On April 25, 2008, Rosneft’s Board of Directors met to review preparations for the Company’s Annual General Shareholders Meeting scheduled for June 05, 2008.

The Board of Directors recommended the Annual General Shareholders Meeting to approve an increase of the annual dividend by 20% to 1.6 rubles per share for 2007 compared to 1.33 rubles per share for 2006. The record date was April 16, 2008.

The Board of Directors also approved the agenda for the Annual General Shareholders Meeting, which includes the approval of the annual report, annual accounting statements, profit distribution based on the 2007 results including the amount, timeframe and form of dividend payment for 2007, discussion of Board member compensation, election of the Board and the Internal Audit Committee, approval of the Company’s auditor for 2008, approval of proposed amendments and supplements to the Company’s Charter and related-party transactions.