BOARD OF DIRECTORS OF LUKOIL APPROVES THE COMPANY`S MANAGEMENT COMMITTEE MEMBERS
Friday, July 20, 2007
The Board of Directors of OAO LUKOIL held a meeting today in Moscow to resolve a number of issues related to corporate governance.
Among other things, the following members of the Management Committee were approved:
| 1. | Vagit Alekperov | President, Chairman of the Management Committee |
| 2. | Anatoly Barkov | Vice-President, Head of the Main Division of General Affairs, Corporate Security and Communications |
| 3. | Sergei Kukura | First Vice-President (Economics & Finace) |
| 4. | Ravil Maganov | First Executive Vice-President (Upstream) |
| 5. | Ivan Masliaev | Head of the Main Division of Legal Support |
| 6 | Alexander Matytsyn | Vice-President, Head of the Main Division of Treasury and Corporate Financing |
| 7. | Anatoly Moskalenko | Head of the Main Division of Human Resources |
| 8. | Vladimir Mulyak | Vice-President, Head of the Main Division of Oil and Gas Production |
| 9. | Vladimir Nekrasov | First Vice-President (Downstream) |
| 10. | Leonid Fedun | Vice-President, Head of the Main Division of Strategic Development and Investment Analysis |
| 11. | Evgueni Havkin | Secretary of the Board of Directors – Head of the Board’s Office |
| 12. | Lyubov Khoba | Chief Accountant |
| 13. | Dzhevan Cheloyants | Vice-President, Head of the Main Technical Division |
| 14. | Vagit Sharifov | Vice-President, Head of the Main Division of Control and Internal Audit |
Candidates for the Management Committee had been recommended by the HR and Compensation Committee of the Board of Directors of LUKOIL. The Board of Directors also approved the principal terms of agreements concluded with the Management Committee members.
Accounting audit expenses for 2006-2007 were also discussed at the meeting. Under item 2 of the Federal Law 86 ‘On Joint-Stock Companies’ and with consideration of the Audit Committee recommendations, the Board of Directors established payment limit for the Company’s accounting audit services under Russian accounting standards in the amount of 11 mln rubles.
The Board of Directors also introduced amendments into Regulations on long-term incentives for OAO LUKOIL employees. The amendments were recommended for approval by the HR and Compensation Committee.
The working plan for the Board of Directors of LUKOIL for 2007-2008 was also approved at the meeting.
