NOTIFICATION OF MAJOR INTEREST IN SHARES

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

 No

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

 No

An event changing the breakdown of voting rights

 No

Other (please specify):

 No

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

Alpcot Capital Management Ltd

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

As above

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

31 Jan 2012 and 01 Feb 2012

6. Date on which issuer notified:

02 Feb 2012

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

10% and 11%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights

Direct

Direct

Indirect

Direct

Indirect

CY0000111027

24,828,742

24,828,742

28,853,742

28,853,742

-

11.58%

-

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/ConversionPeriod

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exerciseprice

Expirationdate

Exercise/Conversionperiod

Number of votingrights instrumentrefers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

28,853,742

11.58%

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

Proxy Voting:

10. Name of proxy holder:

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

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

13. Additional information:

14 Contact name:

Bjorn Lindstrom

15. Contact telephone name:

+44 (0)20 7518 0532

Annex: Notification of major interests in shares

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Urals Energy Public Company Limited

Contact address

(registered office for legal entities)

Evagoras Building

Office 34

3rd Floor

31 Evagoras Avenue

CY-1066, Nicosia, Cyprus

Phone number & email

Tel: +357 22 451 686

Fax: +357 22 451 687

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Alpcot Capital Management Ltd

Contact address

Berkeley Square House, Berkeley Square, London W1J 6BR, UK

Phone number & email

+44 (0)20 7518 0530

[email protected]

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information