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Investor Meeting Non-Deal Roadshow London 5 October 2012 10.10.2012 Important Notice The information contained herein has been prepared by the Company. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. These materials contain statements about future events and expectations that are forward-looking statements. 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 our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. 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. This presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been verified by the Company. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its shareholders, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company nor any of its shareholders, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. 2 Rosneft and Its Global Peers Oil Reserves and Production (Dec 2011) Key Operational and Financial Indicators 2,500 Oil Production (kbpd) Crude Oil Production Refining Throughput 120 (kbpd) (kbpd) (PRMS) 1,010 2,00090 2,455 1,50060 30x 8x 1,00030 128 84 500 Proved Reserves (mln bbl) 0 0 5005,000 1,00010,000 2,00015,000 19,0002,600 1999 2011 1999 2011 Oil Production 2006-2011 (kbpd) Net Income Taxes Paid (US$ bln) (US$ bln) Largest Tax Payer 2,500 Rosneft +52% 10.8 in Russia 46.7 2,000 Lukoil -6% TNK-BP 54x 1,500 -4% 156x -7% Surgutnefte 1,000 gas 0.2 0.3 0% Gazprom 500 Neft 1999 2011 1999 2011 0 2006 2007 2008 2009 2010 2011 Note: Financial indicators are based on IFRS report; 1999 does not include Purneftegaz. 3 Refining throughput excludes volumes from Ruhl Oel GMBH and mini-refineries Rosneft’s Strategic Objectives Global leadership in oil production Maintaining production levels at the existing fields, developing greenfield, offshore and 1 hard-to-recover reserves, exploring new resources, and expanding into international projects Completion of refinery modernization program 2 Upgrading product slate and output to meet the growing domestic demand for high- quality fuels and fully comply with latest Russian Government Technical Regulations 3 Gas business development Effective monetization of associated and natural gas reserves 4 Efficient domestic and export marketing of crude oil and products Optimising the retail network, logistics and distribution channels Technological leadership 5 Gaining a technological edge through in-house research and collaboration with strategic partners. Implementation of best practices in environmental and safety procedures 4 Rosneft – Leader in Efficient Oil Production Finding and Development Costs(1) Lifting Costs(2) (US$/bbl, 2009–2011 average) (US$/bbl, 2009–2011 average) 26.1 17.3 15.9 16.0 14.2 21.0 12.1 12.0 12.2 10.9 9.6 5.6 6.7 4.4 3.9 2.8 (3) (3) Source: company data Note: (1) Finding and development costs include capital expenditure for exploration and development, including acquisition of assets without proven reserves, divided by reserve growth (including revaluation of existing reserves); (2) Upstream operating expenses divided by production volume; (3) 2009–2010 average 5 Production in Our Core Operating Areas Conventional Reserves Hard-to-Recover Reserves . Key operating subsidiaries are Yuganskneftegaz, Samaraneftegaz and Purneftegaz . Yuganskneftegaz accounts for ~50% of Yamalo-Nenets ~330 Autonomous District Company’s total production (about 1.3 mln bpd) Khanty-Mansi . Priobskoye field is the main producing asset of Autonomous Area Irkutsk ~240 Region Yuganskneftegaz. It is a young field with ~5.000 ~200 estimated depletion of 24% and low water cut by Tomsk Region regional standards Stav- ropol ~40 Yuganskneftegaz: initial flow rate of new wells Total: 5.8 bln bbl (bpd) 1 600 . The size of Rosneft’s tight oil reserves is estimated at 6 bln bbl. Production potential exceeds 300 1 200 Stabilization kbpd reached 800 . Partnerships with ExxonMobil and Statoil for developing such resources 400 . Tax incentives are expected for unconventional reserves and are already in place for depleted 0 fields 2006 2007 2008 2009 2010 2011 2012 6 Effective Exploration Program Results of Exploration Program in 2011 Proved Oil Reserve Replacement Ratio in 2011 . 