SIMON BODDYCHAIRMAN OF THE MANAGMENT BOARDDECEMBER 1, 2011

JSC “Ventspils nafta• 104,479,519 shares having a nominal value of LVL 1 per share:

– 60,598,121 shares in public circulation• Listed at NASDAQ OMX Riga, the Baltic Official List• First quotation – October 20, 1998

• The last stage of privatisation – on October 5, 2006 – 38.62% (share capital owned by the State) were sold in the public auction

• 34.75% of JSC Ventspils nafta shares were acquired by Euromin Holdings (Cyprus) Limited

• Current main shareholders:– Euromin Holdings (Cyprus) Limited 49,50%– AS Latvijas Naftas Tranzīts 39,11%

Corporate structure

JSC Ventspils nafta

LatRosTransLatvian Shipping Company

TransnefteproduktEurotank Holdings Sarl

66%49.94%51%

49% 34%

SJSC “State social security agency

International Baltic Investments

Other

Ventspils nafta termināls

10%

27,55%

12.06%

VN groupVentspils nafta termināls Latvian Shipping Company LatRosTrans

One of the leading petroleum transhipment terminals in the Baltic Region

105 tanks with combined capacity of 1,195,000 m3

Pipeline / Rail Road Connections to CIS countries

2011 marks 50 years of history of continuous operations

One of the leading owners in handy and medium-sized tankers

20 modern tankers

Average age of the fleet 4.5 years

Own internal technical and crewing management company

Largest Latvian-Russian joint venture in the Baltic States

One of the largest oil & oil products transportation company in the Baltic States

An integral part of Vitol and Transneft distribution infrastructures

Financial performanceThe VN Group in Q1-3, 2011:•Consolidated net turnover LVL 49.8 million•Net loss of LVL 2.87 million:

– The main reason for the loss is the financial performance of JSC “Latvian Shipping Company” (LVL 15 million)

•Supervisory Council costs reduced to zero (also in LSC since 2011)•Turnover of VNT reached LVL 41.3 million, transhipped amount has increased by 1/3 (34%).•The revenue of “LatRosTrans” from core activity was LVL 8.3 million, which is 25.8% more than planned.

Dividends paid

• in 2009 – LVL 0.48 per share• in 2003 – LVL 0.01 per share• in 1999 – LVL 0.03 per share• in 1998 – LVL 0.03 per share

VN share price (LVL)

Thank you!