NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA OR JAPAN-EOS Russia offers first pricing of directed share issues on Friday, April 11th

Due to early demand EOS will offer institutional clients of Carnegie and Troika Dialog a possibility to participate in directed share issues in kind and cash on Friday, April 11, 2008. Other planned pricings dates are April 21 and May 7, 2008.

The price for the first placement is set to 100% of EOS’ net asset value (NAV) for subscriptions in kind (UES* shares) and 101% of NAV for subscriptions in cash. EOS’ NAV for the placement will be calculated at 11.00am CET on Friday April 11, 2008. EOS’ NAV will be published at the company’s website (www.eos-russia.com) at latest 11.45am the same day.

The total amount of shares offered in all placements is 84.5 million. The objective of the placements is to increase EOS’ ownership of UES ahead of the upcoming break-up on July 1st this year and at the same time improve the liquidity in EOS’ shares significantly.

As of April 9, 11:00 CET, EOS’ NAV per share was SEK 73.22 per share.

*Unified Energy Systems of Russia

Stockholm, April 10, 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.