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21.07.2008 Statement re Appointment of Executives

Statement re Appointment of Executives  

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:

 NamePositionShare in the charter capital of OAO LUKOIL, %
(direct holding)*
1.Vagit AlekperovPresident, Chairman of the Management Committee1.855
2.Anatoly BarkovVice-President, Head of the Main Division of General Affairs, Corporate Security and Communications0.075
3.Sergei KukuraFirst Vice-President0.386
4.Ravil MaganovFirst Executive Vice-President0.486
5.Ivan MasliaevHead of the Main Division of Legal Support0.022
6.Alexander MatytsynVice-President, Head of the Main Division of Treasury and Corporate Financing0.291
7.Anatoly MoskalenkoHead of the Main Division of Human Resources0.009
8.Vladimir MulyakVice-President, Head of the Main Division of Oil and Gas Production and Infrastructure0.012
9.Vladimir NekrasovFirst Vice-President0.034
10.Valery SubbotinVice-President, Head of the Main Division of Supplies and Sales0.004
11.Leonid FedunVice-President, Head of the Main Division of Strategic Development and Investment Analysis1.143
12.Evgueni HavkinSecretary of the Board of Directors0.011
13.Lyubov KhobaChief Accountant0.339
14.Dzhevan CheloyantsVice-President, Head of the Main Technical Division0.096
15.Vagit SharifovVice-President, Head of the Main Division of Control and Internal Audit-

* The shares of the members of the Management Committee in the charter capital are shown in accordance with the requirements of the legislation of the Russian Federation on disclosure of such information. It should be noted that under the laws of other countries, shares may be calculated according to a procedure differing from the aforementioned procedure. Specifically, the given shares do not coincide with the holdings of PDMRs that have been disclosed in accordance with the Listing Rules of the UK FSA.

Candidates for the Management Committee had been recommended by the President of OAO LUKOIL and approved 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 members of the Management Committee.
In accordance with Item 2 of Article 86 of the Federal Law on Joint Stock Companies and based on the recommendations of the Audit Committee, the Board of Directors established the threshold remuneration for the auditor's services for the audit of 2008 OAO LUKOIL financial statements, prepared in accordance with RAS in the amount of RUR 12 million.
The working plan for the Board of Directors of LUKOIL for 2008-2009 was also approved at the meeting.