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Board of Directors, Senior Managament and Auditors

Board of Directors

Lukas H. Lundin
Chairman
Swedish citizen, born 1958. Member of the board since 2007. Committee assignments in Vostok Nafta: compensation committee, investment committee. Professional and educational background: Senior Director of Lundin Oil AB and president of International Musto Exploration Limited for over 12 years. Mr. Lundin holds a degree in mining engineering from The New Mexico Institute of Mining and Technology. Mr. Lundin is Managing Director of Namdo Management Services Ltd. Other significant board assignments: Chairman of Lundin Mining Corporation, Denison Mines Corp., Red Back Mining Inc., Canadian Gold Hunter Corp. and Atacama Minerals Corp. Member of the boards and/or the senior management of Lundin Petroleum AB, Bannockburn Resources Ltd., Fortress Minerals Corp., Lucara Diamond Corp. and Pearl Exploration and Production Ltd.

Al Breach
Board member
British citizen, born 1970.Member of the board since 2007. Committee assignments in Vostok Nafta: audit committee. Professional and educational background: From the beginning of 2003 until October 2007 Al Breach held, among other positions, the position of Managing Director and Analysis Manager at the Brunswick UBS/UBS in Moscow’s Research Department. Al Breach has been Russia and CIS economist at Goldman Sachs, and Fund Manager at Rothschild Asset Management in London. Al Breach holds a degree in economics from the London School of Economics and a degree in mathematics from the University of Edinburgh. From February 2008 until the present Al Breach holds the position of Managing Partner at The Browser, an Internet start-up which he is helping to set up, in New York/London.

Per Brilioth
Managing Director and board member
Swedish citizen, born 1969. Member of the board and Managing Director since 2007. Committee assignments in Vostok Nafta: investment committee. Professional and educational background: Between 1994 and 2000, Per Brilioth was head of the Emerging Markets section at Hagströmer & Qviberg and he has worked close to the Russian stock market for a number of years. Per Brilioth is a graduate of Stockholm University and holds a Master of Finance from the London Business School. Other significant board assignments: Chairman of Black Earth Farming Ltd, member of the boards of Kontakt East Holding AB, X5 Group AB and Konsthandels Aktiebolaget Nybroviken.

Lars O. Grönstedt
Board member
Swedish citizen, born 1954. Member of the board since 2010. Lars O Grönstedt holds a BA in languages and literature from Stockholm University, and an MBA from Stockholm School of Economics. Mr. Grönstedt spent most of his professional life at Handelsbanken. He was CEO of the bank 2001-2006, and Chairman 2006-2008. Today he is, among other things, senior advisor to Nord Stream, chairman of the Nordic Museum, and sits on the boards of the Swedish National Debt Office, MDM Bank (Moscow), the liberal think tank Timbro, and the Institute of International Economics at Stockholm University.

Ashley Heppenstall
Board member
British citizen, born 1962. Member of the board since 2010. Committee assignments in Vostok Nafta: audit committee. Graduate of the University of Durham were he obtained a degree in Mathematics. Mr. Heppenstall is President & Chief Executive Officer of Lundin Petroleum AB and serves on the Board of Etrion Corp and Gateway Storage Company Limited.

Paul Leander-Engström
Board member
Swedish citizen, born 1966. Member of the board since 2007. Committee assignments in Vostok Nafta: compensation committee, investment committee. Professional and educational background: Co-founder and former Managing Director of Prosperity Capital Management (SE) AB and former partner/co-head of research at Brunswick Warburg Moscow. Paul Leander-Engström holds a degree in business administration from the Stockholm School of Economics and a law degree from Stockholm University. Other significant board assignments: member of the boards of Talking People AB, Ture Invest AB, Maskrosen Invest AB and Ture Promotion Capital AB.

William A. Rand
Board member
Canadian citizen, born 1942. Member of the board since 2007. Committee assignments in Vostok Nafta: audit committee. Professional and educational background: President of Rand Edgar Investment Corp. and member of the boards of a number of public companies including Canadian Gold Hunter Corp., Denison Mines Corp., Dome Ventures Corporation, Lundin Mining Corp., Lundin Petroleum AB and New West Energy Services Inc. William A. Rand holds a degree in Commerce from McGill University, a law degree from Dalhousie University and a Masters in International Law from the London School of Economics.

Robert J. Sali
Board member
Canadian citizen, born 1962. Member of the board since 2007. Committee assignments in Vostok Nafta: compensation committee. Professional and educational background: Mr. Sali has been active in the financial world since 1987 at the brokerage firms of Lévesque Beaubien Inc. and BMO Nesbitt Burns. In 1999 Robert J. Sali established the operation of Dundee Securities Corporation in western Canada, where he directed operations in the Equity Sales and Trading departments. Mr. Sali is currently employed by Dundee Securities Corporation as senior investment adviser.

Group management

Per Brilioth: Managing Director. See also heading “Board of Directors” above.

Nadja Borisova is employed as Chief Financial Officer for the Vostok Nafta Investment Ltd group. Nadja has previously worked as CFO for Varyag Resources, a Russia-focused private equity company, as well as finance positions at Cloetta-Fazer, The Coca-Cola Company and Coca-Cola Bottlers both in Sweden and in Russia. She holds a Certified Accountant Degree from ACCA in England and a diploma in engineering from the St. Petersburg Institute of Mechanics.

Anders F. Börjesson is employed as Legal Counsel to the Vostok Nafta Investment Ltd group. He holds a law degree from Stockholm University and an LL.M. from NYU School of Law. Before joining Vostok Nafta, Anders worked as an attorney at the St. Petersburg and Moscow offices of Mannheimer Swartling and headed the firm’s M&A and Corporate practice group in Moscow from 2006 to 2008. He is admitted to the New York Bar.

Auditors

PricewaterhouseCoopers AB

Klas Brand, born 1956. Authorised public accountant, Lead Partner. Auditor in the Company since 2007. PricewaterhouseCoopers AB, Göteborg, Sweden.

Bo Hjalmarsson, born 1960. Authorised public accountant, Partner. Auditor in the Company since 2007. PricewaterhouseCoopers AB, Stockholm, Sweden.