Daily analyst comments

Lot #10 included common and preferred shares and stakes in 37 companies owned by Yukos with various spheres of operations. The biggest assets are 100% in Tomskneft, 70.78% in East Siberian Oil and Gas Company, 100% in Angarskaya Petrochemical Company (RTS: ANHK), 100% in the Achinsk refinery, 100% in Angarsky Polymer Plant, 100% in the Strezhevoy refinery, 25.88% in group of utilities in the Tomsk region, including Tomsk Distribution Company, Tomsk Energy Sales Company and Tomsk Trunk Grids.

Valuation of key assets in lot #10 is givenbelow:

	Oil and gas reserves, mln BOE	Crude output in 2006, mln bbl	EV/output (industry average), $/BOE	EV/reserves (industry average), $/bbl	Our valuation, based on crude output, $ bln	Our valuation based on reserves, $ bln	Our average estimate of the company’s value, $ bln
Tomskneft	1,082*	85.03	87.0	4.4	7.39	4.75	6.07

*Kommersant business daily reported quoting Miller & Lents' data that Tomskneft's total proven reserves amount to 998.9 mln bbl, probable 695.9 mln and possible 621.9 mln bbl. Proven reserves of gas are estimated at 465 bln cu feet

	Annual capacity, mln tons	Refining capacity in 2006, mln tons	EV/ capacity (industry average), $/ton	EV / refining capacity, (industry average), $/ton	Our valuation base don capacity, $ bln	Our valuation based on refining volume, $ bln	Our average estimate of the company’s value, $ bln
Angarskaya Petrochemical Company	19.2	9	75	107	1.44	0.96	1.20
Achinsk refinery	6.5	5	75	107	0.49	0.53	0.51
Out total valuation of key assets							7.78

Based on Q106 data, interim receiver Eduard Regbun estimated Tomskneft at $3.3 bln, the Achinsk refinery at $713 mln and Angarskaya Petrochemical Company at $1.42 bln.

Thus, we believe that Rosneft has profitably acquired Yukos refining assets and its large production unit. Taking into account Gazprom's interest in Tomskneft, we do not rule out that in the future the gas giant will purchase it from Rosneft.

Another appealing lot of Yukos assets (Samara-based enterprises) will be auctioned off on May 10 (see our Daily dated April 09, 2007). We view Rosneft as the main contender which will which most likely acquire these assets.

In July, Rosneft plans to release new operating targets as a result of acquisition of new assets.