NOTIFICATION OF MAJOR INTEREST IN SHARES

Urals Energy Public Company Limited

("Urals Energy" or the "Company")

17 May, 2011

NOTIFICATION OF MAJOR INTEREST IN SHARES

Urals Energy Public Company Limited has been notified that JP Morgan Chase & Co., and its controlled undertakings, have an aggregate relevant interest in 12,512,061 shares representing 5.14% of the issued share capital of the Company. The interest is shown below.

J.P Morgan Asset Management Holdings (UK) Ltd: 12,465,362 shares

J.P. Morgan Investment Management Inc: 42,883 shares*

J.P. Morgan Securities Ltd: 3,816 shares

*Held in the capacity of discretionary investment manager for various funds.

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