ROSN.L Regulatory News (ROSN)

Rosneft Board Approves BP Deals

A November 20 meeting of the Rosneft Board of Directors reviewed issues relating to the deals with BP. The Board of Directors:

1. Approved Rosneft's participation in TNK-BP Limited and TNK Industrial Holdings Limited;

2. Approved Rosneft's large deal to acquire a 50% stake in TNK-BP Limited and TNK Industrial Holdings Limited from BP for a cash consideration of USD 25.4 billion (subject to variation under conditions set down in the sale and purchase agreement) and 3.04% of Rosneft shares (at USD 8.00 per share);

3. Approved the sale of 9.8% of Rosneft shares belonging to RN-Development to BP at a price of USD 8.00 per share for a total cash consideration of USD 8.3 billion (subject to variation under conditions set down in the sale and purchase agreement).

These decisions were taken in accordance with Russian government directives.

Rosneft will acquire a 50% stake in TNK-BP from BP for a cash consideration of USD 17.1 billion and 12.84% of Rosneft shares through these approved deals.

Rosneft and BP have completed the approval process for legally binding deal documents, which are to be signed shortly.

The totals and percentages shown above have been rounded off.

22 November 2012

Rosneft Information DivisionTel.: +7 (495) 411 54 20Fax: +7 (495) 411 54 21www.rosneft.com

Pelham Bell PottingerJames Henderson / Nick Lambert /Rollo Crichton-Stuart / Elena Dobson+44 20 7861 3232

Notes to editors:

TNK-BP:

TNK-BP is a vertically integrated group of companies operating a diversified upstream and downstream portfolio, with assets in Russia, Ukraine, Belarus, Venezuela, Vietnam and Brazil. TNK-BP owns 95% in publicly listed TNK-BP Holding and c.50% in Slavneft, a vertically integrated Russian oil company, among other assets. TNK-BP is Russia's third largest oil producer, employs c.50 thousand people and operates in Russia's major hydrocarbon regions, including West Siberia, Volga-Urals and East Siberia.

As of the end of 2011, TNK-BP had proved reserves of 10.1 bn barrels of oil equivalent under SEC classification and 14.9 bn barrels of oil equivalent under PRMS classification. TNK-BP has achieved production growth in each of the last three years, reaching an average daily production of 1,987 thousand barrels of oil equivalent in 2011. The company has interests in seven refineries in CIS, including indirect holdings through Slavneft, with a total throughput in 2011 of 747 thousand barrels per day. TNK-BP operates a network of 1,388 retails stations. In 2011, TNK-BP generated revenues of $60.2 bn and net income of $9.7 bn.

BP:

BP is a leading international oil and gas company engaged in the exploration, production, refining and distribution of natural gas, petroleum and other related products. The company employs c.83 thousand people and has exploration and production activities in 30 countries with major interests in the U.S., Russia, Azerbaijan, Angola, the United Kingdom, North Africa, Canada, the Middle East and Asia.

At the end of 2011, BP had proved reserves of 17.8 bn barrels of oil equivalent under SEC classification. BP's average daily production of hydrocarbons in 2011 reached 3,454 thousand barrels of oil equivalent, including its share of TNK-BP. As of the end of 2011, BP had interests in 16 refineries with a total throughput of 2,352 thousand barrels per day and 21,800 BP branded retail sites. BP's market capitalisation is $136.9 bn as of 19 October 2012. In 2011, BP generated revenues of $375.5 bn and net income of $26.1 bn.

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.