Operational update for the third quarter of 2013

Alliance Oil Company’s total average daily oil and gas production for September and for the third quarter of 2013 amounted to 65,955 barrels of oil equivalent (boepd)[i] and 66,589 boepd[ii] respectively. In total, 6.1 million barrels of oil equivalent (mboe) were produced in the third quarter of 2013. Preliminary average daily refining volumes at the Khabarovsk refinery amounted to 97,446 bopd in September and 96,413 bopd in the third quarter of 2013. In total, 8.9 million barrels of oil (mbbl) were refined in the third quarter of 2013.

Upstream

In the third quarter of 2013, the average oil production in the Timano-Pechora region amounted to 17,457 bopd, in the Volga-Urals region 22,798 bopd, in the Tomsk region 10,555 bopd and in Kazakhstan 2,781 bopd. In the third quarter of 2013, 22 new wells were drilled.

Gas production in the Tomsk region amounted to 7,539 boepd in the third quarter of 2013. In the Khanty-Mansiysk region, non-consolidated gas production in the third quarter of 2013 amounted to 10,704 boepd, out of which 5,459 boepd were included in the reporting as equity interest.

Downstream

In the downstream segment, despite the unprecedented water flooding in the Russian Far East, the refinery run rate and oil product sales remained at historically high levels in the third quarter of 2013 primarily due to seasonally strong domestic demand.

Upstream and downstream production data for October 2013 will be disclosed on November 11, 2013. Third quarter 2013 financial results will be disclosed on November 21, 2013.

For further information please contact:

Arsen Idrisov, Managing Director, Alliance Oil Company, Tel.: +7 495 777 18 08

Eric Forss, Chairman, Alliance Oil Company, Tel.: +46 8 611 49 90

[i]In September 2013, 60,447 boepd constituted consolidated production and 5,508 boepd constituted equity interests.

[ii]In the third quarter of 2013, 61,130 boepd constituted consolidated production and 5,459 boepd constituted equity interests.

Alliance Oil Company Ltd is a leading independent oil and gas company with vertically integrated operations in Russia and Kazakhstan. Alliance Oil has substantial oil and gas reserves and downstream operations that include the Khabarovsk refinery and the leading network of gas stations and wholesale oil products terminals in the Russian Far East. Alliance Oil's depository receipts are traded on the NASDAQ OMX Nordic under the symbol AOIL.