - EOS Russia continues to trade on First North

EOS Russia continues to trade on First North as it has not been given an exemption from the rule of three years of published annual accounts in the listing requirements of the OMX Nordic list. EOS Russia will now evaluate other alternatives and continues with the previously announced pricing of its private placement on May 7, 2008 for which it sees a good amount of interest.

"We will build liquidity in our company’s shares by size of our free float and interest for our investment case. Our First North listing offers most investors the possibility to trade in our shares and we will evaluate all means of further strengthening availability and interest in doing so." says Sven Thorngren, CEO, EOS Russia.

Stockholm, April 29, 2008

EOS Russia

EOS Russia is an investment company headquartered in Stockholm. The overall objective of the company is to offer attractive returns via investments in the Russian electricity industry. EOS Russia’s shares have been listed on First North, a marketplace operated by the OMX Nordic Exchange, since June 25, 2007.

For further information, please contact:

Sven Thorngren, CEO: +46 (0) 8 407 31 50

Ann-Sofi Jönsson, Investor Relations: +46 (0) 8 407 31 50

This communication is not an offer for sale of securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. Any public offering of securities will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements. The company will not be conducting a public offering in the United States.

This communication is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together with Qualified Investors being referred to as “relevant persons”). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.