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June 2, 2010

Black Gold

Lukoil Doubles Profits, VE Models Rate the US ADR a Buy

ValuEngine has issued a BUY recommendation for LUKOIL (LUKOY). Based on

the information we have gathered and our resulting research, we feel that LUKOIL has
the probability to OUTPERFORM average market performance for the next year. The
company exhibits ATTRACTIVE company size, P/E ratio and 5-year annualized return.

LUKOIL is a vertically integrated oil & gas company. Main activities of LUKOIL
are exploration and production of oil & gas, production of petroleum products and
petrochemicals, and marketing of these outputs. Most of the Company's exploration
and production activity is located in Russia, and its main resource base is in Western
Siberia. LUKOIL owns modern refineries, gas processing and petrochemical plants
located in Russia, Eastern Europe and near-abroad countries. Most of the Company's
production is sold on the international market. LUKOIL petroleum products are sold in
Russia, Eastern and Western Europe, near-abroad countries and the USA.

The Oil Industry is under pressure these days thanks to the BP Gulf-spill fiasco, but
our models rate companies on the fundamentals and earnings, and LUKOIL has
posted some impressive results.

Subscribers can check out the latest figures on LUKOY HERE.

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MARKET OVERVIEW

Summary of VE Stock Universe

Stocks Undervalued 70.13%
Stocks Overvalued 29.87%
Stocks Undervalued by 20% 35.66%
Stocks Overvalued by 20% 11.74%

SECTOR OVERVIEW

Last 12- P/E

Sector Change MTD YTD Valuation
MReturn Ratio
Basic Industries -2.60% -0.31% 14.13% 9.17% undervalued 35.61% 23.13
Capital Goods -2.60% -0.10% 4.83% 7.54% undervalued 30.84% 19.05
Consumer Durables -1.98% -0.46% 1.30% 7.01% undervalued 47.22% 21.49
Consumer Non-Durables -1.62% -0.02% 1.21% 9.31% undervalued 36.94% 18.37
Consumer Services -2.00% -0.17% 6.19% 8.67% undervalued 37.15% 22.02
Energy -4.37% -0.04% -10.13% 10.58% undervalued 17.31% 21.31
Finance -1.50% 0.00% 4.81% 6.33% undervalued 15.95% 18.56
Health Care -1.69% 0.40% 4.88% 14.38% undervalued 28.24% 19.87
Public Utilities -1.73% -0.10% -8.40% 8.21% undervalued 13.96% 16.55
Technology -1.97% -0.03% 4.57% 16.31% undervalued 39.22% 23.78
Transportation -2.55% 0.07% 4.63% 11.18% undervalued 26.97% 20.19