On October 4, 2007, Rosneft’s Board of Directors held a regularly scheduled meeting where a decision was made to approve the future issue of nonconvertible interest-bearing bonds totaling RUB 45 billion. The bond issue is planned to consist of three tranches of RUB 15 billion each, two of which will be of five-year maturity and the third of which will be of seven-year maturity.

Gazprombank, VTB and Troika Dialog will act as the organizers for the bond issues. The Company plans to use the funds raised through the bond issue to refinance its existing debt obligations into longer term maturities and to further diversify its debt portfolio.

The Board of Directors also considered adjustments to the Company’s business plan for 2007. These adjustments are necessary due to the Company’s expansion following a number of acquisitions in the first half of 2007, as well as higher growth rates in production at a number of oilfields.

The corrected version of the business plan anticipates oil production in 2007 totaling 100.6 million tonnes, an increase of 24.5% over the previous year. This figure includes 100% of production at Polar Lights and Udmurtneft, 100% of Samaraneftegaz production beginning June 1, 2007, as well as 100% of production at Tomskneft for June 2007 and 50% of Tomskneft’s production from July 1, 2007. This growth will be attained both through an increase in production at pre-acquisition assets — from 90.1 million tonnes per the original business plan approved last December to 91.2 million tonnes — and through the contribution of production from the assets acquired in 2007 — 9.4 million tonnes from the moment of their inclusion in the Company’s business plan. Excluding the effect of acquisitions completed in 2007, production growth compared to 2006 is projected at 12.9%.

The new business plan also anticipates an increase in oil refining by 43%, a twofold increase in retail sales of petroleum products and a 25% increase in tax payments.