Audit Committee

Members of the Audit Committee:

• Hans-Joerg Rudloff (Chairman)
• Andrey Kostin
• Alexander Nekipelov

Membership of the Committee is unchanged from June 5, 2008.

The Audit Committee enables participation by the Board of Directors in control over the financial and operating activity of Rosneft.

The exclusive functions of the Audit Committee are assessment of candidacies for the role of auditors of Rosneft, assessment of the auditor’s opinion, assessment of the efficacy of procedures for internal control and risk management, and preparing proposals for their improvement.

The functions of the Audit Committee also include: preliminary review of the Company’s financial accounts; assessment of the quality of auditing services provided to Rosneft and of observance by the auditor of auditing independence; and oversight of completeness and accuracy of Rosneft’s tax, financial and management accounting.

The Audit Committee ensures constant interaction of the Board of Directors with Rosneft’s auditors, the Audit Commission, executive bodies, Company financial managers and structural divisions, which carry out internal control and audit functions.

Activity of the Audit Committee in 2010.

The Committee’s functions and mechanisms of interaction with other corporate bodies are governed by the Regulation on the Audit Committee of Rosneft’s Board of Directors.