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2011 April 15   06:38

Rosneft’s Board recommends a 20% dividend increase, to RUB 2.76 per share

The Board of Directors of Rosneft held a meeting yesterday, April 14th, to discuss the issues relating to the Annual General Meeting of the company’s stockholders, the company’s press release said.

The Company’s Board pre-approved Rosneft's Annual Report for 2010 and recommended that the AGM of shareholders approve a dividend of RUB 2.76 per share for 2010, a 20-percent increase over 2009.

The total amount, if accepted by the shareholders, as the Board recommends, will be allocated to pay dividends amounting to RUB 29 billion 251 million, or 15.2% of net income under Russian Accounting Standards (vs 11.7% a year earlier).

In accordance with Russian legislation on joint stock companies, dividend payments will be made simultaneously to all holders of shares not later than  Aug. 9, 2011.

The Board of Directors recommended the Audit-Consulting Group Business Systems Development to conduct an audit of Rosneft and its subsidiaries for the period 2007-10 inclusive.

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