27.06.2012 Holdings in Company

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments ^{xv, xvi}

Resulting situation after the triggering transaction

Type of financial
instrument

Exercise price

Expiration date ^xvii

Exercise/
Conversion period ^xviii

Number of voting rights instrument refers to

% of voting rights ^{xix, xx}

Nominal

27.06.2012

Holdings in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESⁱ
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ⁱⁱ	Open Joint Stock Company “Oil Company “LUKOIL”
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights	✔
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached	✔
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the notification obligation: ⁱⁱⁱ	OAO "LUKOIL" LUKOIL Investments Cyprus Ltd.
4. Full name of shareholder(s) (if different from 3.):^iv	LUKOIL Investments Cyprus Ltd.
5. Date of the transaction and date on which the threshold is crossed or reached: ^v	15 June 2012
6. Date on which issuer notified:	25 June 2012
7. Threshold(s) that is/are crossed or reached: ^{vi, vii}	10%

8. Notified details:
A: Voting rights attached to shares ^{viii, ix}
Class/type of shares if possible using the ISIN CODE	Situation previous to the triggering transaction		Resulting situation after the triggering transaction
	Number of Shares	Number of Voting Rights	Number of shares	Number of voting rights		% of voting rights ^x
			Direct	Direct ^xi	Indirect ^xii	Direct	Indirect
US6778621044	78,197,479	78,197,479	78,197,479	78,197,479		9.19%

B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Expiration date ^xiii	Exercise/ Conversion Period ^xiv	Number of voting rights that may be acquired if the instrument is exercised/ converted.	% of voting rights
Exchangeable Note	7 September 2015	15 June 2012 until 10 Business Days prior to 7 September 2015	such number of voting rights as may be acquired on exchange of the Exchangeable Note in the open market for an amount equal to USD 2,500,000,000	such % of voting rights as may be acquired on exchange of the Exchangeable Note in the open market for an amount equal to USD 2,500,000,000

Total (A+B+C)
Number of voting rights	Percentage of voting rights
78,197,479 + such number of voting rights as may be acquired on exchange of the Exchangeable Note in the open market for an amount equal to USD 2,500,000,000	9.19% + such % of voting rights as may be acquired on exchange of the Exchangeable Note in the open market for an amount equal to USD 2,500,000,000

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: ^xxi

LUKOIL Investments Cyprus Ltd. is a wholly owned subsidiary of OAO LUKOIL

Proxy Voting:
10. Name of the proxy holder:	N/A
11. Number of voting rights proxy holder will cease to hold:	N/A
12. Date on which proxy holder will cease to hold voting rights:	N/A

13. Additional information:	N/A
14. Contact name:	Stanislav G. Nikitin, Director for Treasury Operations
15. Contact telephone number:	+7 495 627 44 44