This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

Novy Neft Limited II - Update to Exposure to Gazprom Local Shares

21 21 2004

Hamilton, Bermuda: 21 October 2004 - The Directors of Novy Neft II Limited wish to advise that the company now has exposure to 51,052,639 Gazprom local shares acquired at an average Rouble cost of 54.72129206 per share. The blended capital gains tax rate across six structures is 17.648%. Total accruals are $6,198,246 as of 18th June

Net Asset Value Reconciliation

Gross Asset Value 51,052,639 * 2.5238 = US$128,846,159

Total Accruals = US6,198,246

Cash = US$ 83,666

Number of Shares = 9,895,000

Net Assets per Share = US$ 12.4034

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