Rosneft Announces Share Repurchase Program

Rosneft Announces Share Repurchase Program

Rosneft today announced the start of its share repurchase program, including the targeted acquisition of shares by Company management. In addition, the Company disclosed RN-Razvitie's purchase of 11,296,701 Rosneft shares on the stock market.

The initial value of the repurchase program over the coming months will be USD 100-200 million. RN-Razvitie's purchase of shares in the amount of USD 104 mln on 13 April 2011 was the first step in implementing this program.

Also, Rosneft's President and two members of the Management Board announced that they had purchased Company shares in the amount of USD 27 mln. These acquisitions reflect Rosneft management's firm view that the Company as well as its prospects for growth are substantially undervalued by the market.

Rosneft

Information Division

v_voevoda@rosneft.ru

Tel.: +7 (495) 221 31 06

Fax: +7(495) 411 54 21

April 20, 2011

These documents contain projections or other forward-looking statements regarding future events. All statements herein, other than the statements on historical accounting periods, are statements that may be deemed forward-looking statements due to all kind of risks and uncertainties and other factors that could cause the actual events or results to differ materially from those contained expressly or by implication in these projections or forward-looking statements. We assume no obligation and do not intend to update these statements to reflect actual events, the occurrence of unanticipated events or factors that could affect the forward-looking statements.