Press-release. Results for the nine months to 30th September 2007

Novorossiysk Commercial Sea Port (LSE: NCSP, RTS: NMTP, MICEX: NMTP) (“NCSP”) announces its consolidated unaudited financial results for the first nine months of 2007, in accordance with International Financial Reporting Standards.

Full consolidated unaudited financial statements for the first nine months of 2007 can be found on NCSP’s web-site: /en/ncsp/press-centre/news/

Key financial indicators for the period

* A number of the stevedore companies at the port of Novorossiysk were consolidated in June 2006. The financial results only reflect this consolidation from the third quarter of 2006

Mr. Igor Vilinov, CEO of NCSP, said: "Results for the first 9 months of 2007 are in line with our expectations showing significant improvement in our key financial indicators. The results confirm the effectiveness of the strategy being implemented by NCSP’s management - growth in capacity through the development of world class facilities, a focus on higher margin cargoes and efficiencies gained through the consolidation of operations at the port and starting work on new terminals.

Our successful November listing of ordinary shares in Moscow and GDRs in London has subsequently raised our profile and I am confident of our ability to live up to our position as one of Europe’s leading ports as we take advantage of the growth in Russian maritime trade.”

EBITDA improvements

Among the factors to have influenced the strong increase in EBITDA for the third quarter of 2007 were the following:

• Increase in tariffs for several cargoes and decrease in discounts granted to forwarding agents
• Elimination of cost overlaps due to the consolidation of NCSP’s stevedoring operations
• Growth through operational specialisation by individual stevedoring operations of NCSP
• Starting work on new terminals (grain terminal, bunkerage complex).

Developments

During the first 9 months of 2007 NCSP has continued to execute its $700 million investment programme to upgrade and extend facilities and capacity at the port.

As of 30^th September 2007 the following projects have been completed:

• Construction of a new grain terminal with overall capacity of 4 mln tonnes of grain per year. Transshipment of cargoes began on the 29^th August 2007. Total investment — approximately $82 million.
• Construction of a new bunkerage complex with overall capacity of 648,000 tonnes per year. The complex was commissioned on the 1^st of October 2007. Total investment — approximately $12.9 million.

In addition, preparation for works has been completed:

• On the container terminal (this project aims to increase the capacity of the container terminal to 500 thousand TEU);
• On the wood terminal (this project aims to increase the capacity of the wood terminal to 3 million cubic metres.)

Conference Call

NCSP will be holding a telephone conference call today at 13:00 Moscow time (London - 10:00), to discuss these results.

To take part in the call, please dial + 7 (495) 783 54 44 (pincode: 7000)

A Recording of the conference call and an investor presentation will also be available on NCSP’s web-site (www.nmtp.info) in the section “Press-center”

NCSP

NCSP operates primarily at the Port of Novorossiysk (the "Port"), a multi-purpose, year-round, 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.

During 2006, NCSP consolidated its shareholdings in the majority of other operators and stevedores in the Port.

For additional information please contact: