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Rosneft Oil Company

June 18, 2010

Rosneft holds Annual General Shareholders Meeting

Rosneft’s Annual General Meeting of Shareholders was held in Saint Petersburg on June 18, 2010. Holders of 97.7% of Rosneft shares registered to participate in the meeting.

The 2009 annual report and accounts were approved at the meeting, as well as the distribution of Company net profit, totaling RUR 208.2 billion.

It was decided to pay 11.7% of RAS non-consolidated net profit, or RUR 24.4 bln, as dividends on Rosneft shares (RUR 2.30 per common share). The approved dividend payment is 20% higher than that for 2008. The dividends will be paid by December 31, 2010.

The shareholders also elected the following new Board of Directors composed of 9 members, namely:

- Vladimir Bogdanov (Director General of Surgutneftegas);

- Sergey Bogdanchikov (President of Rosneft);

- Andrey Kostin (President and Chairman of the Board of VTB Bank);

- Alexander Nekipelov (Vice-President of the Russian Academy of Sciences);

- Yuriy Petrov (Head of the Federal Agency for State Property Management);

- Andrey Reus (Director General of Oboronprom);

- Hans-Joerg Rudloff (Chairman of Barclays Capital);

- Igor Sechin (Deputy Chairman of the Government of the Russian Federation);

- Nikolai Tokarev (President of Transneft).

The Shareholders also approved the composition of Rosneft’s 5-member Internal Audit Committee, nominated ZAO Audit consulting Group Business Systems Development as auditor of the Company’s RAS annual financial statements for 2010, and resolved to pay the remuneration to the independent members of the Board of Directors and approved a number of related party transactions.

***

After closing the Annual General Meeting, the newly elected Board of Directors held its first meeting. Deputy Chairman of the Russian Government, Igor Sechin, was re-elected as Chairman of the Board. Yury Petrov (Head of the Federal Agency for State Property Management) and Andrey Kostin (President and Chairman of the Board of VTB) were elected as his deputies.

The Board of Directors also approved the composition of the three Board committees, each headed by an independent director: Hans-Joerg Rudloff (Chairman of Barclays Capital) will be in charge of the Audit Committee, Andrey Kostin (President and Chairman of the Board of VTB) will be in charge of the Personnel and Remuneration Committee, and Alexander Nekipelov (Vice-President of the Russian Academy of Sciences) will head the Strategic Planning Committee.

 

 

 

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