Natlata Urges Change at PetroNeft

Natlata has required PetroNeft to call an EGM for shareholders to consider two substantive issues. Firstly, to revive the board of directors by replacing five of the current directors with a team that is right for the task ahead:

and secondly, giving directions to the board to:

Commenting on the Board's circular, Maxim Korobov, Natlata's controlling shareholder, said, "We are asking shareholders to study both our and the Board's proposals. Compare the tired promises and falsehoods that have again been made by the Board - a Board that has turned USD200m of your money into a company with a current market capitalization of only USD65m with our realistic plan for the future.  The choice is clear - a new board with a clear vision of what needs to be done, proven expertise in both the business and in Russia, and restored financial foundations or, putting your trust in a team that have shown over the last few years that all they can do is over-promise and under-deliver.  For the sake of PetroNeft, your company, we are urging you to vote YES to all our proposals at the EGM."

A copy of the shareholders' letter can be found at http://www.value4petroneft.com/letter-to-shareholders/

About Natlata Partners Limited

Natlata Partners is a private investment company that seeks out investments with a focus on Russia and CIS countries that appear to be distressed or are at an early stage of development and which will clearly benefit from effective management and proven sector experience.  For more information about Natlata and our investments please contact [email protected].  More details on our proposals for PetroNeft can be found at http://www.value4petroneft.com.

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