Rosneft’s Board of Directors convened a regular meeting on April 27, 2012 to consider issues relating to the Annual General Shareholders’ Meeting.

The Board approved the following agenda for the shareholders’ meeting:

• Approval of the Company’s annual report
• Approval of the Company’s financial (accounting) statements, including profit and loss reports (profit and loss statements)
• Approval of the distribution of 2011 Company profits
• The size of dividends for 2011 and payment procedure and timeframe
• Remuneration and compensation for expenses for members of the Company’s Board of Directors
• Election of members of the Board of Directors
• Election of members of the Internal Audit Commission
• Approval of the Company’s auditor
• Approval of related party transactions.

Rosneft’s Board of Directors preliminarily approved the Company’s 2011 annual report and recommended that the Annual General Shareholders’ Meeting adopt a resolution to pay dividends of 3.45 rubles per share based on 2011 results. This dividend level is 25% higher than in 2010.

If the shareholders agree to the recommended dividend amount, a total of 36,563.7 million rubles will be spent on dividends.
The Board recommended appointing CJSC Auditing and Consulting Group Razvitiye Biznes-Sistem as the auditor of the Company’s 2012 annual financial (accounting) statements to Russian standards. The cost of services will be 2,823,150 rubles including VAT.

The Board of Directors defined the list of information (materials) that will be provided to Rosneft shareholders in preparation for the annual shareholders’ meeting, as well as how this information will be delivered. The Board also approved the form of the ballot papers and the text they will carry and determined who will be invited to the meeting.

In addition, the Board of Directors was briefed on Rosneft’s expected financial and operating results for the first quarter of 2012 and also approved the closing of the Company’s Strategic Cooperation Agreement with Italy’s Eni.