FAS approves Bashneft’s stock swap

On 11 March 2012, Bashneft announced the launch of a program for reorganization through legal merger of these subsidiaries with Bashneft (stock swap) aimed at increasing operational transparency, enhancing the efficiency, the quality of corporate governance and the liquidity of the Company’s securities.

On 26 April 2012, extraordinary general meetings of shareholders of OJSC Ufimsky refinery plant, OJSC Novoil, OJSC Ufaneftekhim, OJSC Bashkirnefteprodukt and OJSC Orenburgnefteprodukt will consider the issues related to their reorganization through legal merger with JSOC Bashneft.

On 27 April 2012, the issues of reorganization will be discussed by an extraordinary general meeting of shareholders of Bashneft.

Consulting services in the course of reorganization will be provided to JSOC Bashneft by Ernst & Young, Goldman Sachs (Russia) (financial adviser) and Liniya Prava (legal adviser).