A meeting of Rosneft’s Board of Directors was held in Moscow on November 9, 2005.

The Board members considered issues of the commencement of the consolidation program for Rosneft’s main subsidiaries, and issues relating to the acquisition of 25.94% of voting stock in Verkhnechonskneftegaz and the taking-out of a number of loans from Russian and foreign banks to refinance previous borrowings and replenish working capital.

The Board approved the acquisition of the stake in Verkhnechonskneftegaz and the taking-out of loans and resolved to rework the materials on the consolidation program issues.

In accordance with the information disclosure rules, details of the consolidation program will be announced after the corporate decisions have been taken.