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Bashneft

March 18, 2015

The Meeting of Shareholders decides to reduce Bashneft’s authorized share capital

Today, an Extraordinary General Meeting of Shareholders of JSOC Bashneft has decided to reduce the Company’s authorized share capital by cancelling a block of treasury shares comprising 2,724,173 ordinary shares with a par value of one rouble each.

The said treasury shares comprising 1.51% of JSOC Bashneft’s authorized share capital were bought back by the Company from shareholders in April 2014 as part of reorganization through consolidation of CJSC Bashneft-Invest with Bashneft. In accordance with the law, these securities must be cancelled or sold within a year.

Under the resolution of the Meeting of Shareholders, JSOC Bashneft’s authorized share capital shall now total 177,634,501 roubles (147,846,489 ordinary shares and 29,788,012 preferred shares with a par value of one rouble each). This has resulted in a proportionate increase in the interest of each shareholder in the Company’s share capital.

The Company’s Charter approved by the Meeting of Shareholders and subject to state registration reflects the new size of its authorized share capital and a change in the company name to Public Joint-Stock Oil Company Bashneft (PJSOC Bashneft) in accordance with the requirements of the Civil Code of the Russian Federation.

 

 

 

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