NOTIFICATION OF TRANSACTIONS OF DIRECTORS,
PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES OR CONNECTED PERSONS
In accordance with DTR 3.1.2R, Lihou Group Limited ("Lihou") has notified OAO LUKOIL" (the "Company") that on 27 February 2014, it provided collateral over 3,943,607 American depositary receipts (each representing one ordinary share of the Company) ("ADRs") to secure a loan arranged by UBS AG (the "Bank"). The number of secured ADRs may vary depending on circumstances but at no time will be more than 4,507,542. Lihou retains the right to vote the Company’s shares underlying the ADRs, as well as the right to receive dividends. Lihou is connected with Mr. Vagit Alekperov, a person discharging managerial responsibilities at the Company.