Result of BoD Meeting

Valery Grayfer was elected Chairman of the newly elected Board of Directors of PJSC LUKOIL at the Board of Directors meeting held after the Annual General Shareholders Meeting, Ravil Maganov was elected Deputy Chairman of the Board of Directors of PJSC LUKOIL.

The Board of Directors of PJSC LUKOIL also deemed Victor Blazheev and Igor Ivanov to be independent members of the Board of Directors despite the fact that their term of office on the Board of Directors of PJSC LUKOIL exceeded 7 years. This procedure was carried out pursuant to the Company Charter, the Corporate Governance Code and the Moscow Exchange Listing Rules.

Among other things it was noted in the resolution that the term of office of V.Blazheev and I.Ivanov on the Board of Directors does not exceed 12 years*, V.Blazheev and I.Ivanov were not or are not members of the executive bodies of the Company or its controlled entities, they do not own any shares in the Company; did not and do not receive any compensation from the Company or its affiliates other than their remuneration for working in the Board of Directors and committees of the Board of Directors. Besides V.V. Blazheev and I.S. Ivanov have no affiliation with significant shareholders, counterparties or competitors of the Company, governmental authorities or municipalities.

The Board of Directors formed the committees of the Board of Directors comprising as follows.

The Audit Committee:

1. Victor Blazheev (Chairman)

2. Igor Ivanov

3. Ivan Pictet

The Human Resources and Compensation Committee

1. Roger Munnings (Chairman)

2. Victor Blazheev

3. Richard Matzhke

The Strategy and Investment Committee

1. Igor Ivanov (Chairman)

2. Toby Gati

3. Ravil Maganov

4. Leonid Fedun

* Pursuant to the Moscow Exchange Listing Rules, a member of the Board of Directors whose term of office in aggregate exceeds 7 years but does not exceed 12 years may not be deemed associated with the company if the company's board of directors takes a relevant decision.