OREANDA-NEWS. July 16, 2010. A meeting of the OAO Sovcomflot Board of Directors, the members of which were elected at the Annual General Shareholders’ Meeting took place in Moscow on 13 July 2010.

Organisational issues were examined during the Board meeting. Mr. Sergey Naryshkin, the Chief of Staff of the Presidential Executive Office of the Russian Federation, was elected as the Chairman of the Company’s Board of Directors.

The members of OAO Sovcomflot Board of Directors are:

Mr. Sergey Naryshkin - Chief of Staff of the Presidential Executive Office of the Russian Federation, Chairman of the Sovcomflot Board of Directors;

Mr. Sergey Frank – President and CEO of Sovcomflot, Chairman of the Sovcomflot Executive Board;

Mr. Sergey Kudryashov - Deputy Minister of Energy of the Russian Federation;

Mr. Marlen Manasov (Independent Director) - Member of the Board of Directors of UBS Bank;

Mr. David Moorhouse (Independent Director) - Chairman of the Board of Trustees and Chairman of the Lloyd’s Register Group;

Mr. Viktor Olerskiy - Deputy Minister of Transport of the Russian Federation;

Mr. Charles Ryan (Independent Director) - Chairman of UFG Asset Management;

Mrs. Elena Titova (Independent Director) - Chairman and President of the Executive Board of OOO Morgan Stanley Bank;

Mr. Nikolay Tokarev - President of JSC Transneft.

To further enhance the Company’s corporate governance, the Board of Directors was expanded from seven to nine members, and the number of Independent Directors was increased from three to four.

Greeting the newly elected members of the Board of Directors – Mr. Sergey Kudryashov, Mr. Marlen Manasov, Mr. David Moorhouse and Mr. Viktor Olerskiy – the Chairman of the Sovcomflot Board of Directors, Mr. Sergey Naryshkin, expressed his confidence that: “The practical experience, which they have acquired in their respective business sectors, will significantly contribute to the effective resolution of the complex tasks set by the Company’s Development Strategy for 2010 – 2015, approved by the Company’s Board of Directors”.

The Board of Directors formed three Committees: Strategy Committee; Audit Committee, and HR and Compensation Committee, headed by Elena Titova, Charles Ryan and Marlen Manasov, respectively.