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Rosneft Oil Company

June 8, 2006

Rosneft’s Extraordinary Meeting of Shareholders decides to increase charter capital

An extraordinary general meeting of shareholders of Rosneft was held on June 7, 2006, at 8 PM.

At the meeting, a decision was made to increase the Company’s charter capital by placing 7,438,514,449 additional common shares with a par value of 0.01 rubles each through the conversion of common and preferred shares in Rosneft-Krasnodarneftegaz, Rosneft-Purneftegaz, Rosneft-Sakhalinmorneftegaz, Rosneft-Stavropolneftegaz, Yuganskneftegaz, Rosneft Komsomolsk Refinery, Rosneft Tuapse Refinery, Rosneft-Arkhangelsknefteprodukt, Rosneft-Nakhodkanefteprodukt and Rosneft-Tuapsenefteprodukt, and of common shares in Severnaya Neft and Selkupneftegaz.

The shareholders also decided to place 400 million additional common shares with a par value of 0.01 rubles by closed subscription to J.P. Morgan Europe Limited and/or Rosneftegaz.

The extraordinary meeting of shareholders also decided on the premature termination of the powers of the Company’s Board of Directors, elected previously by the regular meeting of shareholders, and elected a new Board, comprising:

Kirill Androsov – Deputy Minister of Trade and Economic Development;

  • Sergey Bogdanchikov – President, Rosneft
  • Sergey Naryshkin - Chief of Staff for the Cabinet of Ministers
  • Gleb Nikitin – Head of Division, Federal Property Management Agency
  • Andrey Reus – Deputy Minister of Industry and Energy
  • Igor Sechin - Deputy Head of the Presidential Administration – Advisor to the President of Russian Federation

and 3 independent Board members:

  • Andrey Kostin – President, Chairman of the Management Board of Vneshtorgbank
  • Alexander Nekipelov – Vice-President, Russian Academy of Sciences
  • Hans-Jorg Rudloff – Chairman of the Management Board, Barclays Capital

The shareholders approved Rosneft’s restated charter and internal regulations, which comply fully with the requirements of the Code of Corporate Behavior, and standards for the issuance of securities on Russian and Western stock markets:

  • Regulations on the General Meeting of Shareholders
  • Regulations on the Board of Directors
  • Regulations on the Collegial Executive Body (Management Board)
  • Regulations on the Sole Executive Body (President)
  • Regulations on the Audit Commission

The meeting also approved a number of interested-party transactions.

 

 

 

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