Rosneft - Rosneft ranks among the most transparent Russian companies

Rosneft ranked 2nd in the S&P Transparency and Disclosure Survey 2008 (Russia) published on November 13, which marks the Company’s significant progress over the last several years (12th in 2006; 10th in 2007). According to S&P, Rosneft has seen the second straight year of highest growth in key operating and financial indicators among the top-ten 2008 survey companies.

S&P also highlighted improvements in Rosneft’s 2007 annual report, particularly, broader coverage of all relevant matters and higher transparency (including equity structure). In addition, S&P noted the Company’s enhanced financial disclosure efficiency: Rosneft’s preliminary financial statements for 2007 were published before the end of April 2008.

According to Rosneft Vice President Peter O’Brien, increasing transparency is among the Company’s top priorities. „This allows us to continuously improve the efficiency of management decision-making, and importantly, this also enables our investors to make informed decisions. What is more, compliance with the highest transparency requirements ensures the Company receives fair analyst coverage and ongoing feedback, and is conducive to bringing down debt and equity costs. These are key factors in increasing Rosneft’s market capitalization, one of our strategic objectives,“ Mr O’Brien said.

As part of an ongoing effort to improve transparency and disclosure, Rosneft publishes securities issue prospectuses, quarterly US GAAP financial reports and MD&A, and other materials. Seeking to efficiency communicate with all interested parties, the Company regularly holds investor presentations and conference calls, and continuously works to improve its corporate website.

Rosneft’s progress in the area is gaining increasing recognition at all levels. In particular, the Company has recently won several awards from the reputable IR Magazine, including Best IR Officer Grand-Prix, Best Annual Report and Corporate Literature, and Best Website.

NOTE

Rosneft is the largest Russian oil company, and ranks first among global publicly traded petroleum companies by proved liquid hydrocarbon reserves. Rosneft’s proved hydrocarbon reserves are estimated at 21.7 bln boe (17.5 bln bbl of oil and 711 bcm of gas). The Company’s oil production exceeds 105 mln tonnes per year, 2.5% of the world’s and 21.7% of Russia’s total. The Company owns and operates seven refineries with a total capacity of over 55 mln tonnes per year. Rosneft’s retail network consists of approximately 1,700 service stations.

1H 2008 US GAAP financial highlights: revenue — USD 37.5 bln, EBITDA — USD 11.8 bln, net income — USD 6.9 bln, free cash flow — USD 5.1 bln.

Rosneft accounts for 3.9% of Russia’s GDP and for 7% of total national budget contributions.

Russian Companies Transparency and Disclosure Survey is a joint research project by Standard & Poor’s and Center for Economic and Financial Research at Russian School of Economics. The survey covers 90 largest Russian publicly traded companies and aims to assess overall disclosure of relevant corporate information. Its „prudent investor“ methodology is based on multiple disclosure criteria broadly classified as follows: ownership structure and shareholder rights; financial and operational information; and Board and management structure and processes.

Rosneft Information Division
n_manvelov@rosneft.ru
Tel.: +7 (495) 221-31-07
Fax: +7 (495) 411-54-21
November 13, 2008

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no responsibility to update the forward-looking statements contained herein to reflect actual results, changes in underlying assumptions or changes in factors affecting these statements.