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Investor Presentaiton

Year on Year Results Improvement - - Revenues ($MM) 70 60 175% increase 50 40 N WA 30 $21.20 20 10 0 IH 2005 $58.40 1H2006 Netbacks ($ per barrel) 40 35 GNN WA 15 30 $27.81 25 20 10 $37.43 5 0 1H 2005 1H 2006 Growth In Scale $MM 20 20 15 EBITDA ($MM) 240% increase 10 $5.96 5 Improvement in Economics 0.1 0.05 URALS ENERGY $18.14 1H 2005 1H 2006 EPS $0.04 0 1H 2005 1H 2006 -$0.02 -0.05 Page 11

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