Today, Bashneft’s Board of Directors has decided to hold an Extraordinary General Meeting of Shareholders of the Company by absentee voting on March 18, 2015, approved its agenda and set the date for compiling a list of eligible participants for February 13, 2015.

The agenda of the meeting includes the following items:

• Reduction in JSOC Bashneft’s authorized share capital through cancellation of ordinary shares bought back by JSOC Bashneft.
• Approval of a new version of JSOC Bashneft’s Charter.

The reduction in the Company’s authorized share capital is to be considered by shareholders in connection with cancellation of a block of treasury shares of JSOC Bashneft comprising 2,724,173 ordinary shares (1.51% of the Company’s authorized share capital).

Bashneft bought back these shares from shareholders in April 2014 as part of the Company’s reorganization through consolidation of CJSC Bashneft-Invest with Bashneft. In accordance with the law, these securities must be cancelled or sold within a year.

If the Meeting of Shareholders adopts the said resolutions, JSOC Bashneft’s authorized share capital will amount to 177,634,501 roubles (147,846,489 ordinary shares and 29,788,012 preferred shares with a par value of one rouble each). This will result in a proportionate increase in the interest of each shareholder in the Company’s share capital.

The Company’s Charter to be approved by the Meeting of Shareholders will reflect 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.