General Meeting of Shareholders have elected new members of the Board of Directors and approved new organizational structure of the company

27 April 2009 regular general meeting of shareholders of OJSC “Concern Galnaftogaz” was held. The Meeting have approved a report of the Director of the |company for 2008 and determined main directions of business activities of the company for 2009. The shareholders also have approved a report of the Board of Directors as well as report of Audit Committee for last year.

The Meeting have approved new organizational structure and new structure of the Board of Directors of the company.
Antonov Vitaliy Borysovych – Head. of the Board of Directors.
Antonova Natalya Volodymyrivna – Member of the Board of Directors.
Antonova Yuliya Vitaliyivna - Member of the Board of Directors.
Vyshnevskyi Vadym Antonovych - Member of the Board of Directors.
Danylyak Vasyl’ Valeriyovych – Member of the Board of Directors.
Kuchabskyi Yuriy Lyubomyrovych - Member of the Board of Directors.
Pasko Oleh Vasylyovych - Member of the Board of Directors.

According to the decision of the Meeting Kupybida Nazar Ivanovych and Khudo Andriy Volodymyrovych were dismissed from the Members of the Board of Directors of the company.

Hehedysh Oleksandr Myhalyovych still occupies the position of the Director of the company.Vaidanych Natalya Tarasivna was elected as a Head of the Audit Committee, while members of the Audit Committee were elected Chernyahovskyi Oleh Ihorovych and Yastrubetskyi Vitaliy Oleksandrovych.

The Meeting have approved new edition of the resolution “On General Meeting of Shareholders of Open Joint Stock Company “Concern Galnaftogaz”, “On the Board of Directors of Open Joint Stock Company “Concern Galnaftogaz” and “On Audit Committee of Open Joint Stock Company “Concern Galnaftogaz”.
The Meeting have decided to cover the losses for 2008 for the account of incomes of future periods.

According to consolidated unaudited financial statements of Concern Galnaftogaz for 2008, operational profit of the company (EBIT) increased by 2,1 times to UAH 311,1 mln. However, the dynamics of net profit was worsened by situation on the foreign exchange market. Following the growth of official UAH/USD exchange rate by 52,5% and in accordance with accounting principles all debt liabilities of Concern Galnaftogaz denominated in US dollars were revaluated (were increased) in line with NBU official exchange rate as of the date of financial statements. As a consequence, the amounts of revaluation of all above-mentioned debt liabilities were reflected in the financial statements as additional expenses of the company borne in 2008 (which are not monetary per se). Such issue caused the net loss in amount of UAH 370.8 mln following the results of 2008».