Open Joint Stock Company Surgutneftegas, Board Meeting, May 17, 2013. Agenda: To consider preliminary approval of the annual report, review of the annual accounting statements, including the profit and loss accounts of the company' for 2012, audit opinions, the Auditing Committee's reports, and the annual report of the Audit Committee of the board of directors; to review of proposed distribution of profit (loss) of the company, including recommendations for the shareholders regarding the size, form, period, and procedure for payment of dividends on shares of each category; to consider nomination of the auditor; to consider approval of draft resolutions proposed to the annual general shareholders' meeting, the form and text of ballot papers, the scope of documents and information to be made available to persons entitled to participate in the annual general shareholders' meeting; and to consider organizational arrangements for the annual general shareholders' meeting.

Open Joint Stock Company Surgutneftegas announced audited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, Sales revenue, total was RUB 849,575 against RUB 795,196 for the same period a year ago. Operating income was RUB 230,561 against RUB 254,512 for the same period a year ago. Profit before tax was RUB 223,678 against RUB 343,758 for the same period a year ago. Net income was RUB 180,145 against RUB 274,989 for the same period a year ago. Capital expenditures were RUB 153,701 against RUB 125,953 for the same period a year ago. At the end of 2012, the crude output totaled 61.4 million tonnes, a 1% increase from the previous year. The growth of production is due to successful implementation of advanced technologies on the operating fields of OJSC Surgutneftegas' in Western Siberia and further production increase on the fields in the Republic of Sakha (Yakutia), where the production at the end of 2012 increased by more than 22% to 6.6 million tonnes. Gas produced at the fields of the company amounted to 12.3 billion cubic meters. The company's processing capacities yielded 7.5 billion cubic meters of gas at the end of 2012.

Surgutneftegas has commenced commercial production at the Eastern Block of the Talakanskoye oil and gas condensate field, bringing to five the number of the company's producing fields in Yakutia. Production was launched ahead of the schedule stipulated in the licensing agreement. The field was discovered in 1984. Proven and recoverable reserves (C1+C2) amount to 19.55 million tonnes of oil and 29.16 billion cubic meters of gas. In addition, this June the company plans to commission a new field in Khanty-Mansii autonomous district, N.K. Baibakov, also ahead of schedule. Surgutneftegas discovered the field in 2010. Its C1+C2 resource is 5.05 million tonnes.