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Rosneft Agrees Heads of Terms with the AAR Consortium

22 October 2012

Rosneft confirms that BP, in connection with the sale of its interest in TNK-BP to Rosneft, has waived its right to negotiate in good faith to purchase the AAR consortium’s stake in TNK-BP.

This is a step forward in the implementation of the heads of terms, announced earlier today, between Rosneft and the AAR consortium, which provides for Rosneft to acquire AAR’s 50% interest in TNK-BP for cash consideration of $28 billion. The transaction remains subject to agreeing the definitive transaction documentation, which the parties have started preparing, as well as the required corporate and regulatory approvals and certain other conditions.

October 22, 2012

Rosneft Information Division
Tel.: +7 (495) 411 54 20
Fax: +7 (495) 411 54 21

Pelham Bell Pottinger
James Henderson / Nick Lambert /
Rollo Crichton-Stuart / Elena Dobson
+44 20 7861 3232

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 historical 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 obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.