Holding(s) in Company

Max Petroleum Plc

(the "Company")

Holdings in Company

28 December 2012

On 24 December 2012, the Company received notifications, that as at 21 December 2012, SIB (Cyprus) Limited ("Sberbank"), beneficially owned by Sberbank of Russia OJSC and Macquarie Bank Limited ("Macquarie") had entered into a call option ("Call Option') granting Sberbank the right to purchase 197,180,534 ordinary shares of the Company ("Shares") held by Macquarie without an entitlement for Sberbank to vote the shares until Sberbank exercises the Call Option. As at 26 December 2012, Sberbank held an indirect beneficial interest in 197,180,534 Shares representing 11.2% of the outstanding share capital of the Company.