Regular board meeting of Nizhnekamskneftekhim Inc. was held on April 23, 2009 under the chairmanship of Mr. A. Shigabutdinov, general director of JSC TAIF, the chairman of board of directors of the Company.

The board of directors approved production and financial plan, plan of utilization and financing of capital investments of Nizhnekamskneftekhim Inc. for 2009.

Board members approved on a preliminary basis the annual report and the annual financial statements for 2008.

The board of directors adopted the agenda of the annual shareholders meeting, the text of announcement to be published in press media, the form and texts of voting bulletins, list of information submitted to shareholders as well as the redrafted Articles of the Company and internal documents.

The annual shareholders meeting of Nizhnekamskneftekhim Inc. shall be held on June 3, 2009 at 10:00 AM in the main office of the Company. April 23, 2009 shall be the date of closing the register of shareholders having the right of participation in the meeting.

The board of directors recommended to allocate 30 percent (i.e. 567 million rubles) of net profit for payment of dividends based on the results of financial and economic activities of the Company for 2008.

Based on the results of the competitive tender for selection of an independent auditor of Nizhnekamskneftekhim Inc. on Russian Accounting Standards (RAS) and International Accounting Standards (IAS) PricewaterhouseCoopers was recommended as the auditor for 2009 to be approved at the general shareholders meeting.