INA Announce Board Change

Wednesday, June 15, 2011

The Management Board of INA - Industrija nafte, d.d. at its session yesterday recalled Mr. Bojan Milkovic from the duties of CEO and Executive director for exploration and production as of June 14, at his own request.

Mr. Bojan Milkovic will continue to work in INA as an advisor in Exploration & Production division based on his experience and expertise.

In that respect, the company supports Mr. Milkovic's return to work. We hope that the ongoing procedure will prove claims against him unfounded.

At the same session the Management Board appointed Mr. Želimir Šikonja to the position of Executive director
for exploration and production of oil and gas for indefinite period of time.

The Management Board unanimously prolonged authorization of its President, Mr. Zoltán Áldott, for the supervision of functions directly subordinated to Chief Executive Officer for the period of 90 days or until further decision.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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