The Annual General Meeting of Shareholders of JSOC Bashneft convened today in Ufa has approved the annual report and annual accounting statements, including the profit and loss statement of JSOC Bashneft for 2011. The Meeting has made a decision to pay dividends for 2011 in the amount of 99 rubles per ordinary registered share and preferred registered share of JSOC Bashneft no later than August 28, 2012. The new membership of the Board of Directors of JSOC Bashneft has been elected at the Meeting. It includes:

1. Vitaliy Artyukhov
2. Alexey Buyanov
3. Charles Watson
4. Alexander Goncharuk
5. Randall Gossen
6. Mikhail Gutseriev
7. Sergey Drozdov
8. Felix Evtushenkov
9. Alexander Korsik
10. Yury Pustovgarov

Thus, the number of independent directors in JSOC Bashneft’s Board of Directors has increased significantly, which complies with best corporate governance practices. The Meeting has elected the members of the Audit Commission and approved LLC FinExpertiza as the auditor of JSOC Bashneft for conducting the audit for 2012 according to Russian Accounting Standards and ZAO Deloitte & Touche CIS for conducting the audit according to International Financial Reporting Standards. The Meeting has also approved a number of related-party transactions. Felix Evtushenkov has been elected as the chairman of the Board of Directors at the Board meeting held after the Meeting of Shareholders.

The Board of Directors has also approved the members of the Strategy Committee (Chairman — Mikhail Cherny), the Nominating and Compensation Committee (Chairman — Alexander Goncharuk), the Budget and Audit Committee (Chairman — Alexey Buyanov) and the Corporate Conduct Committee (Chairman — Sergey Drozdov), as well as the number of Committee members.

INFORMATION ON THE NEW MEMBERS OF THE BOARD OF DIRECTORS OF JSOC BASHNEFT

Vitaliy Artyukhov. Born in 1944, Vitaliy Artyukhov graduated from Novocherkassk Polytechnic Institute in 1970. He holds the title of Doctor of Economy and professor. In 1991-2004 he was the first Deputy Minister for Finance of the Russian Federation, the Deputy and the first Deputy Minister for Transport of the Russian Federation, the Head of the Federal Tax Service of Russia as the Deputy Chairman of the Government of the Russian Federation, the Head of the Federal Road Service of Russia, the CEO of the Federal Highway Agency and the Minister of Natural Resources of Russia. At present, he is a director of the «Center» Central Research Institute of Shipbuilding Industry.

Charles Watson. Born in 1954, Charles Watson is an Engineering graduate from Kings College in the UK, and with an MBA from INSEAD business school in France. After six years with the Bechtel project construction group he worked extensively for the Shell Group in the spheres of marketing, trading, and oil and gas exploration and production, focusing on the Middle East, Europe, Africa and Russia/CIS. From 1999-2006 he was the Executive Vice President for Shell in the Middle East. From 2007-2009 he was CEO of Shell Energy Europe. In 2009-2011 he was the Executive Vice President for Shell in Russia and the Caspian Region, Chairman of the Board of Directors of Sakhalin Energy Investment Company and a Board Director of Salym Petroleum Development. Previously he held Directorships as a member of the Boards of Directors of Shell International Gas Ltd. and Oman LNG LLC. Mr Watson is also a Non-executive Director of Kazakhmys plc, a UK FTSE listed mining company.

Randall G. Gossen. Randall Gossen graduated from the University of Calgary as B. Sc. (Biology, Chemistry) in 1969. He also has a Ph. D. in Soil Microbiology (1973) and an Honorary Doctorate of Laws (2007, University of Calgary). Randall Gossen has worked in the oil and gas industry since 1973. In 1991-2008 he was the Vice President for Health, Safety, Environment and Social Responsibility of Nexen, Inc. In 2008-2012 he was the Vice President of Nexen, Inc. for Global Business Relations. He was twice elected as President of the World Petroleum Council (in 2005-2008 and in 2008-2011). He also holds the position of Special Advisor to UNGC and is a member of the International Council of the Global Leadership Foundation.