JSC Ventspils nafta management points out that today, 29 April a fake
announcement on convening VN shareholders meeting on 1 June has been published
on „Dienas bizness” and „Neatkariga rita avize”. VN management has not issued
such statement. VN asks shareholders to ignore misleading information, as no
shareholders meeting has been convened on 1 June. The requisites and logo of VN
have been illegally used in the publications where falsified information has
been published. VN will use the possibilities provided by law for protection of
its rights.

Taking into account the VN Supervisory Council decision and the request by
several representatives of shareholders to convene a shareholders' meeting
expressed on 28 April, VN management has convened new annual shareholders
meeting on 11 November, 2010, to be held at 10:00 at the Hotel de Rome, Kaļķu
Str 28, Riga, and informed officially about it already yesterday. VN management
points out that the date for the shareholders meeting has been chosen because
VN cannot approve their audited financial report for 2009 until the assoicated
company „Latvijas Kuģniecība” has approved their audited financial report for
2009.

As informed, the VN Annual General Meeting (AGM) that was scheduled to be held
on 28 April did not take place. Therefore no VN AGM resolutions, including
resolutions on convening new shareholders meeting or regular shareholders
meeting, were made today.

VN management also notes that in order to make any shareholders resolutions, a
shareholders meeting must take place and it must be attended by shareholders
owning at least 50% of the stock capital. Commercial law does not allow
seperate shareholders to convene a shareholders meeting, therefore any such
attempt from shareholders' side can be judged as contrary to the Commercial
law.

Ventspils nafta

Zane Bojāre
JSC „Ventspils nafta” PR Manager
E-mail: zane.bojare@vnafta.lv
Phone.: 67821691; 29706733