Interview with Wolfgang Ruttenstorfer for daily newspaper „Danas“

June 6, 2012

Mr. Ruttenstorfer, we know that you for the long time have been BD member of largest regional oil company OMV. What motivated you to take a similar position, as an independent member of BD in NIS? Wolfgang Ruttenstorfer : I have been working in the oil industry for more than 30 years. Over my long experience I have seen the industry development over many decades. I was chief executive officer of OMV for about 10 years and now I am very happy to take on a non executive position, that I have been nominated to be an independent board member of NIS. I am really positively surprised what kind of successful for development NIS has taken over the last two to three years, and what potential the company has for the coming years. The independent director is something new for Serbia . Tell us more what is your primary task as an independent member of BD of NIS and what is your priority? Wolfgang Ruttenstorfer : As an independent director you have to act in the interest of all shareholders, not just of one specific group, and of course in the interest of the company itself. The most importing task as an independent member is to make sure that a sound and viable strategy is in place, which will lead into a positive and successful future. Then , you have to make sure that the management methods that are applied are effective, and the principles of good governance are observed, which will help the company to develop. Based on my experience not just in OMV but in other international companies, I will be very happy to try to contribute to all tree tasks. Before you have accepted the offer to join NIS BD, you surely become acquainted with the current state of affairs in the company. Briefly describe the research of NIS, point to the strengths and weaknesses of the company, including in the segments of corporate management? Wolfgang Ruttenstorfer : I was quite positively surprised, that NIS has turned to become a successful oil company in the recent past, well managed according to state of the art management principles and methods. The strength of NIS definitely lies in its oil and gas resource base in Serbia, which by applying Serbian, Russian and international E&P ( Exploration and Production) know – how, can now be better exploited. The Serbian market offers a growth opportunity in refining and marketing as well. However, NIS has the potential to play a significant role in the oil industry, as privatized and fully integrated company, beyond Serbia in South Eastern Europe, now after the opening of Serbia and the acceptance of its candidacy for EU membership. What will be the indicator of your successful work in NIS? Wolfgang Ruttenstorfer : As in many industries, in oil industry there are also ups and downs, better times, worse times. The most important thing for a company is to show a sustainable positive development. What do I understand as a positive development? You have to be a profitable, the best is if you have double digit profitability, more than 10%, and the second most important thing is to show a continuing growth, growth in the production of oil and gas but also growth in your marketing activity. If the company can combine both, good profitability and sustainable growth, you are really an excellent company, and if I can contribute to achieve that, I will be extremely happy.