Audit committee

The Audit Committee has been a permanent committee of the Board of Directors of OAO TATNEFT since 2004. The main objective of the Committee is rendering assistance to the Board of Directors in control over authenticity of financial statements of OAO TATNEFT, ensuring of an independent audit, functioning of the system of internal audit of the Company, and adherence to the requirements of legislation and normative acts.

Scheme of interaction of the Audit Committee

The Committee exercises its activity in direct interaction with the Committees of the Board of Directors: the Information Disclosure Committee, the Corporate Management Committee, the HR and Remuneration Committee, and with the Executive Bodies of the Company: the Management Board, the Executive Directorate, the Internal Audit Department, the Corporate Control Department and others.

Members of the Audit Committee in 2009

Chairman

Ghosh Sushovan, member of the Board of Directors, Managing Director of SGI GROUP.

Members of the Committee:

Waygood David William, member of the Board of Directors, Director of Waygood Ltd, Chairman of the HR and Remuneration Committee;

Voskresenskaya Mariya Leonidovna, member of the Board of Directors, Director of Brent Cross Ltd.

Gaizatullin Radik Raufovich, member of the Board of Directors, Minister of Finance of the Republic of Tatarstan

The main areas of activity of the Audit Committee in 2009:

• Formation of proposals for timely delivery and accuracy of financial statements of OAO TATNEFT for 2008;
• discussion of the issues concerning preparation of financial statements within the new target terms defined by the London Stock Exchange by April 30, 2009, elaboration of recommendations for improvement of the statements preparation process;
• assistance in securing and controlling timely performance of an independent external audit of the Company’s financial statements;
• regular review of the Internal Audit Department of OAO TATNEFT reports and preparation of proposals for the internal audit improvement and cooperation with external auditors.