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Press releases

Rosneft Holds Annual General Shareholders Meeting and Board of Directors Meeting

05 June 2008

On June 5, 2008, Rosneft’s Annual General Shareholders Meeting and Board of Directors Meeting took place in Moscow.

The Shareholders Meeting approved the Company’s annual report for 2007, annual financial statements for 2007, and profit distribution. The Meeting also approved amendments to the Company’s Charter and related-party transactions.

The Company’s net income was approved at RUB 162.022 billion, while total dividends for 2007 were set at RUB 16.957 billion (RUB 1.6 per ordinary share), a 20% increase compared to 2006. Dividends will be paid through December 31, 2008. The record-high dividends are largely the result of Rosneft’s continued business growth and improved operating efficiency.

The following nine nominees were elected to Rosneft’s Board of Directors:

  • Sergey Bogdanchikov — President of Rosneft
  • Andrey Kostin — President-Chairman of the Management Board of VTB Bank
  • Sergey Naryshkin — Chief of Staff of the Russian President’s Executive Office
  • Alexander Nekipelov — Vice-President of the Russian Academy of Sciences
  • Gleb Nikitin — Deputy Head of the Federal Agency for Federal Property Management
  • Yury Petrov — Head of the Federal Agency for Federal Property Management
  • Andrey Reus — General Director of OJSC Oboronprom
  • Hans-Joerg Rudloff — Chairman of the Management Board of Barclays Capital
  • Igor Sechin — Deputy Prime Minister of the Russian Federation

The Shareholders Meeting also elected Rosneft’s Internal Audit Committee, which consists of five members. CJSC Audit and Consulting Group for Business Systems Development was appointed as auditor of Rosneft RAS financial statements for 2008.

***

Immediately following the Shareholders Meeting, a meeting of the Company’s newly elected Board of Directors was held. The Board reelected Igor Sechin, Deputy Prime Minister of the Russian Federation, as the Chairman of the Board of Directors. Sergey Naryshkin, Chief of Staff of the Russian President’s Executive Office, and Gleb Nikitin, Deputy Head of the Federal Agency for Federal Property Management, were reelected as Deputy Chairmen of the Board.

The Board of Directors also approved the composition of its three committees headed by independent directors. Hans-Joerg Rudloff, Chairman of the Management Board of Barclays Capital, was reelected as Chairman of the Audit Committee; Andrey Kostin, President-Chairman of the Management Board of VTB bank, was reelected as Chairman of the HR and Remuneration Committee; and Alexander Nekipelov, Vice-President of the Russian Academy of Sciences, was reelected as Chairman of the Strategic Planning Committee.

Rosneft Information Division
Tel.: +7 (495) 221-31-07
Fax: +7 (495) 411-54-21
n_manvelov@rosneft.ru
June 5, 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 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.