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2016-07-21

Vostok New Ventures invests an additional approximately EUR 40 mln in BlaBlaCar through an issue in kind to, among others, the principal owner, Luxor Capital Gr

Vostok New Ventures Ltd.
Company Announcement

Vostok New Ventures invests an additional approximately EUR 40 mln in BlaBlaCar
through an issue in kind to, among others, the principal owner, Luxor Capital
Group

Stockholm, 2016-07-21 08:30 CEST (GLOBE NEWSWIRE) --

Vostok New Ventures Ltd. ("Vostok" or the "Company") today announces that it
has entered into an agreement to acquire secondary shares in Paris-based
ride-sharing service Comuto SA (“BlaBlaCar”) in the amount of approximately EUR
40 mln at the same valuation as Vostok’s initial investment in BlaBlaCar in
September 2015 (the “Transaction” or the “Acquisition”).

The Acquisition is made from Lead Edge Capital II LP, Lead Edge Capital QP II
LP and Lead Edge Partners Opportunity III LP (“Lead Edge Capital”) and Luxor
Capital Partners LP, Luxor Capital Partners Offshore Master Fund LP, and Luxor
Wavefront LP (“Luxor Capital”) against payment in the form of newly issued
shares in Vostok in an issue in kind (the “Issue in kind”). The total
consideration amounts to 6,866,766 Vostok shares, representing approximately
8.5% of the outstanding share capital of the Company following the Transaction.
The total consideration implies a value of SEK 54.44 per newly issued Vostok
share.

The acquisition is conditioned upon the general meeting of shareholders in
Vostok which is intended to be held on August 5, 2016 resolving to approve the
Acquisition and to increase the share capital of the Company in accordance with
the proposal of the Board of Directors on the Issue in kind. The notice of the
general meeting has been made public in a separate press release in connection
with this press release. Considering that one of the entities entitled to
subscribe in the Issue in kind, Luxor Capital, is the principal owner of shares
in Vostok, the Board has submitted a special statement regarding the
Acquisition. The Board of Directors has also obtained a fairness opinion from
Pareto Securities AB in support of its valuation and its statement. The
fairness opinion and the special statement are available on the Company’s
website.

Provided that the general meeting votes in accordance with the Board of
Directors’ proposal, the new Swedish Depository Receipts (SDRs) for the issued
shares are expected to be admitted for trading on Nasdaq Stockholm on or about
August 10, 2016.

Vostok’s Managing Director Per Brilioth comments:

”I am very excited to increase Vostok’s exposure to BlaBlaCar to some 14.4% of
the NAV from currently 6.8%. We will post this transaction own some 5.4% of the
company. BlaBlaCar is a rare opportunity with its combination of a business
model with strong network effects and global potential including some
fascinating growth from emerging markets. We are paying with newly issued
Vostok stock at a slight discount to NAV (including the upward change in NAV
during Q2 as a result of the Gett transaction) but a premium to our current
share price. I think this is a great deal for us because of the large upside
potential of BlaBlaCar combined with the level of maturity of their European
assets resulting in an attractive risk reward”.

Background and Reasons

BlaBlaCar connects people looking to travel long distances with drivers already
going the same way, so both can save money by sharing the cost of their
journey. This model has made BlaBlaCar a leader of the global sharing economy.
Vostok invested approximately EUR 30 mln into BlaBlaCar in September 2015 in
context of their Series D approximately USD 200 mln investment round when the
company had just passed 20 mln members in 19 countries. Since Vostok’s initial
investment, the company has continued to expand and perform very well and now
has over 30 million members in 22 countries.

Following the Transaction, BlaBlaCar will be Vostok’s second largest investment
valued at some USD 80 mln and represent approximately 14.4% of the latest
published NAV as per March 31, 2016.

Advisors

Pareto Securities has been financial advisor and Vinge (Swedish law), Latham &
Watkins (French law) and Conyers Dill & Pearman (Bermudan law) have been legal
advisors to Vostok New Ventures Ltd in connection with the Transaction.

For further information please contact:
Björn von Sivers, Investor Relations: +46 (0)8-545 015 50

Vostok New Ventures Ltd, formerly Vostok Nafta Investment Ltd, is an investment
company with the business concept of using experience, expertise and a
widespread network to identify and invest in assets with considerable potential
for value appreciation. The company has a special focus on online marketplaces
and businesses with strong network effects. The Swedish Depository Receipts
(SDRs) of Vostok New Ventures are listed on Nasdaq Stockholm, Mid Cap segment,
with the ticker VNV SDB. For more information on Vostok New Ventures, visit
www.vostoknewventures.com.

This information is information that Vostok New Ventures Ltd is required to
make public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact person set out
above, at 08.30 CEST on July 21, 2016.

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