Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Urals Energy Public Company Limited

2. Reason for the Notification -(please tick the appropriate box or boxes)

An acquisition or disposal of voting rights

Yes

An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify): 

3. Full name of person(s) subject to the notification obligation:

URALSIB Securities Limited

4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction (and date on which the threshold is crossed or reached if different):

16/12/2008

6. Date on which issuer notified:

17/12/2008

7. Threshold(s) that is/are crossed or reached

2%

8. Notified details:

A: Voting rights attached to shares

Class/type of shares

If possible using the ISIN CODE

Situation previous to the Triggering transaction 

Resulting situation after the triggering transaction 

Number of Shares

Number of Voting Rights 

Number of shares

Number of voting rights 

% of voting rights

Direct 

Indirect 

Direct

Indirect

Common stock of USD.0063

ISIN CY0000111027

7,615,000

7,615,000

2,710,000

2,710,000

0

1.52%

0%

B: Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date 

Exercise / Conversion Period / Date 

Number of voting rights that may be acquired if the instrument is exercised / converted.

% of voting rights

Total (A+B)

Number of voting rights

% of voting rights

2,710,000

1.52%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:

Not applicable

Proxy Voting 

10. Name of the proxy holder:

Hannover Nominees Ltd

11. Number of voting rights proxy holder will cease to hold:

N/A

12. Date on which proxy holder will cease to hold voting rights:

N/A

13. Additional information:

The shares are registered under Hannover Nominees Limited as nominee holder for URALSIB Securities Limited

Pelham PR

Evgeniy Chuikov

+44(0)20 3008 5506 / +44(0)7894 608 606

Mark Antelme

+44(0)20 3178 6242 / +44(0)752 5951 011