IV Regular NIS a.d. Novi Sad Shareholders’ Meeting Held

June 25, 2012

NIS a.d. Novi Sad Shareholders’ Meeting, held on 25 June in Belgrade, appointed Petar Škundrić as the Shareholders’ Meeting Chairman. The fourth consequtive Shareholders Meeting adopted the financial reports of NIS for 2011, Consolidated financial report for 2011, as well as the report of an independent auditor – the company PricewaterhouseCoopers d.о.о., Belgrade, on conducted audit of financial reports and consolidated financial reports of the company for the previous business year. NIS a.d. Novi Sad Shareholders’ Meeting passed the decision to allocate the profit realized in 2011 in the amount of RSD 40.6 billion for covering of loss carry over from previous years. In addition, Shareholders’ Meeting adopted the long term Policy on dividends anticipating that the Company shall pay out dividends to shareholders in the total amount of minimum 15 percent of net profit. Shareholders’ Meeting appointed the members of NIS Board of Directors. Members appointed are: Vadim Yakovljev, Kirill Kravchenko, Anatoliy Cherner, Igor Antonov, Danica Drašković, Aleksandar Krilov, Nikola Martinović, Vladislav Barishnjikov, Stanislav Seksnja, Slobodan Milosavljević, Volfgang Rutenstorfer. For auditing of NIS a.d. Novi Sad financial reports for 2012 Shareholders’ Meeting appointed the company PricewaterhouseCoopers d.о.о., Belgrade. In addition, several documents required in order to harmonize the business operation of the company with the new Company Law: new Incorporation Act of NIS a.d. Novi Sad, Articles of Association and Bylaws of Shareholders’ Meeting were adopted. "The Serbian side is satisfied with the results of business operation of NIS in 2011. All major tasks set by the shareholders to the management have been fulfilled, for example the modernization of RNP project is being implemeted according to the set deadlines and investment programs in all business segments of NIS are being actively implemented. I am deeply convinced that in 2012 indicators of the intensity of NIS development shall not decrease, despite increasingly difficult situation due to the global financial crisis. It is highly important that the company continues to be clearly focused on the increase of its own efficiency and increase of profitability“, said the elected chairman of the General Shareholders’ Meeting of NIS, Petar Škundrić. „The Russian shareholder has also highly evaluated the development of NIS in 2011. Succssessful business management led to the increased value of the company, which has also positively affected the value of Gazprom Neft as the majority shareholder of NIS. As for the dividend policy, it needs to be well-balanced. In our opinion, a share of the profit has to be paid out to the shareholders of the company, but in the manner that will not constrain the possibilities for further development of NIS“, said the Deputy CEO of JSC Gazprom Neft, Vitaliy Baranov.