Clarification re Sberbank Reports

14 December 2010

Urals Energy Public Company Limited

("Urals Energy" or the "Company")

Clarification re Sberbank Reports

The Board of Urals Energy (UEN.LN) notes this morning's media reports in relation to Sberbank's intentions to, inter alia, dispose of its interest in Urals Energy.

The Directors can confirm that this relates only to the interest that Sberbank holds in the Dulisma and Taas-Yuriakh assets, which were previously held by Urals Energy.

These assets were transferred to Sberbank in August 2009 as full settlement for the loans made to Urals Energy by Sberbank. The Directors of Urals Energy believe that Sberbank is not an existing shareholder in Urals Energy.

The Board see this as a positive for the Company, as this may lead to the early repayment of the shareholders loan of US$37.5m owed to Urals Energy by Taas-Yuriakh.

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