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Novy Neft Limited Announces Exposure To Gazprom Local Shares

10 10 2004

Hamilton, Bermuda: 10th June 2004 - The Directors of Novy Neft Limited wish to advise that the company now has exposure to 110,789,275 Gazprom local shares acquired at an average Rouble cost of 41.62 per share. The blended capital gains tax rate across five structures is 17.43%. Total accruals total US$11,957,609 as of 7th June 2004.

Net Asset Value reconciliation:

Gross asset value = 110,789,275 shares * 1.9357 = US$214,459,161

Total accruals = US$11,957,609

Cash = US$1,321,608

Net assets = US$203,823,160

Number of shares = 14,903,243

Net assets per share = US$13.6764

For further information on Novy Neft Limited please contact:

Stephen DaviesButterfield Securities LimitedTel: (441) 298 4764Fax: (441) 295 6759Email: stephendavies@bntb.bm Varda Lotan or Christopher Fitzwilliam-LayCharlemagne Capital (UK) LimitedTel: (44 207) 518 2100Fax: (44 207) 518 2199Email: varda.lotan@charlemagnecapital.com