Results of Regular Meeting of Board of Directors

Results of Regular Meeting of Rosneft's Board of Directors

Rosneft's Board of Directors conducted a meeting by absentee ballot on April 24.

The Board decided on the placement of ruble bonds. The series 04-10 non-convertible interest-bearing documentary bearer bonds with mandatory centralized custody are worth a total of 90 billion rubles. They expire 3,640 days after placement. There is an option for early repayment at the discretion of the issuer. The bonds are to be placed for public subscription. The Board also approved the bond resolution and prospectus.

The Board of Directors terminated the powers of Rosneft Management Board member Pavel Fedorov following the Russian government's March 22 order appointing him Deputy Energy Minster. Additionally the Board approved a number of related-party transactions.

Rosneft Information Division

Tel.: +7 (495) 411 54 20

Fax: +7 (495) 411 54 21

April 26, 2012

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