Net Asset Value and Monthly Report

23 November 2016

Reconstruction Capital II Limited (the "Company")

Net Asset Value

The Company announces that at close of business on 31 October 2016 its unaudited net asset value ("NAV") per share was €0.3283.

Monthly report

A monthly report which details the activities of the Company for the month ended 31 October 2016 has been issued by the adviser of the Company.

Copies of the report will be emailed to shareholders and will also be available, free of charge from the offices of New Europe Capital, 21 Tudor Arghezi, Bucharest, Romania (tel: +40 21 3167680), for a period of 30 days from the date of this announcement.

The report will also be available on the Company's website:

http://www.reconstructioncapital2.com/investment-reports.html/

For further information, please contact:

Reconstruction Capital II Limited

Ion Florescu / Anca Moraru

Tel: +40 21 3167680

Grant Thornton UK LLP (Nominated Adviser)

Philip Secrett / Carolyn Sansom

Tel: +44 (0) 20 7383 5100