Press-release

The results demonstrate successful growth of the company and confirm the effectiveness of the strategy being implemented by NCSP’s management – capacity growth through the development of world class facilities, focus on highly profitable cargo and efficiency increase through the consolidation synergies and implementation of new terminals.

Successful November listing of ordinary shares in Moscow and GDRs in London has subsequently raised NCSP’s profile. In 2007, the company achieved significant progress in increasing the efficiency of its operations by concentrating on further integration and consolidation of assets, as well as improving corporate governance with the purpose of increasing capitalization, investment attractiveness and transparency».

Growth Factors

• Consolidation of five stevedoring companies of the Novorossiysk Port in 2006  (Novoroslesexport, IPP, NZT, NSRZ, NCSP Fleet) whose financial results began to affect the consolidated reporting of OAO “NCSP” in 3Q2006, as well as the purchase

of 50% of shares in “Baltic Stevedore Co.” and 15,04% of NSRZ in May 2007.

• Establishment of new tariffs for services of the port in connection with the realization  of investment program aimed at modernization and port capacity increase

• Commissioning of new port complexes (NZT Grain Terminal, NLE Container and  Lumber Terminals, IPP Bunkerage Complex)

• Technical modernization (purchase and commissioning of new equipment)

• Introduction of an effective system of cost control

• Increase of labor productivity

• Improvement of debt quality and access to international capital markets

Development of the Company in 2007

1) During the first 9 months of 2007 NCSP has continued to execute its $700+ million investment program aimed at modernization and port capacity increase.

As of 31st December 2007 the following high-performance projects have been completed:

• Construction of a new grain terminal (NZT) with overall capacity of 4 million tons of  grain per year. Transshipment of cargoes began on the 29th August 2007. Total investment — approximately $82,6 million

• Construction of a new bunkerage complex (IPP) with overall capacity of 648,000 tons  per year. The complex was commissioned on the 1st of October 2007. Total  investment — approximately $19,8 million

• Reconstruction of the container terminal (Novoroslesexport) with the aim of  increasing the capacity from 60 thousand TEU to 350 thousand TEU. Total investment — approximately $86,4 million

• Reconstruction of the lumber terminal (Novoroslesexport) with the aim of increasing  the capacity from 2.2 million cubic meters to 3 million cubic meters. Total investment — approximately $14,8 million

Purchase of high-efficiency equipment (as of 12 December 2007):

• Crane equipment manufactured by ZPMC company for container terminal of  Novoroslesexport: two STS container reloaders, two rubber-tired gantry cranes RTG and rail-mounted gantry cranes RMG

 2) Eurobonds issue

• In May 2007 NCSP placed 5-year Eurobonds for a total of $300 million at 7%   annually.

• Release of security, upgraded level of unsecured debt from 4.3% up to 87%

3) Offering of ordinary shares and GDRs

• In November 2007 NCSP carried out an offering of ordinary shares on RTS, MICEX  and GDRs on LSE having placed 19.38% of stock at the top of the price range - $0.256 for one share and $19.2 for a GDR (one GDR represents 75 shares)

• The capitalization of NCSP based on the offering price totaled $4.9 billion. Global  coordinators, co-lead managers and bookrunners were Morgan Stanley and Troika Dialog

4) Scheduled tariff increase

• In 2007, the indicator of labor productivity increased 7% in comparison with the  previous year due to an increase of automation of operations and the introduction of new technologies that allowed for the reduction of unskilled labor

6) Optimization of cargo turnover through a shift to highly profitable cargoes (as of 31 December 2007):

• The volume of grain turnover in 2007 reached a record level of 5,808 thousand tons,  demonstrating a more than 42% growth year-on year (4,084 thousand tons in 2006)

Outlook

The investment program of NCSP, focused on the modernization and growth of the port capacities, will promote the growth of profitability and stock price of the company.

The management of NCSP positively estimates the prospects of the development of the Russian economy and sees great potential for escalating the turnover of goods and increase in the assortment and quality of rendered services. The prospects of growth of cargo traffic in the regions the company operates supports NCSP`s intentions to continue a sustainable growth with focus on highly profitable cargoes.

Key growth factors for the company:

• Construction of new terminals and the increase in existing capacities in the  processing of following cargoes:

• Containers – BSK, NCSP, NLE

• Oil products

• Crude oil

• Dry imported bulk cargoes

• Scheduled increase in tariffs

• Purchase of new assets

• Purchase of minority stakes in subsidiaries

Realization of the corporate strategy within growing volumes of Russia`s international sea trade will allow the company to become, in the near term, one of the leading ports in Europe by volumes of transferred cargoes and operating efficiency.

Events after reporting date

Novorossiysk Commercial Sea Port consolidated 100% stock of the “Baltic Stevedore Co.”, which specializes on container cargo.

The transaction has been effected as part of NCSP’s strategy aimed at enhancing company’s presence in the northwestern region and shipment of highly remunerative cargo.

Consolidation of 100% stock of “Baltic Stevedore Co.” shall maximize the efficiency of company management and implementation of the program on increasing its cargo turnover  up to 300,000 TEU by 2010.

Conference Call

NCSP will be holding a telephone conference call today at 17:00 Moscow time (London -

14:00, New York – 9:00), to discuss these results.

To take part in the call, please dial:

• Russia +7 495 981 08 73

• United Kingdom +44 207 740 9501

• USA +1 718 354 1175

Pin-code for participants: 989 523

NCSP

NCSP operates primarily at the Port of Novorossiysk (the "Port"), a multi-purpose, yearround, deep-water port located on the Russian shore of the Black Sea which has geographic, topographic and infrastructure advantages in comparison to ports and potential port sites in the Black Sea-Azov basin. The Port is Russia's largest sea port in terms of cargo turnover volume according to the Association of Russian Sea Ports, and Europe's fifth largest commercial sea port by cargo volume in 2005, according to Global Insight/ISL.

NCSP is a key Southern gateway for the import and export of a wide range of cargoes to and from the Russian economy (including oil, oil products, timber, grain, fertilizers, ferrous metals, containers, automobiles and general cargo). NCSP handles approximately 20% by volume of cargoes shipped through Russian sea ports according to the Association of

Russian Sea Ports.