Three Months Report 2011 (VNV Global)

Summary

• Net asset value was USD 693.49 mln on March 31, 2011, corresponding to USD 6.87 per share.p.2
• Net asset value per share in USD increased by 10.88%, while the RTS index increased by 15.47% in USD terms.p.2
• The number of outstanding shares at the end of the period was 100,990,975.p.2
• TNK-BP achieved record underlying oil and gas production of 1,771 mboepd in the first quarter, up 2% on the same quarter in 2010.p.5

Key insights

1. TNK-BP Holding represents 19.7% of the portfolio, and its ordinary shares rose 11.3% and preferred shares 8.6% in the quarter.p.5
2. RusForest controls approximately 2.4 million hectares of forest land with an annual allowable cut of 2.8 million m3.p.6
3. Kuzbassrazrezugol extracts coal from 12 open pit mines, with reserves estimated at 2.3 billion tons.p.7
4. Gross investments in financial assets were USD 15.34 mln in the first quarter, with proceeds from sales of USD 13.58 mln.p.8
5. TNK-BP's total proved reserves amounted to 13.07 billion barrels of oil equivalents as of December 31, 2010.p.5
6. TNK-BP accounts for about 16% of oil production in Russia.p.5