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Rosneft Oil Company

June 19, 2006

Summation of voting results on Rosneft's consolidation

In accordance with Russian law, the official results of the vote on Rosneft's restructuring taken on June 2, 2006 at extraordinary meetings of shareholders in 12 Rosneft subsidiaries, as well as at the last joint meeting of the subsidiaries and the Company held on the same day, have been summarized. The vote concerned the issue of Rosneft's restructuring through the consolidation of Rosneft-Krasnodarneftegaz, Rosneft-Purneftegaz, Rosneft-Sakhalinmorneftegaz, Rosneft-Stavropolneftegaz, Yuganskneftegaz, Severnaya Neft, Selkupneftegaz, Rosneft-Komsomolsk Refinery, Rosneft-Tuapse Refinery, Rosneft-Arkhangelsknefteprodukt, Rosneft-Nakhodkanefteprodukt and Rosneft-Tuapsenefteprodukt.

The summation of the votes at the subsidiaries' extraordinary shareholders meetings reveals the following:

  • at Rosneft-Krasnodarneftegaz, with a quorum of 96.56%, 99.92% of the members voted for the consolidation and 0.015% against;
  • at Rosneft-Purneftegaz, with a quorum of 90.8%, 99.94% of the members voted for the consolidation and 0.01% against;
  • at Rosneft-Sakhalinmorneftegaz, with a quorum of 68.47%, 99.7% of the members voted for the consolidation and 0.19% against;
  • at Rosneft-Stavropolneftegaz, with a quorum of 79.27%, 99.64% of the members voted for the consolidation and 0.073% against;
  • at Yuganskneftegaz, with a quorum of 100%, 100% of the members voted for the consolidation;
  • at Severnaya Neft, with a quorum of 100%, 100% of the members voted for the consolidation;
  • at Selkupneftegaz, with a quorum of 100%, 100% of the members voted for the consolidation;
  • at Rosneft-Komsmolsk Refinery, with a quorum of 85.25%, 98.03% of the members voted for the consolidation and 1.88% against;
  • at Rosneft-Tuapse Refinery, with a quorum of 88.91%, 99.7% of the members voted for the consolidation and 0.1% against;
  • at Rosneft-Arkhangelsknefteprodukt, with a quorum of 92.08%, 99.67% of the members voted for the consolidation and 0.1% against;
  • at Rosneft-Nakhodkanefteprodukt, with a quorum of 84.63%, 98.04% of the members voted for the consolidation and 0.164% against;
  • at Rosneft-Tuapsenefteprodukt, with a quorum of 85.67%, 99.22% of the members voted for the consolidation and 0.56% against.

With the exception of Sakhalinmorneftegaz, where there was not a required quorum on the issue, all of Rosneft's subsidiaries ratified the agreement on joining the head company. In the near future, an extraordinary meeting of shareholders at Sakhalinmorneftegaz will be held whose agenda will contain a single question on ratification of the agreement to join Rosneft-Sakhalinmorneftegaz with Rosneft. Meanwhile, of those participating in the vote on this question, 99.4% expressed their approval.

The summation of the votes taken in absentia as part of the joint general extraordinary meeting of shareholders in Rosneft and its 12 subsidiaries reveals the following results. In accordance with the ratification of the agreements on consolidation by the subsidiaries' shareholders, the meeting approved amendments and addenda to the preamble of Rosneft's charter, according to which the Company will be the successor of the consolidated subsidiaries. With a quorum of 99.14%, 99.9699% voted for this decision, and 0.0023% voted against.

Rosneft's consolidation is the logical conclusion to the process of forming a unified vertically integrated oil and gas company of international standing. Lower costs and a more efficient system of management will result from the consolidation, which will make it possible for the Company to receive favorable financing terms on global capital markets, allowing it to increase the scale of its investments in key strategic growth projects.

 

 

 

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