NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES OR CONNECTED PERSONS
In accordance with DTR 3.1.2R, Redruth Investments Limited ("Redruth") has notified OAO "LUKOIL" (the "Company") that on 22 September 2010, it granted security over 77,000,000 ADRs (each representing one ordinary share of the Company) to secure a loan arranged by UBS from a syndicate of banks. A portion of the ADRs have also been made available to the banks via securities lending agreements. Redruth has retained the right to vote the Company’s shares underlying the ADRs, as well as the right to receive dividends. Redruth is connected with Mr. Vagit Alekperov, a person discharging managerial responsibilities at the Company.