Joint Activity Agreement

Misen Energy’s AB (publ) wholly owned subsidiaries Misen Enterprises AB and LLC Karpatygaz have between them rights to 50.01 % of the net profit after taxes of a gas and oil production project in Ukraine, the Joint Activity ("JA"), duration of which extends for twenty years starting from 2011. The remaining rights to 49.99% of net profits after taxes belong to PJSC Ukrgasvydobuvannya. The net profit from the gas and oil production project attributable to the parties is calculated based on the production volumes legally assigned to the JA. These volumes constitute amounts that are being produced above the base-line that is calculated as the difference between production level should investments be undertaken and a predetermined base line of production that would have been produced had the project not existed (i.e. no investments had taken place).

These rights are established in a formal legal binding Joint Activty Agreememt No.3 ("JAA"), without establishing a legal entity, dated 10 June 2002, among the three participants PJSC Ukrgasvydobuvannya, LLC Karpatygaz and Misen Enterprises AB. The essential objective of the JAA No.3 is to increase hydrocarbon production by means of modernising infrastructure and production facilities and the introduction of the modern production technologies.

These measures will materially contribute to the energy security and independence of the Ukraine through sustainable growth in production, which is the primary objective of PJSC Ukrgasvydobuvannya.

To provide the management and supervision of the JA, the Management Committee consisting of the authorized representatives of the participants of the JAA No.3 has been established. It is the ultimate governing body of the JA, approving and monitoring implementation of the investment program of the JA. The Misen Group is represented at the Management Committee of the JA by directors of subsidiaries Misen Enterprises AB and LLC Karpatygaz.

Structure of the JAA: