Quarterly Report

Reconstruction Capital II Ltd
04 May 2007

Reconstruction Capital II Limited (the 'Company')

4 May 2007

Quarterly report

A quaterly report which details the activities of the Company for the quarter
ended 31 March 2007, has been issued by the investment manager and adviser of
the Company. Copies of the report have been emailed to shareholders and will
also be available, free of charge from the offices of New Europe Capital
Limited, 33 Marloes Road, London W8 6LG, United Kingdom (tel: [phone]
0088), for a period of 30 days from the date of this announcement..

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