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Novy Neft Limited - Update to Exposure to Gazprom Local Shares

21 21 2004

Hamilton, Bermuda: 21 October 2004 - The Directors of Novy Neft Limited wish to advise that the company now has exposure to 108,969,961 Gazprom local shares acquired at an average Rouble cost of 42.31315682 per share. The blended capital gains tax rate across five structures is 17.310%. Total accruals US$ 21,813,330 as of 18th October.

Net Asset Value Reconciliation:

Gross Asset Value = 108,969,961 shares * 2.5238 = US$ 275, 017,340

Total Accruals = US$ 21,813,330

Cash = US$ 261,387

Net Assets = US$ 253,465,397

Number of Shares = 14,654,794

Net Assets per Share = US$ 17.2957

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