Rosneft BOD reviews progress of preparations for AGM

On March 5, 2008, the Board of Directors of OJSC Rosneft (the Company) met to review preparations for the Company’s Annual General Shareholders’ meeting (AGM), results of the Board’s Committees for Audit, Strategic Planning, and Personnel and Remuneration during 2007; and shareholder proposals concerning candidates for election to the Company’s Board of Directors and the Internal Audit Committee, as well as to approve proposed related-party transactions.

The Board resolved to call the AGM of Rosneft in Moscow at the Expocenter on Krasnaya Presnya, on June 5, 2008 at 11:00 a.m. The list of shareholders entitled to participate in the AGM will be prepared on the basis of the shareholder register as of April 16, 2008.

The Board of Directors approved OJSC ROSNEFTEGAZ’ proposal to include the following questions in the agenda for the AGM:

Approval of the Company’s annual report for 2007;

Approval of annual accounting reports, including the profit and loss account (accounts);

Approval of profit allocations, based on the 2007 results;

Discussing the amount, timeframe and method of paying dividends, based on the 2007 results;

Discussing remunerations and compensations of expenses of the members of the Board of Directors;

Election of the members of the Board of Directors;

Election of the members of the Internal Audit Committee;

Approval of the Company’s independent auditor;

Proposed changes and amendments to the Company’s Charter.