The Federal Antimonopoly Service (FAS) of the Russian Federation has approved the application of JSOC Bashneft for legal merger of the Company’s subsidiaries, OJSC Ufimsky refinery plant, OJSC Novoil, OJSC Ufaneftekhim, OJSC Bashkirnefteprodukt and OJSC Orenburgnefteprodukt, with the Company.

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).

Detailed information on the reorganization of JSOC Bashneft (the information booklet, the presentation) can be found on the website www.bashneft.com in the section «Investors & Shareholders».