The Board of Directors & theManagement Board

Structure ofGazprom Nefts governing bodies:

The General Meeting ofShareholders elects anAudit Commission, whose competencies include examination and analysis ofthe Companys financial situation, functioning ofthe internal control system and risk management system, aswell aslegal compliance ofbusiness transactions.

For annual audits offinancial reports under Russian Accounting Standards (RAS) and Generally Accepted Accounting Principles (USGAAP), Gazprom Neft contracts athird party auditor, who isdesignated annually bythe General Meeting ofShareholders based onaproposal bythe Board ofDirectors.

The constitution, competence and organization ofthe Companys management and control bodies are regulated byGazprom Nefts Articles ofIncorporation, and the following internal documents ofthe Company:

  • Regulation concerning the General Meeting ofShareholders ofGazprom Neft;
  • Regulation concerning the Board ofDirectors ofGazprom Neft;
  • Regulation concerning the Management Board ofGazprom Neft;
  • Regulation concerning the Chief Executive Officer ofGazprom Neft;
  • Regulation concerning the Audit Commission of Gazprom Neft.

The Articles ofIncorporation and Corporate Regulations ofGazprom Neft can beexamined byall interested parties onthe official website ofGazprom Neft (http://ir.gazprom-neft.ru/corporate-governance/).