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Rosneft Oil Company

June 30, 2005

Rosneft publishes 2004 US GAAP statements

Rosneft produced 21.6 million tons of oil and gas condensate and 9.4 billion cubic meters of gas in 2004 – an increase of 10.2% and 34.3% respectively over 2003 levels, according to the company’s consolidated 2004 US GAAP statements.

The increase in production was achieved from the drilling of new wells at the Gamburtsev Swell and the Bagansky group of oil fields by Severnaya Neft, and drilling in the Kynsky field by Selkupneftegaz. Production of raw materials also increased from Rosneft-Sakhalinmorneftegaz’s drilling of the Odoptu-More deposit, and Grozneftegaz’s commissioning of reconstructed wells.

Independent estimates of reserves by DeGolyer MacNaughton revealed an increase in Rosneft’s proven oil reserves (taking into account Yuganskneftegaz reserves) of 287.1% to total 1,268.6 million tons of oil, according to the SEC classification.

The company’s sales revenues rose by 44.9% or by 1,634 million US dollars, and totaled 5,275 million US dollars.

EBITDA increased by 50.6% over the previous year, and totaled 1,556 million US dollars. Net profits during the reporting period rose by 116.8% to 837 million US dollars. Net profits per ton of extracted raw materials increased by 90.3%.

In 2004 Rosneft purchased a 100% stake in Baikalfinancegroup, and thus gained control over Yuganskneftegaz. Rosneft’s consolidated reports contain Yuganskneftegaz balance sheet data. Data from Yuganskneftegaz’s 2004 income statements (as of Rosneft’s gaining control) were not included in the consolidated income statement due to their insignificance.

In 2004, Rosneft consolidated its production in the Krasnodar Territory. It also increased its stake in the Rosneft-Tuapse Refinery to 81.5%.

According to the non-core assets sale program, the company sold shares in its non-core subsidiaries, and assets not used in its core activities, in the amount of 240 million US dollars.

Rosneft’s consolidated 2004 US GAAP statements can be viewed in the Statement section.




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