Rosneft ranked 2nd in the S&P Transparency and Disclosure Survey 2008 (Russia) published on November 13, which marks the Company’s significant progress over the last several years (12th in 2006; 10th in 2007). According to S&P, Rosneft has seen the second straight year of highest growth in key operating and financial indicators among the top-ten 2008 survey companies.

S&P also highlighted improvements in Rosneft’s 2007 annual report, particularly, broader coverage of all relevant maters and higher transparency (including equity structure). In addition, S&P noted the Company’s enhanced financial disclosure efficiency: Rosneft’s preliminary financial statements for 2007 were published before the end of April 2008.

According to Rosneft Vice President Peter O’Brien, increasing transparency is among the Company’s top priorities. „This allows us to continuously improve the efficiency of management decision-making, and importantly, this also enables our investors to make informed decisions. What is more, compliance with the highest transparency requirements ensures the Company receives fair analyst coverage and ongoing feedback, and is conducive to bringing down debt and equity costs. These are key factors in increasing Rosneft’s market capitalization, one of our strategic objectives,“ Mr O’Brien said.

As part of an ongoing effort to improve transparency and disclosure, Rosneft publishes securities issue prospectuses, quarterly US GAAP financial reports and MD&A, and other materials. Seeking to efficiency communicate with all interested parties, the Company regularly holds investor presentations and conference calls, and continuously works to improve its corporate website.

Rosneft’s progress in the area is gaining increasing recognition at all levels. In particular, the Company has recently won several awards from the reputable IR Magazine, including Best IR Officer Grand-Prix, Best Annual Report and Corporate Literature, and Best Website.