Corporate Governance

STRUCTURE OF GAZPROM NEFT’S GOVERNING BODIES:

The General Meeting of Shareholders isthe supreme governing body and covers the most important issues ofCompany business. The Annual General Meeting ofShareholders ofGazprom Neft was held on09.06.2011 (Minutes No. 0101/01 dated 14.06.2011, http://ir.gazprom-neft.ru/corporate-governance/).

The Board of Directors exercises general and strategic management inorder toincrease the Company’s shareholder value. The Board ofDirectors monitors the work ofthe Company’s executive management bodies toensure such work isconducted efficiently.

The Management Board isacollegiate executive body that manages the Company’s current business

The Chief Executive Officer isthe Company’s principle executive manager and acts asChairman ofthe Management Board