Following a consultation with our key stakeholders, our board of directors has agreed to temporarily halt the further implementation of our corporate structure review with immediate effect. Whilst this set of reforms to our business was due to be concluded by the end of this calendar year, this expected completion date has now been suspended and will be duly updated at the appropriate time. This suspension has not been ostensibly planned in advance by our leadership, but such a decision has been influenced by a plethora of different factors before it was considered. Not only does this include various internal matters related to our current operations, but it also relates to an equal number of external issues completely beyond the control of our management. For instance, this includes both the local and international economies, in addition to the suitability of such changes to Rusneftegaz and our undertakings at the present moment. In response to this announcement, our Deputy Chief Executive Officer, Aleksandr Filyurin, issued these remarks:

“I think that it is important to place on record our thanks to all those who have worked so hard on this project for so many years. We have been planning this set of changes for a long time now, and I must admit that I am genuinely disappointed that we are having to pause it at the moment. To be honest, it is just not the right time to do what we have planned; it is as simple as that. We have known this for a long time, but we have just needed to sit down to confirm a decision that I think the rest of the board and I knew was inevitable in the end. Obviously, I cannot tell you everything that we are planning on doing, but when a part of the plan involves reducing your asset base at a time when there are economic difficulties, we just knew that it didn’t make sense. I think that this is just a case of not right now, but in the future, if you understand what I mean.”

“Honestly, we have made great progress so far with all of these changes, but the rest of the board and I know that this is the right thing to do. I am sure that we will finish this one day, but only when the time is right. I don’t think that anyone can begrudge us for taking a pause considering the circumstances. But I think that it is important to remember that all our fundamentals remain strong, and this company is in the best position that it has ever been in its history. We are continuing to grow and expand at a rapid pace; we continue to set new records for revenue year after year. We are in a very good place right now. We are not doing this because we are struggling in any way, but because we think that we can be even more successful. To be honest, I have never been more confident about the future of this company, and I hope that all those who work for Rusneftegaz feel the same way.”

Although the full details of these plans have not been publicly divulged, we can confirm that from an administrative perspective the scheme has largely been completed and is now awaiting full implementation. As a consequence, it will be relatively simple for the intricacies of this strategy to be realized and achieved at a later time which is currently more materially conducive to the long-term success of Rusneftegaz and our broader ambitions. Due to this fact, our management is presently unable to reliably estimate a new timeframe for this program to be resumed, but remains wholly optimistic with regard to this set of structural changes. This confidence derives not only from the belief that the new reforms will be restarted in the near future, but also from the sentiment that such developments will transform our business and we shall emerge even more successful as a result. Any inquiries pertaining to this bulletin should be submitted to us via email or by telephone in due course to receive a prompt reply. We necessitate your cooperation and understanding with this crucial matter.