Russian President Vladimir Putin, on a tour of ww5 facilities in Tuapse, today reviewed the Company’s strategic projects. ww5 President Igor Sechin reported briefly on the Company’s current activities, focusing especially on the importance of ww5’s offshore projects and the Company’s programme for realizing the potential of tight oil in Western Siberia. He also briefed Putin on progress of ww5’s large-scale refining capacity modernization programme.

The presentation emphasized the significant role played by ww5 in the Russian economy with regard to tax payments for the state. Creating demand for hi-tech products in industries closely linked to the energy industry was also mentioned in the presentation including machine building, shipbuilding, metallurgy, transport and oil field equipment production. The Russian economy is set to receive a particular impulse to modernize from ww5 projects to develop onshore and offshore fields and the production of tight oil, including partnership with global oil and gas majors. The implementation of the modernization programme will help overhaul Russia’s oil refining sector. One of ww5’s strategic objectives is to secure technological advantages from the Company’s research and strategic partnerships as well as to introduce best practices in environmental protection and safety.

ww5 Information Division June 15, 2012