The annual general meeting of Rosneft shareholders was held on June 7, 2006, at 6 PM.

The meeting approved the Company’s 2005 annual report and accounts, including its income statement for 2005 and distribution of profits.

Pre-tax profits were approved in the amount of 75,986.6 million rubles, and net profits at 56,677.7 million rubles. Shareholders made a decision to declare annual dividends on the Company’s shares in the amount of 11,335.5 million rubles (20% of Rosneft’s 2005 net profits), constituting 1.24673 rubles per common share.

Dividends will be paid by December 31, 2006.

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

• Kirill Androsov – Deputy Minister of Trade and Economic Development
• Sergey Bogdanchikov – President, Rosneft
• Oleg Gordeev – Vice-President, Russneft
• Yuri Medvedev – Deputy Head of the Federal Property Management Agency
• Sergey Naryshkin - Chief of Staff for the Cabinet of Ministers
• Gleb Nikitin – Head of Division, Federal Property Management Agency
• Sergey Oganesyan – Director, Federal Energy Agency
• Andrey Reus – Deputy Minister of Industry and Energy
• Igor Sechin - Deputy Head of the Presidential Administration – Advisor to the President of Russian Federation

The shareholders’ meeting approved the 3 members of Rosneft’s audit commission and appointed ZAO Auditing Firm “Tsentr Bukhgaltera i Auditora” as the auditor of the Company’s 2006 annual accounts under Russian accounting standards.