Company Profile For OAO "Aktsionernaia kompaniia po transportu nefti "Transneft' "

Transneft' AK OAO (Transneft JSC) is a Russia-based company engaged in the oil and gas transportation industry. The Company operates such oil transport systems as Baltic Pipeline System, Kharyaga - Indiga Pipeline, Eastern Siberia–Pacific Ocean Oil Pipeline, Caspian Pipeline Consortium and Burgas-Alexandroupolis Oil Pipeline. Transneft' AK OAO offers its services on both domestic and foreign markets. It has six branches located in Poland, Hungary, Lithuania, Slovakia, Belarus and Russia. The Company manages its activities also through 20 subsidiaries, of which 17 are wholly owned, and one affiliated company.

BRIEF: For the fiscal year ended 31 December 2008, Transneft' AK OAO's revenue increased 24% to RUR275M. Net income applicable to common stock increased 17% to RUR70.5M. Revenue reflects increased demand for crude oil transportation services provided by the Company. Net income applicable to common stock was partially offset by a significant increase in loss from currency exchange and interest expenses and presence of loss from investments.