Meetings of the Boards of Directors of Rosneft and its main subsidiaries will be held on November 9, 2005.

The Board members will consider the issues of Rosneft’s consolidation schedule, the market valuation of shares in Rosneft and its subsidiaries, rates for converting subsidiaries’ shares into Rosneft shares and the Rosneft share repurchase price. They will also look at the conditions and procedure for Rosneft’s reorganization as set forth in the subsidiary accession agreements.

Also on the agenda are decisions on the convening of extraordinary shareholders’ meetings for Rosneft and the subsidiaries.

12 companies feature in the subsidiary consolidation program: Yuganskneftegaz, Rosneft-Krasnodarneftegaz, Rosneft-Purneftegaz, Rosneft-Sakhalinmorneftegaz, Rosneft-Stavropolneftegaz, Severnaya Neft, Selkupneftegaz, Rosneft-Komsomolsk Refinery, Rosneft-Tuapse Refinery, Rosneft-Arkhangelsknefteprodukt, Rosneft-Nakhodkanefteprodukt, Rosneft-Tuapsenefteprodukt.

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