LUKOIL Board of Directors approves key itemson the Annual General Shareholders Meeting Agenda

It was resolved that the Annual General Shareholders Meeting will be held at 11:00 a.m. on 26 June 2014 at the Company’s headquarters at the following location: 11, Sretensky bulvar, Moscow. Registration of participants will start at 9:30 a.m.

The list of shareholders entitled to participate in the Annual General Shareholders Meeting shall be prepared as of 12 May 2014.

The Board of Directors is going to recommend that the Annual General Shareholders Meeting resolve to pay dividends for the 2013 financial year, which may in total be 110 roubles per ordinary share, in the amount of 60 roubles per ordinary share (the interim dividends paid out earlier for the first six months of 2013 financial year were 50 roubles per ordinary share).

Thus, the total dividend amount payable for the 2013 financial year, including interim dividends distributed in October 2013, is expected to be 22.2% higher compared with the previous dividend amount (90 rubles for 2012).

The Board of Directors intends to recommend to the Annual General Shareholders Meeting to set 15 July 2014 as the date on which persons entitled to receive dividends based on the results of the 2013 financial year will be determined.

In addition it will be proposed to shareholders to vote on the following dividend payment period:

·          Dividend payments to nominee shareholders and trust managers who are professional market participants registered in the shareholder register of OAO “LUKOIL” to be made within 10 business days after the date on which persons entitled to receive dividends are determined;

·          Dividend payments to other persons registered in the shareholder register of OAO “LUKOIL” to be made within 25 business days after the date on which persons entitled to receive dividends are determined.

The shareholders will also elect the Board of Directors of OAO “LUKOIL”, consisting of 11 members, and the Audit Commission, consisting of 3 members. The list of candidates is based on the nominees put forward by shareholders who own at least two percent of the voting shares.