“ROSNEFT-2030” STRATEGY

The Strategy focuses on 3 key priorities: operational leadership, efficiency and sustainable development.

“Rosneft-2030” sets priorities  for all the business segments:

• Leadership in lifting costs per boe with target hydrocarbon production of 330 million toe;
• Growth of gas in total hydrocarbon production to 25% and above;
• Light product yield growth for refining in Russia up to 70%;
• Business development in Asian strategic markets;
• Shareholder returns and profitability increase;
• Russian software share increase;
• Implementation of biodiversity conservation programs and “circular economy” principles;
• Remediation of 100% of the “legacy” contaminated lands and waste;
• Aspiration for zero Fatal Accident Rate and zero Process Safety Events Rate;
• Corporate and social programs ensuring development of human resources and contributing to the National Priorities of Russia;
• Reduction of carbon emissions.

Given fulfilment of the Strategy targets the Company's free cash flow is expected to double by 2030.

Strategy targets are aligned with management’s KPIs and remuneration.

Strategy implementation will contribute to achievement of targets and goals stipulated in the Presidential Decree on the National Development Goals of the Russian Federation for the period up to 2030, the goals of the “2050 Russian Federation Strategy of Social and Economic Development with Low Greenhouse Gas Emission”, the Paris Agreement and 17 UN Sustainable Development Goals. For more detailed information on the Strategy implementation, key milestones and results please see Corporate annual reports.