BearingPoint Completes Corporate Performance Management System for Urals Energy

Business Wire, March 31, 2008

System cuts budget development time, increasing quality and transparency of budgeting and planning processes

MCLEAN, Va. & MOSCOW -- BearingPoint, Inc. (NYSE:BE), one of the world's largest management and technology consultants, today announced the successful implementation of a Corporate Performance Management (CPM) system for Urals Energy.

Urals Energy started the finance function transformation in 2006 and designed a detailed and transparent methodology for planning, budgeting and consolidation of the Group's financial reporting. The company selected BearingPoint for the technical implementation of a CPM system due to its extensive practical experience in implementing planning and budgeting, corporate reporting and consolidation systems based on SAP[R] applications.

The objective of the CPM project was to automate the management reporting of the holding company and consolidated financial reporting in compliance with International Financial Reporting Standards, as well as operational budget planning processes. Urals Energy selected the SAP NetWeaver platform as the foundation of its corporate data warehouse, which in turn served as a basis for the remaining CPM project sub-systems. The project was implemented in two phases: management and consolidated financial reporting was covered during Phase 1; operational planning sub-system was implemented during Phase 2. Virtually the entire core BI functionality was utilized in the project scope, while the use of SAP Enterprise Portal enabled an easy and user-friendly interface to operate CPM functionality with a single logon.

BearingPoint consultants managed the project in concert with Urals Energy specialists through its completion in December 2007.

"We made the right choice with BearingPoint," said Grigory Kazakov, vice president for Finance at Urals Energy. "Throughout the whole the project BearingPoint team was truly committed to the results and deadlines, since it was critical for Urals Energy to go live with the planning module before September 2007, when the company starts its planning for the next financial year."

As a result of the implementation, management reporting and DashBoards for top managers are automatically prepared in CPM system since July 2007, substantially reducing the time required for budget development and enabling more time for analysis and management decision making. "Moreover, the planning and budgeting processes became essentially transparent and the quality of planning has been improved," said Kazakov. "In December 2007 we completed implementation of the financial reporting transformation and consolidation module, and the 2007 IFRS reporting was prepared entirely in the CPM system. In 2008, we envisage implementing the investment projects' planning and analysis module, and we plan to use SAP[R] applications and BearingPoint consultants again."

"Our leadership in providing consulting services to Russia's top-tier oil and gas companies have been well recognized both by our partners and clients," said Natalia Krasnoperova, a vice president and leader of BearingPoint's Russia Practice. "We appreciate this opportunity to work with Urals Energy and leverage our extensive project experience and expertise in financial processes optimization to further improve the Company's management processes."

About Urals Energy

Urals Energy Public Company Limited, a Cyprus-based holding company listed on the London Stock Exchange's Alternative Investment Market (AIM), is an independent oil company operating in Russia. Ural's main exploration and production operations are focused on East Siberia, where the majority of the Company's reserves are located. In addition, the Company also has exploration and production licences, both onshore and offshore, on Sakhalin Island, Timan Pechora, and the Republics of Komi and Udmurtia. The Company is focused on rapid development of its core assets located in East Siberia.

About BearingPoint, Inc.

BearingPoint, Inc. (NYSE: BE) is one of the world's largest providers of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. Based in McLean, Va., the firm has approximately 17,000 employees focusing on the Public Services, Commercial Services and Financial Services industries. BearingPoint professionals have built a reputation for knowing what it takes to help clients achieve their goals, and working closely with them to get the job done. Our service offerings are designed to help our clients generate revenue, increase cost-effectiveness, manage regulatory compliance, integrate information and transition to "next-generation" technology. For more information, visit the Company's Web site at www.BearingPoint.com.

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