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Rosneft Oil Company

March 3, 2011

Regular meeting of the Board of Directors of Rosneft

The Board of Directors of Rosneft held a regular meeting on March 3, at which various aspects of current operations were discussed.

1. Draft Programme for Innovative Development

The Board discussed Rosneft’s Innovative Development Programme and decided to set up the Rosneft Corporate Institute for Innovation and Technology, which will be located in Moscow. The Board also decided to create the post of Rosneft Vice-President for Innovation.

Board Chairman Igor Sechin stressed the importance of ensuring an integrated approach to innovation, focused on practical application of new technologies to lower production costs and other expenses.

2. Annual General Meeting (AGM) of Shareholders

The Board decided that the Company AGM for 2010 results will be held on June 10, 2011 in the city of Krasnodar at the following address: KrasnodarEXPO Exhibition Center, 5 Zipovskaya street. The record date to participate in the AGM is April 21, 2011.

It was decided to hold this year’s Annual Shareholder Meeting in Krasnodar because the company has extensive operations in that region and is implementing a number of large-scale investment projects there, including development of the Tuapse Trough on the Black Sea shelf, upgrade of the Tuapse Refinery and marine terminal, as well as the Company’s partnership role in the 2014 Olympic Games in Sochi.

3. Proposed candidates to the new Board of Directors

In accordance with the proposal of the main shareholder, OJSC Rosneftegaz, and the Federal Agency for State Property Management, which together own more than 75% of voting shares of Rosneft, the following persons were included in the list of candidates for election to the new Board of Directors:

Vladimir Bogdanov, General Director of OJSC Surgutneftegaz;

Andrey Kostin, President and Chairman of the Executive Board of OJSC VTB Bank;

Alexander Nekipelov, Vice-President of the Russian Academy of Sciences;

Yury Petrov, Head of the Federal Agency for State Property Management;

Hans-Joerg Rudloff, Chairman of the Executive Committee of Barclays Capital;

Igor Sechin, Deputy Prime-Minister of the Russian Federation;

Nikolai Tokarev, President of OJSC Transnseft;

Eduard Khudainatov, President of OJSC Rosneft;

Dmitry Shugaev, Deputy General Director of Rostekhnologii State Corporation.

Five candidates were selected for appointment to the Company Audit Commission.

4. Actions in respect of non-core and inefficient assets

The Board decided to take steps in 2011 with respect to non-core and inefficient assets, which are under the control of Rosneft. Directors ordered a list of inefficient assets and plan of action for these assets to be prepared and presented to the Board before June 2011. Board Chairman Igor Sechin said that “the key criteria as we evaluate options for these assets should be their economic efficiency and potential, and whether this potential is most valuable to Rosneft or other interested parties”.




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