Ufa, Russia - September 13, 2010. - OJSC Joint-Stock Oil Company Bashneft and its subsidiary and dependent companies, including OJSC Bashkirenergo (the “Bashneft Group” or “Group”), one of the leading vertically integrated oil companies in Russia, today announced unaudited consolidated financial results prepared to International Financial Reporting Standards (IFRS) for the six months and second quarter ending June 20, 2010.

The comparative figures for the six months and second quarter ending June 30, 2009, are combined reporting for the Group and prepared according to IFRS. The methods used to prepare the figures for the periods in 2009 enabled the closest possible figures to be gathered for comparison with the relevant periods of 2010.

Main financial results for 2q10

- Revenues rose by 14% to US$3,328 million due to greater sales

- OIBDA increased by 13.5% to US$696 million, giving an OIBDA margin of 21%

- Net profit was up 27.0% to US$376 million, giving a net profit margin of 11.3%

Main operating results for 2q10

- Oil production climbed 3.5% to 3,491 thousand tonnes

- Tolling contracts were discontinued following the creation of an own sales division

- Refining depth rose by 2.6 percentage points (pp) to 87.4%, while the Nelson Index was 7.5

- Share of light oil products increased by 1.2 pp to 63.8%

- Refining volumes were up 15.9%

Commenting on the results for the first half of 2010, Bashneft President Viktor Khoroshavtsev said: “The Group’s solid results for the period are a product of outstanding results from the exploration and production division, the optimization of refining volumes in terms of technological processes and the market environment, and, undoubtedly, an increase in the profitability of sales.”