RESOLUTION OF EXTRAORDINARY SHAREHOLDERS’ MEETING OF JOINT STOCK COMPANY “VENTSPILS NAFTA” HELD ON JULY 07, 2010

At the hotel “Hotel de Rome”
Kaļķu Street 28, Riga July 07, 2010

Election of the Supervisory Council

1. To recall from the position of the member of the Supervisory Council of joint stock company „Ventspils nafta” as from July 07, 2010:
1) Vladimir Egger, born [birth date], address: [address];
2) Paul Thomas, born [birth date], address: [address];
3) Mikhail Dvorak, born [birth date], address: [address];
4) Javed Ahmed, born [birth date], address: [address];
5) Rubil Yilmaz, born [birth date], address: [address];
6) Mark Morrell Ware, born [birth date], address: [address];
7) Oļegs Stepanovs, ID code [ID code], address: [address];
8) Aleksejs Ovods, ID code [ID code], address: [address];
9) Mārtiņš Kvēps, ID code [ID code], address: [address];
10) Valērijs Godunovs, ID code [ID code], address: [address];
11) Gatis Grāvītis, ID code [ID code], address: [address].

2. To elect the Supervisory Council for joint stock company “Ventspils nafta” for a three year term in the following composition, by fixing beginning of term of office on July 07, 2010:
1) _________________, personal ID No. ____________, address: ___________;
2) _________________, personal ID No. ____________, address: ___________;
3) _________________, personal ID No. ____________, address: ___________;
4) _________________, personal ID No. ____________, address: ___________;
5) _________________, personal ID No. ____________, address: ___________;
6) _________________, personal ID No. ____________, address: ___________;
7) _________________, personal ID No. ____________, address: ___________;
8) _________________, personal ID No. ____________, address: ___________;
9) _________________, personal ID No. ____________, address: ___________;
10) ________________, personal ID No. ____________, address: ___________;
11) ________________, personal ID No. ____________, address: ___________.

For the given moment candidates for Supervisory Council are not known, they will be chosen during the extraordinary shareholders meeting.

3. To fix monthly remuneration fund of Supervisory Council of joint stock company “Ventspils nafta” up to LVL ____________ (_____________), by authorizing the Supervisory Council to fix distribution of the remuneration fund.

Chairman of the Meeting: /signature/
Secretary: /signature/