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SHARE HOLDERS

The Regulations on the General Meeting of Shareholders of LLC Krasnodarneftegaz (hereinafter referred to as the "Regulations") shall determine the procedure for preparation, convocation and holding of the General Meeting of Shareholders of  LLC Krasnodarneftegaz (hereinafter referred to Rosneft Subcidiaries or the "Company") and for summing up the results thereof in accordance with the Civil Code of the Russian Federation, Federal Law On Joint Stock Companies, other regulatory acts of law of the Russian Federation and the Articles of Association of the Company.

competence of general meeting of share-holders

The competence of the General Meeting of Shareholders of the Company shall be determined by the legislation of the Russian Federation and the Articles of Association of the Company. Resolving of the issues falling within the competence of the General Meeting of Shareholders may not be delegated to the Board of Directors of the Company or the Company's executive bodies. The General Meeting of Shareholders shall have no right to consider any issues not falling within its competence and adopt resolutions on such issues.

anual general meeting

The Company shall be obliged to hold the annual General Meeting of Shareholders on an annual basis, not earlier than two months and not later than six months from the end of the financial year. The date of holding the annual General Meeting of Shareholders shall be determined by the Board of Directors of the Company. The Company's financial year shall begin on January 01 and shall end on December 31 of the current year, inclusive. The annual General Meeting of Shareholders shall be convened by the Board of Directors except for the cases provided for by Federal Law On Joint Stock Companies. The resolution on convocation shall be adopted by a majority of the votes of the members of the Board of Directors attending the meeting Shareholders.

The following issues shall be resolved at the annual General Meeting of Shareholders: election of the members of the Board of Directors of the Company; approval of the Annual Reports and annual accounting (financial) statements, including the profit and loss statements (profit and loss accounts) of the Company, and also distribution of profit (including payment (declaration) of the dividend, except for the profit distributed as dividend based on the results of the first quarter, half-year, or nine months of a financial year, and the Company's loss based on the results of the financial year; election of the, members of the Audit Commission of the Company; approval of the External Auditor of the Company.