Quarterly Report

Reconstruction Capital II Ltd
24 July 2007

Reconstruction Capital II Limited (the 'Company')

24 July 2007

Quarterly report

A quaterly report which details the activities of the Company for the quarter
ended 30 June 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]), for a
period of 30 days from the date of this announcement.

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