Board of Directors of LUKOIL Approves Agenda for Annual General Shareholders Meeting

Among other things, the Board of Directors resolved to hold the meeting on June 23, 2011, at 11:00 am at: 11, Sretensky Boulevard, Moscow, OAO LUKOIL. The record date for the list of the shareholders entitled to participate in the General Shareholders Meeting is May 6, 2011.
The Board of Directors intends to recommend that dividends for the 2010 financial year be paid to the shareholders in the amount of 59 rubles per ordinary share (as opposed to 52 rubles in 2009). The amount of dividends is calculated on the basis of the sum allocated to dividend payment, which equals RUR 50, 183, 232 thousand.
The shareholders will also have to elect an OAO LUKOIL Board of Directors, consisting of 11 members, the Audit Commission, consisting of 3 members, and to appoint the President of OAO LUKOIL.
Vagit Yu. Alekperov, President of OAO LUKOIL, was nominated for President of OAO LUKOIL.
The Board of Directors took into consideration the Development Progress Report of the North Caspian fields. A decision was made to consider further implementation of the Caspian projects high-priority trends in oil and gas production enhancement for the short- and mid-term period. For the purpose of further extension of the raw material base and timely implementation of offshore field construction projects it was deemed necessary to conduct extra exploration works, to commission offshore V.Filanovsky fields in 2015 and the Sarmatskoye field in 2017 as well as to adjust the Development Concept for Offshore Fields located in the licensed areas of the Company, such as the North Caspian Sea, in view of the outcomes of the exploration works.
To improve the internal control, internal audit and risk management systems, the Board of Directors approved the Provision on Internal Control and Internal Audit and the Risk Management Policy of OAO LUKOIL.