Interim Consolidated Financial Statements For Six Months Ending June 30, 2005

Moscow, 24 November 2005 – OJSC Rosneft (Rosneft or the “Company”) today reported its consolidated financial results for the first half of 2005, reflecting the six month period ending June 30, 2005.

Financial review

$m H1 2005 H1 2004 EBITDA margin 34,2% 31,0% Net income margin 17,8% 15,7% Return on average capital employed (annualized) 21,6% 13,7% Return on equity (annualized) 59,9% 21,6%

Total revenues in the first six months of 2005 amounted to $9.86 billion. EBITDA was $3.37 billion or 34.2 percent of revenues. Operating income stands at $2.75 billion. Reported net income after minority interest was $2.44 billion while net income before minority interest and net of the $1.3 billion gain from the sale of Sevmorneftegaz amounted to $1.76 billion. A strong operational performance helped in part by the higher oil prices resulted in net cash inflow provided by operating activities of $1.1 billion in the period. This was achieved despite a working capital increase of $996 million, which was primarily caused by VAT receivables, prepaid expenses and inventory increases resulting from the acquisition of Yuganskneftegaz. The Company has reduced net debt from $12.6 billion to $11.2 billion during the first six months.

Sergey Bogdanchikov, President of Rosneft, said: “First half results are in line with our expectations and demonstrate significant progress toward our goal of creating a leading, vertically integrated oil and gas company. The results reflect our success thus far in integrating the operations of Yuganskneftegaz into Rosneft. We have stabilized this subsidiary and begun to increase daily oil production. We are well positioned to meet expectations for the entire year and to deliver on our target of crude oil production growth of 5-7% pa through to 2010-12.”

Operational review

Key operating results per ton H1 2005 H1 2004 Gross revenue of crude oil per ton       export 299 197   domestic 21,6% 13,7% Gross revenue of petroleum product per ton       export 304 184   domestic 314 282 Costs, excluding DDA, taxes, excise and export duties ($/ton) 60 92 Excise tax and export custom duties ($/ton) 62 27 Taxes other than income tax ($/ton) 63 43 EBITDA ($/ton) 95 73 Net income ($/ton) 50 37

In absolute terms, Rosneft oil production (including its share in affiliates) increased from 10.8 million tons in the first half 2004 to 35.54 million in the first half 2005. Rosneft’s share of total Russian oil production now stands at 15.6%. On the same basis, gas production increased from 4.6 bcm (billion cubic meters) in the first half 2004 to 6.12 bcm in the first half 2005 with the resulting share of overall Russian gas production at 1.9%

Highlights from Rosneft’s upstream project portfolio since the beginning of 2005 include first production from Sakhalin-1, positive testing at the Pela-Leich and Udachnaya wells (Sakhalin-5), and confirmation of further reserves around Vankor resulting in estimated total recoverable reserves in the area of approximately 300 million tons.

Rosneft continues to focus on improving export profitability by shipping greater volumes through its own transport infrastructure. Monthly volumes at CPC reached 155,000 tons in June and are expected to reach 440,000 tons by the end of 2005, while monthly export volumes at Arkhangelsk reached 355,000 tons in June.

The operational turnaround at Yuganskneftegaz under Rosneft’s management is now well underway, with its daily oil production growing from 137.68 thousand tons per day (1,005 thousand barrels per day) on January 1, 2005 to 144.41 ktpd (1,054 kbpd) on October 1, 2005. On an annualized basis this equates to 6.52% growth after a four month stabilization period. Production growth at other subsidiaries over the first 10 months of 2005 equaled 5.38 ktpd (39 kbpd), from 61.14 ktpd (446.33 kbpd) on January 1, 2005 to 66.52 ktpd (485.57 kbpd) on October 1, 2005 or 11.72% annualized. Thus, Rosneft’s total oil production levels reached 210.92 ktpd (1,539 kbpd) on October 1, 2005, compared with 198.82 ktpd (1,451 kbpd) on January 1, 2005. On an annualized basis this represents organic growth of 8%, compared with a Russian industry average of 2.3%.

Outlook

Rosneft continues to focus on increasing daily oil and gas production and on reducing average lifting costs through modern technology and best practice operations. The Company also aims to increase export share through its own transport and loading infrastructure, substantially increase proven reserves, keep F&D costs low and improve the key profitability indicators.