EEII : Half-year Report 2023 - unaudited

Interim Report as at June 30, 2023

2	Letter to the Shareholders

Dear Shareholders

As reported earlier this year, EEII AG's former anchor shareholder, Gehold SA, has sold its majority stake to SEBRINA HOLDING SUISSE SA and the transaction was completed in H1 2023. Consequently, as of the annual General Meeting of Shareholders, the majority shareholder of SEBRINA HOLDING SUISSE SA, Mr. Alexandre Uldry, has stepped in as the Company's new CEO and Delegate of the Board. Since then, EEII has revised its strategy and investment focus, and we will communicate these and the next steps to be taken to the public in H2 2023.

With regard to EEII's only remaining asset in its portfolio, its PJSC Gazprom shares listed on the Moscow Stock Ex- change, the situation has not changed since the publication of our last annual report. No reliable information can be obtained if the Company can eventually gain access to those shares, and their valuation therefore remains unchanged.

The decrease in the Company's NAV is wholly attributable to the on-going operational costs of the Company which were kept to an absolute minimum.

Yours sincerely,

Victor L. Gnehm

Chairman of the Board of Directors

Determination of the Net Asset Value 3

Determination of the Net Asset Value

as of June 30

in CHF	2023	2023	2022	2022
	Following IFRS	Representing the	Following IFRS	Representing the
	presentation	shareholders,	presentation	shareholders,
		economic interest		economic interest
Cash and other assets	299,828	299,828	693,933	693,933
Financial assets at fair value through profit or loss	24,854	24,854	411,739	411,739
Total assets	324,682	324,682	1,105,672	1,105,672
Total current liabilities	27,685	27,685	66,528	66,528
Share capital	10,845,321	10,845,321	10,845,321	10,845,321
(Accumulated deficit)	(10,548,324)	(10,548,324)	(9,806,177)	(9,806,177)
Total shareholders' equity	296,997	296,997	1,039,144	1,039,144
Total liabilities and shareholders' equity	324,682	324,682	1,105,672	1,105,672
Total shares outstanding	-	1,527,510	-	1,527,510
Number of treasury shares	-	-	-	-
Net Asset Value per share		CHF 0.19		CHF 0.68

4	Interim Report 2023

Interim IFRS Financial Statements
IFRS Statement of Financial Positions	as of June 30

in CHF (unaudited)	Notes	30.06.2023	31.12.2022
Assets
Cash and cash equivalents		299,828	491,810
Other assets		-	6,305
Total current assets		299,828	498,115
Financial Assets at fair value through profit or loss	5/6	24,854	30,641
Total non current assets		24,854	30,641
Total assets		324,682	528,756
Liabilities and shareholders' equity
Accounts payable		2,311	5,982
Accrued expenses and other liabilities		25,374	49,000
Total current liabilities		27,685	54,982
Share capital		10,845,321	10,845,321
(Accumulated deficit)		(10,548,324)	(10,371,547)
Shareholders' equity		296,997	473,774
Total liabilities and shareholders' equity		324,682	528,756

IFRS Financial Statements // IFRS Statement of Financial Positions // IFRS Statement of Income 5

Interim IFRS Statement of Income

for the period from January 1st to June 30

in CHF (unaudited)	Notes	2023	2022
Operating income
Interest income			3,526	-
Unrealised (loss)/gain on financial assets at fair value through profit or loss	6	(5,787)	(5,852,552)
Foreign exchange (loss)/gain			(6,308)	7,366
Net operating (loss)			(8,569)	(5,845,186)
Operating expenses
Management & Advisory fees			(57,680)	(57,680)
Administrative fees			(26,704)	(18,704)
Directors fees			(17,261)	(17,261)
Personnel cost			(7,379)	(7,917)
Professional fees			(35,876)	(43,186)
Other expenses			(21,220)	(23,131)
Bank charges and interest expenses			(2,088)	(2,764)
Capital tax expense			-	(550)
Total operating expenses			(168,208)	(171,193)
(Loss) before tax			(176,777)	(6,016,379)
Income taxes			-	-
Net (loss) after tax			(176,777)	(6,016,379)
Net earnings per share
Net (loss)			(176,777)	(6,016,379)
Weighted Average Number of shares (basic and diluted)			1,527,510	1,527,510
Net (loss)per share - (basic and diluted)			(0.12)	(3.94)

Interim IFRS Statement of Comprehensive Income

in CHF (unaudited)	2023	2022
Net (loss) for the year	(176,777)	(6,016,379)
Other comprehensive income	-	-
Total comprehensive (loss) for the year	(176,777)	(6,016,379)