OREANDA-NEWS. The Board of Directors of JSOC Bashneft held its scheduled meeting and considered several issues related to the Annual General Meeting of Shareholders

The Board of Directors decided to convene the Annual General Meeting of Shareholders of JSOC Bashneft on June 27, 2013 in Ufa in the form of joint presence of shareholders, approved the meeting agenda and set the date for compiling a list of persons entitled to participate in the General Meeting of Shareholders at May 15, 2013.

In accordance with the dividend policy of JSOC Bashneft stipulating that dividend payments should total at least 10% of the company’s net income under IFRS, the Board of Directors decided to recommend that the Annual General Meeting of Shareholders should approve the dividend payment for 2012 amounting to XX,XX roubles per ordinary registered share and per preferred registered share of JSOC Bashneft. If the Meeting of Shareholders gives its approval, dividend payments will be made no later than August 26, 2013.

‘The underlying principle of Bashneft’s dividend policy consists in reasonable distribution of income taking into account both the interests of shareholders and the Company’s need for development,’ Felix Evtushenkov, the Chairman of the Board of Directors, pointed out. ‘In October 2013, the Board of Directors will consider the payment of Bashneft’s interim dividends for the nine months of 2013.’

Under the Russian legislation, no dividends are paid on treasury shares. In July 2012 Bashneft bought back shares from the shareholders who had submitted buyback requests; as a result, these securities became treasury shares. The Board of Directors decided to keep these shares within Bashneft Group for the purposes of possible future strategic projects and transactions.

The Board of Directors also recommended that the Meeting should approve CJSC BDO as the auditor of JSOC Bashneft responsible for conducting the audit for 2013 in accordance with Russian Accounting Standards, and to approve Deloitte & Touche CIS to conduct the audit for 2013 in accordance with International Financial Reporting Standards.

In May 2013, the Board of Directors will consider additional issues related to the preparation for the Annual General Meeting of Shareholders

AGENDA OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS OF JSOC BASHNEFT TO BE HELD ON JUNE 27, 2013

1. On the approval of the procedure for holding the Annual General Meeting of Shareholders of JSOC Bashneft for 2012.

2. On the approval of the annual report, the annual financial statements, including the profit and loss statement of JSOC Bashneft for 2012.

3. On the distribution of income (including dividend payment (declaration)) and losses of JSOC Bashneft for 2012 fiscal year.

4. On the approval of the number of members of JSOC Bashneft’s Board of Directors.

5. On the election to the Board of Directors of JSOC Bashneft.

6. On the election to the Audit Commission of JSOC Bashneft.

7. On the approval of the auditor of JSOC Bashneft for conducting the audit for 2013 in accordance with Russian Accounting Standards.

8. On the approval of the auditor of JSOC Bashneft for conducting the audit for 2013 in accordance with International Financial Reporting Standards.

9. On the approval of a new version of the Charter of JSOC Bashneft.

10. On the approval of a new version of the Regulations on the General Meeting of Shareholders of JSOC Bashneft.

11. On the approval of a new version of the Regulations on the Board of Directors of JSOC Bashneft.

12. On the approval of a new version of the Regulations on Rewards and Compensations to the Members of the Board of Directors of JSOC Bashneft.