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Corporate Governance / General Meeting of Shareholders

The general meeting of shareholders is the Company’s highest management body. In accordance with Russian federation law, a joint-stock company is obligated to conduct a general meeting of shareholders at least once per year. The jurisdiction of the general meeting of shareholders covers important areas such as: approving annual reports and annual accounting (financial) statements, distributing profits, electing the Board of Directors, amending the articles of Incorporation, reorganizing or increasing the authorized capital, etc.

In 2012, the Company conducted an annual general meeting of shareholders and three extraordinary general meetings of shareholders.

The following resolutions were adopted at the annual general meeting of shareholders:

  1. Regarding approval of the OJSc gazprom Neft Annual Report for 2011:

    • The 2011 Annual Report for OJSC Gazprom Neft shall be approved.
  2. Regarding approval of the 2011 annual financial statements for OJSC Gazprom Neft, including the Income Statement:

    • The 2011 annual financial statements for OJSC Gazprom Neft, including the Income Statement, shall be approved.
  3. Regarding the distribution of OJSc Gazprom Neft’s profits from 2011:

    • The distribution of OJSC Gazprom Neft’s profits based on the results from 2011 shall be approved.
  4. Regarding the amount, term and form of payment of dividends based on the results from 2011:

    • Based on the results from 2011, dividends shall be paid in cash at a rate of RUB 7.30 per common share. Dividends shall be paid within 60 days from the date of the resolution on the payment of dividends.

      Dividends shall be paid in the manner specified in the shareholder register. Expenses for transferring dividends shall be borne at the shareholder’s expense.
  5. Regarding the election of members to the OJSC Gazprom Neft Board of Directors:

    • The OJSC Gazprom Neft Board of Directors shall be composed as follows:
      • Vladimir Ivanovich Alisov,
      • Valery Aleksandrovich Golubev,
      • Nikolay Nikolaevich Dubik,
      • Alexander Valerievich Dyukov,
      • Andrei Vyacheslavovich Kruglov,
      • Alexei Borisovich Miller,
      • Elena Vladimirovna Mikhailova,
      • Alexander Leonidovich Mikheev,
      • Kirill Gennadievich Seleznev,
      • Vsevolod Vladimirovich Cherepanov.
  6. Regarding election of members to the OJSC Gazprom Neft Audit committee:

    • The OJSC Gazprom Neft Audit Committee shall be composed as follows:
      • Dmitry Aleksandrovich Arkhipov,
      • Galina Yurievna Delvig,
      • Vitaly Anatolievich Kovalev,
      • Alexander Aleksandrovich Frolov,
      • Ekaterina Aleksandrovna Tsetlina.
  7. Regarding approval of the external auditor of OJSc gazprom Neft for 2012:

    • Closed Joint-Stock Company PricewaterhouseCoopers Audit shall be approved as the external auditor of OJSC Gazprom Neft for 2012.
  8. Regarding compensation to the members of the OJSc gazprom Neft Board of Directors.

    • Members of the OJSC Gazprom Neft Board of Directors who do not hold offices in the executive bodies of OJSC Gazprom Neft (who are not executive directors) shall be compensated at a rate of 0.005% of EBITDA based on data from the consolidated financial statements of OJSC Gazprom Neft in accordance with US GAAP standards for 2011.
    • The Chairman of the OJSC Gazprom Neft Board of Directors shall be paid additional compensation at a rate of 50% of the compensation payable to a member of the OJSC Gazprom Neft Board of Directors.
    • Members of the committees of the OJSC Gazprom Neft Board of Directors shall be paid additional compensation at a rate of 10% of the compensation payable to a member of the OJSC Gazprom Neft Board of Directors.
    • In addition to compensation as members of the committees of the OJSC Gazprom Neft Board of Directors, Chairmen of the committees of the OJSC Gazprom Neft Board of Directors shall be compensated at a rate of 50% of the compensation payable to a member of a committee of the OJSC Gazprom Neft Board of Directors.
  9. Regarding compensation to members of the OJSC Gazprom Neft Audit committee:

    • Members of the OJSC Gazprom Neft Audit Committee shall be compensated in the amounts recommended by the OJSC Gazprom Neft Board of Directors
    • The Chairman of the Audit Committee: RUB 1,200,000;
    • A member of the Audit Committee: RUB 830,000.

    On January 26, 2012, the extraordinary general meeting of shareholders considered approving a revised edition of the OJSC Gazprom Neft Articles of Incorporation.

    The following amendments and additions were made to the revisededition of the Articles of Incorporation:

    • Regarding a shareholder’s obligation to notify the registrar of changes in his or her data;
    • Regarding the prior approval by the OJSC Gazprom Neft Board of Directors of the appointment and release from office of the Director of the Internal Audit (Control) unit of OJSC Gazprom Neft;
    • Regarding the appointment of the Secretary of the Board of Directors by the Board of Directors
    • Regarding determination of the procedure and term for paying dividends, which may not exceed 60 days from the date of the resolution on the payment of dividends;
    • Regarding shortening the deadline for drawing up the Minutes ofthe general meeting of shareholders from 15 days to three business days from the close of the general meeting of shareholders;
    • Regarding the revision of the list of documents to be kept by the Company during the term and in the manner prescribed by Russian Federation law;
    • Regarding increasing the number of Audit Committee members from three to five.

    On November 19, 2012, the extraordinary general meeting of shareholders amended the Articles of Incorporation by increasing the number of members of the Board of Directors to 11.

    On December 25, 2012, the extraordinary general meeting of shareholders elected a new Board of Directors composed of 11 people.

    At the beginning of 2013, OJSC Gazprom Neft conducted two extraordinary general meetings of shareholders.

    On January 15, 2013, the extraordinary general meeting of shareholders amended the Articles of Incorporation by increasing the number of members of the Board of Directors to 12.

    On February 22, 2013, the extraordinary general meeting of shareholders elected a new Board of Directors composed of 12 people.

    By resolution of the extraordinary general meeting of shareholders, Sergey Aleksandrovich Fursenko was elected a member of the Board of Directors. During the re-election of the OJSC Gazprom Neft Board of Directors, the other members of the Company’s Board of Directors were re-elected.

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