Investor Presentaiton

Improving Netbacks Improving Prices and Netbacks Ave rage oil sales prices $/bbl Average realized netbacks $/bbl URALS ENERGY 90 90 60.00 79.43 79.7 54.28 75.57 76.10 80 68.75 66.56 69.02 46.78 47.01 50.00 45.28 70 42.55 42.16 40.29 60 56.33 51.51 52.21 49.85 38.59 40.00 33.06 50 40.51 40 37.45 27.02 30.00 34.63 33.74 30.62 26.80 30 19.94 20 10 0 Q1'05 Q2 '05 Q3 '05 Q4 '05 Q1'06 Q2 '06 31.07 26.29 31.08 29.34 25.95 28.34 26.42 20.00 22.60 24.64 22.91 18.66 16.57 10.00 14.05 11.37 Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1'06 Q2 '06 Products Export Domestic Page 7 Products Export Domestic Export Duty

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