German Khan, Executive Director (OAO TNK-BP Management), was elected Chairman of the Slavneft Board of Directors (BoD) at the meeting of the BoD new composition held on July 12, 2012. German Khan has been holding the Slavneft BoD Chairman position continually since 2005. At the meeting the compositions of the BoD Audit Committee, Staff and Remunerations Committee were determined; their Chairmen were elected. Vitaly Baranov, Deputy Chairman of the Management Board, Deputy CEO for Administration (OAO Gazprom Neft), was elected Chairman of the Staff and Remunerations Committee. Jonathan Muir, Chief Financial Officer (OAO TNK-BP Management), chaired the Audit Committee. The Committees are of advisory and consultative nature and serve to ensure efficient performance of the functions by BoD. The Slavneft BoD new composition was elected at the Annual General Shareholders Meeting held on June 29, 2012.