RESOLUTIONS OF LUKOIL’S BOARD OF DIRECTORS

Monday, December 8, 2014

Today the Board of Directors of OAO LUKOIL approved changes and amendments to the Regulations on Labor Remuneration and Incentives in terms of the key indicators that characterize the activities of the Head of the Division of Petroleum Product Marketing Coordination, and updates on the Regulations on Annual Remuneration for the President and Top Management.

The Board of Directors has also approved changes to the list of persons included in the long-term remuneration program for the employees of OAO LUKOIL and its subsidiaries.