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Rosneft Oil Company

June 30, 2007

Rosneft holds annual meeting of shareholders and meeting of the Board of Directors

On June 30, 2007, the annual meeting of Rosneft’s shareholders took place in Moscow, as well as a meeting of the Company’s Board of Directors.

The shareholders meeting approved the Company’s annual report for 2006 and its annual financial statements, which include its profit and loss account and profit distribution. Furthermore, the meeting approved amendments to the Company’s charter and related-party transactions.

The Company’s net profits were confirmed at RUB 213.216 billion, and dividend payments on Rosneft shares for 2006 were approved on the order of RUB 14.096 billion, which works out to RUB 1.33 per ordinary share.

Dividends will be paid by December 31, 2007. The total dividends payment confirmed is the largest in the Company’s entire history, which is a reflection of the growth in the scale of its operations. As part of its development strategy going forward, Rosneft intends to maintain a predictable and well-grounded dividend policy that adheres to the interests of all its shareholders.

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

  • Kirill Androsov — Deputy Minister of Economic Development and Trade of Russia
  • Sergey Bogdanchikov — President of Rosneft
  • Andrey Kostin — President-Chairman of the Management Board of VTB
  • Sergey Naryshkin — Deputy Prime Minister of Russia, Chief of Staff for the Cabinet of Ministers
  • Alexander Nekipelov — Vice President of the Russian Academy of Sciences
  • Gleb Nikitin — Head of the Federal Agency for the Management of Federal Property
  • Andrey Reus — Deputy Minister of Industry and Energy of Russia
  • Hans-Joerg Rudloff — Chairman of the Management Board of Barclays Capital Bank
  • Igor Sechin — Deputy head of the Administration of the President of the Russian Federation — aide to the President of the Russian Federation.

The shareholders meeting also elected Rosneft’s Internal Audit Committee, which consists of five members.

CJSC AKG RBS has been confirmed as the auditor of Rosneft’s financial statements under Russian Accounting Standards for 2007.

A decision was also made to amend the Company’s charter to include in its list of activities the utilization of precious metals and stones in technological processes as part of equipment and materials.

Shareholders also approved a number of related-party transactions.

Immediately following the shareholders meeting, a meeting of the Company’s newly elected Board of Directors was held. The Board reelected Igor Sechin, Deputy head of the Administration of the President of the Russian Federation — aide to the President of the Russian Federation as the Chairman of the Board of Directors. Sergey Naryshkin, Deputy Prime Minister of Russia, Chief of Staff for the Cabinet of Ministers, and Gleb Nikitin, Head of the Federal Agency for the Management of Federal Property, were reelected as Deputy Chairmen of the Board of Directors.

The Board of Directors also confirmed the previous composition of its three committees, each of which is chaired by an independent non-executive director. Hans-Joerg Rudloff, Chairman of the Management Board of Barclays Capital Bank, was reelected as chairman of the Audit Committee. Andrey Kostin, President-Chairman of the Management Board of VTB, was reelected as chairman of the HR and Remuneration Committee. Finally, Alexander Nekipelov, Vice President of the Russian Academy of Sciences, was reelected as chairman of the Strategic Planning Committee.




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