Proceeds from the sale of OAO “Tatneft” for 2008 by US GAAP standards amounted to 444 332 million rubles (15 124 million U.S. dollars) compared to 356 276 million rubles (14 512 million U.S. dollars) in2007.

Net profit for 2008 amounted to 8 413 million (286 million U.S. dollars), compared with 43 279 million rubles (1 763 million U.S. dollars) of net profits earned in 2007.

“In the financial statements reflected a number of significant unique and exceptional entries (most of which are not connected with the movement of money), which adversely affected the net profit of the company to US GAAP. These entries include adjustments to adapt to the market value of particular, the loss on conversion of foreign exchange transactions of $ 6 582 million in connection with the revaluation of liabilities for the bank loan in U.S. dollars, hired a subsidiary of TANEKO to finance the construction of refineries and petrochemical plants in Nizhnekamsk, as well as a reduction of 9 470 million rubles cost of participation in investment funds, investment company in which, basically, were Tatneft shares (due to revaluation (with no cash flow), the current market value of securities held by the Fund, and does not require any cash infusions from the community ), “- said the company.

These nonrecurring entries also include a reserve of $ 10 786 million of receivables in connection with the supply of crude oil to Ukraine until October 2007. As announced earlier, the company will use all available legal means to recover the said debt, and is confident that its efforts in this area will be successful.

The net profit of the company without taking into account the unique and exceptional entries in 2008 was 45 983 million rubles (1 565 million U.S. dollars).

The total value of assets rose from 370 219 million rubles (15 080 million U.S. dollars) on 31 December 2007 to 392 980 million rubles (13 376 million U.S. dollars) as at 31 December 2008.

total liabilities of the company grew from 101 661 million (4 141 million U.S. dollars) on 31 December 2007 to 128 121 million (4 360 million U.S. dollars) as at 31 December 2008.

total shareholder value (total shareholders' equity) decreased from 264 059 million rubles (10 756 million U.S. dollars) on 31 December 2007 to 260 276 million rubles (U.S. $ 8 859) for on 31 December 2008 .

On on 31 December 2008 total proved reserves of crude oil and condensate (on the methodology of SPE /WPC) was 790 million tons (5 625 million barrels), using the price of oil at the end of 2008, and 878 million tons (6 255 million barrels), using the average oil price for the 12 months of 2008. Society believes that the use of the average oil price for the 12 months of fairly reflects its reserves of oil in the current economic conditions, particularly in an environment of high volatility of oil prices that occurred during 2008.

Proceeds from the sale of OAO “Tatneft” for 2008 by US GAAP standards amounted to 444 332 million rubles (15 124 million U.S. dollars) compared to 356 276 million rubles (14 512 million U.S. dollars) in2007.

Net profit for 2008 amounted to 8 413 million (286 million U.S. dollars), compared with 43 279 million rubles (1 763 million U.S. dollars) of net profits earned in 2007.

“In the financial statements reflected a number of significant unique and exceptional entries (most of which are not connected with the movement of money), which adversely affected the net profit of the company to US GAAP. These entries include adjustments to adapt to the market value of particular, the loss on conversion of foreign exchange transactions of $ 6 582 million in connection with the revaluation of liabilities for the bank loan in U.S. dollars, hired a subsidiary of TANEKO to finance the construction of refineries and petrochemical plants in Nizhnekamsk, as well as a reduction of 9 470 million rubles cost of participation in investment funds, investment company in which, basically, were Tatneft shares (due to revaluation (with no cash flow), the current market value of securities held by the Fund, and does not require any cash infusions from the community ), “- said the company.

These nonrecurring entries also include a reserve of $ 10 786 million of receivables in connection with the supply of crude oil to Ukraine until October 2007. As announced earlier, the company will use all available legal means to recover the said debt, and is confident that its efforts in this area will be successful.

The net profit of the company without taking into account the unique and exceptional entries in 2008 was 45 983 million rubles (1 565 million U.S. dollars).

The total value of assets rose from 370 219 million rubles (15 080 million U.S. dollars) on 31 December 2007 to 392 980 million rubles (13 376 million U.S. dollars) as at 31 December 2008.

total liabilities of the company grew from 101 661 million (4 141 million U.S. dollars) on 31 December 2007 to 128 121 million (4 360 million U.S. dollars) as at 31 December 2008.

total shareholder value (total shareholders' equity) decreased from 264 059 million rubles (10 756 million U.S. dollars) on 31 December 2007 to 260 276 million rubles (U.S. $ 8 859) for on 31 December 2008 .

On on 31 December 2008 total proved reserves of crude oil and condensate (on the methodology of SPE /WPC) was 790 million tons (5 625 million barrels), using the price of oil at the end of 2008, and 878 million tons (6 255 million barrels), using the average oil price for the 12 months of 2008. Society believes that the use of the average oil price for the 12 months of fairly reflects its reserves of oil in the current economic conditions, particularly in an environment of high volatility of oil prices that occurred during 2008.