Holding(s) in Company

Max Petroleum Plc

(the "Company")

Holdings in Company

19 February 2013

On 18 February 2013, the Company received notification, that as at 1 February 2013, SIB (Cyprus) Limited ("Sberbank"), beneficially owned by Sberbank of Russia OJSC, held an indirect beneficial interest in 197,180,534 Shares representing 10.93% of the outstanding share capital of the Company through a call option ("Call Option') granting Sberbank the right to purchase 197,180,534 ordinary shares of the Company ("Shares") held by Macquarie Bank Limited ("Macquarie") without an entitlement for Sberbank to vote the Shares until Sberbank exercises the Call Option.

On 11 February 2013, the Company also received notification that, as at 1 February 2013 Macquarie held 197,180,534 Shares, subject to the Call Option described above, and warrants entitling it to acquire a further 974,755 Shares at an exercise price of 13.83-19.22p per Share. If these warrants were exercised (and assuming no other warrants or options in the Company were exercised) the resulting holding of Macquarie would represent 10.98% of the then issued ordinary share capital of the Company.