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12. Data on Compliance of JSC “Transneft” with the Corporate Code of Conduct Recommendations

JSC “Transneft” has not adopted the Corporate Code of Conduct approved by FFMS RF Order No. 421/r of April 4, 2002 “On the Recommendation on Application of the Corporate Code of Conduct” or another similar document. However JSC “Transneft” provides its shareholders with every opportunity to take part in the management of the Company and examine information on its activity according to the Federal Law “On Joint-Stock Companies”, Federal Law “On the Securities Market” and regulations adopted by the federal executive body for the securities market, in particular according to the Corporate Code of Conduct approved by FFMS RF order No. 421/r dated April 4, 2002.

The main principle applied by the Company in building relations with its shareholders is a reasonable balance between the interests of the Company as a business entity and as a joint-stock company interested in protecting the rights and legal interests of its shareholders.