News from the annual general meeting

Following the shareholders meeting, the meeting of the Company’s Board of Directors was held. The Board reelected Igor Sechin as the Chairman of Rosneft Board of Directors. Sergey Naryshkin and Gleb Nikitin were reelected as Deputy Chairmen of the Board of Directors. Hans-Joerg Rudloff was elected as the Chairman of the Audit Committee, Andrey Kostin was elected as the Chairman of the HR and Remuneration Committee, and Alexander Nekipelov was elected as the Chairman of the Strategic Planning Committee.

Voting results were announced.

All agenda items were approved.

To the Board of Directors were elected:

1. Sergey Bogdanchikov
2. Andrey Kostin
3. Sergey Naryshkin
4. Alexander Nekipelov
5. Gleb Nikitin
6. Yury Petrov
7. Andrey Reus
8. Hans-Joerg Rudloff
9. Igor Sechin

Rosneft Vice-President for Finance and Investments Peter O’Brien proposed CJSC Audit and Consulting Group for Business Systems Development as Rosneft auditor for 2008. Mr. O’Brien also made suggestions for amendments to Rosneft Charter, and proposed to approve several related-party transactions.

Rosneft President Sergey Bogdanchikov presented candidates to Rosneft Board of Directors and Internal Audit Commission.

Rosneft Vice-President Sergey Makarov reported on the approval of profit distribution for 2007. Mr. Makarov also spoke on the amount, method, and timing of dividend payment in 2007, and recommended to increase dividend per share by 20% to RUB 1.6.

Hans-Joerg Rudloff, Chairman of the Management Board of Barclays Capital, independent member of Rosneft Board of Directors and Chairman of the Board’s Audit Committee, noted Rosneft’s very significant progress in improving transparency, strengthening internal control procedures, and enhancing risk management.

Rosneft President Sergey Bogdanchikov noted the Company’s significant progress in reducing debt, which only during the last half a year decreased by USD 4 bln. This fact was also reflected in Rosneft credit rating upgrade by Standard & Poor’s to BBB- investment level.

Sergey Bogdanchikov reported that Rosneft’s consolidated net income in 2007 under US GAAP increased by 84.2% to USD 6,483 mln (excluding the effect of Yukos bankruptcy). Rosneft’s shareholder return amounted to 42.7% in rubles and 62.5% in USD.

According to Mr. Bogdanchikov, in 2007, Rosneft had the best flow rate at new wells in the Russian oil industry — 101.1 tonnes per day excluding effects from newly acquired assets and 97.5 tonnes considering the 2007 acquisitions. Rosneft President said that the Company targets an oil output of 130 mln tonnes by 2010 and 160 mln tonnes by 2015. In addition, Rosneft plans to invest RUB 60 bln rubles in improving its associated gas utilization rate (up to 95% in 2011). By 2011, Rosneft plans to increase its electricity production to 1,716 mln kWh.

In 2007, Rosneft’s had the lowest upstream operating costs among Russian petroleum companies — RUB 651 per tonne. Crude oil throughput in 2007 equalled 40.2 mln tonnes, 67.5% more than in the previous year. Rosneft’s retail network expanded to 1766 stations and is now the largest in Russia.

Rosneft President Sergey Bogdanchikov spoke about the approval of Rosneft annual report. Mr. Bogdanchikov gave a comprehensive review of the Company’s operating and financial results in 2007.

According to Sergey Bogdanchikov, in 2007, Rosneft achieved the industry-best proved reserve replacement ratio — 301%. Crude oil production in 2007 reached 101 mln tonnes, up 25% compared to 2006. The organic growth in crude oil production equaled 6.4% — currently a record high for the national petroleum industry. The Company’s gas production totaled 15.3 bln cubic meters, an increase of 11.7% compared to 2006.

Deputy Prime Minister of the Russian Federation and Chairman of Rosneft Board of Directors Igor Sechin opened the meeting and also announced that the quorum was met.

Head of the Accounting Commission and General Director of the registrar Reestr-RN LLC Vladimir Shakotko reported the results of shareholder registration and announced that the quorum was met.

Petronas Vice President George Ratilal delivered a speech.

Tony Hayward, Chief Executive Officer of BP and the holder of 1.2% of Rosneft shares, came up with the address towards the shareholders, in which he stressed the Company’s successes since its IPO in 2006 and large potential for the future.

Deputy Prime Minister of the Russian Federation and Chairman of Rosneft Board of Directors Igor Sechin came up with a welcome speech noting the Company’s good results in 2007 as well as positive experience of interaction with minority shareholders.