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2.1 General Meeting of Shareholders of JSC “Transneft”

The General Meeting of Shareholders is the supreme management body of the Company. The Board of Directors, executive bodies, and Internal Audit Commission report to the General Meeting of Shareholders.

The Federal Law “On Joint-Stock Companies”, Charter and Regulation on the General Meeting of Shareholders of JSC “Transneft” stipulate the competence of the General Meeting of Shareholders, terms, procedure for its preparation and holding.

Pursuant to Clause 3 Article 47 of the Federal Law “On Joint-Stock Companies”, in 2012 the following meetings were held:

The Extraordinary General Meeting of Shareholders of JSC “Transneft” executed by Order No. 679-r of the Federal Agency for State Property Management of May 5, 2012 “On Resolutions adopted by the Extraordinary General Meeting of Shareholders of Oil Transporting Joint Stock Company “Transneft”. The meeting resolved to prolong the employment agreement with the President of JSC “Transneft” N. P. Tokarev for three years;

The Annual General Meeting of Shareholders of JSC “Transneft” executed by Order No. 1017-r of the Federal Agency for State Property Management of June 29, 2012 “On Resolutions adopted by the Annual General Meeting of Shareholders of Oil Transporting Joint Stock Company “Transneft”.

The meeting resolved to approve: the annual report of JSC “Transneft” for 2011; the annual accounting statements, including the profit and loss statement (profit and loss accounts) of JSC “Transneft” for 2011; distribution of profit of JSC “Transneft” for 2011; payment of compensation to the members of the JSC “Transneft” Board of Directors.

Furthermore, the following resolutions were adopted: on election of the Board of Directors and Internal Audit Commission of JSC “Transneft”; on approval of the auditor of JSC “Transneft” for 2012.

As of December 31, 2012, the resolutions adopted at the Annual General Meeting had been performed in full.