3,482 km 2D and 5,134 km2 3D seismic survey 166% . 42 prospecting and exploration wells, 32 (SEC) 162% of which gave commercial inflows of hydrocarbons 144% . 3 new fields discovered and 39 discoveries (PRMS) 127% of new deposits at existing fields 113% Proved Reserves Evolution (SEC) 106% (bln bbl) 14.3 93% 10.7 6.4 84% (4.6) 1.7 83% 82% (1) 31.12.2005 Production M&A Organic 31.12.2011 (2) 100% Growth 39% Note: (1) Acquisitions – Tomskneft, Samaraneftegaz, Udmurtneft, VSNK, Inzerneft, Tomsk-Petroleum-und-Gaz; (2) Includes the results of geological exploration work and revaluation 7 Unique Potential of New Fields Vankor field: . 2P reserves: 3.3 bln boe . High flow rates: up to 3.5 kbpd Moscow Vankor . Commercial oil production started six years after licensing, despite the harsh climate Yurubcheno- Tokhomskoye . Potential increase of production through North development of adjacent license blocks Chaivo Pipelines under construction Yurubcheno-Tokhomskoye field: . 2P reserves: 991 mln boe Vankor Field Oil Production . Field will be connected to ESPO pipeline . Production to start in 2016 (kbpd) 361 . Plateau production of 100 kbpd 301 255 North Chaivo (offshore): . Recoverable reserves: 110 mln bbl of oil and 72 4 bcm of gas . Production to start in 2014 2009 2010 2011 2012 . Plateau production of 32 kbpd 8 Largest License Portfolio on Russian Shelf Barents and Kara Seas Rosneft’s blocks ~ 400 bln Recoverable Prospective resources international regions ~200 bln boe Promising non-licensed blocks boe of the region East Siberian, Chuckchi and Laptev Seas ~150 bln boe Norwegian sector of the TiksiТикси Beaufort sea Barents Sea PevekПевек MurmanskМурманск ArkhangelskАрхангельск Р О С С И ЙRUSSIAN С К А Я FEDERATIONФ Е Д Е Р А Ц И Я АнадырьAnadyr Sea of Okhotsk Canada St.Санкт Petersburg-Петербург ~ 30 bln boe Москва Moscow USA PetropavlovskПетропавловск- KamchatskКамчатский Black Sea ~ 20 bln boe YuzhnoЮжно- - SakhalinskСахалинск Gulf of Mexico Rosneft is the largest player of Russian offshore: Strategic partnership with ExxonMobil, Eni, and Statoil: . 29 blocks and 14 active applications . Estimated recoverable resources at current blocks: 190 bln boe . Exploration financed by the partners (carry: c. US $5 bln) . Fiscal incentives expected . In 2012 alone, Rosneft invested about US $0.5 bln . Participation partners in international projects, exchange of technologies, staff, and best practices - 10,000 km of 2D seismic surveying and 8,500 km2 of 3D seismic surveying . Commenced exploration drilling platform procurement with - 2 exploratory wells partners - Interpretations expected in 2013, preliminary results confirm resource base expansion 9 High Potential of Projects in Venezuela Global Leader in Proved Oil Reserves Venezuela – Major Global Oil Province . 300 years reserve life . 17.9% Venezuela Russian companies enjoy government support . Orinoco Belt (75% of national reserves) is Saudi Arabia considered one of the most attractive oil regions with growing production 46.3% 1.7 tln bbl 16.1% Canada Carabobo-2: . Contract signed 28.09.2012 Iran . Recoverable reserves – 15 bln bbl 10.6% 9.1% . Plateau production – 400 kbpd Others . Ownership: 60%/40% (PDVSA/Rosneft) pending approval by National Assembly Rosneft’s Assets on the Orinoco Belt . Contract Duration – 25 years with 15 year Orinoco Belt Junin-6 extension right 220 bln bbl (1Р) . Entry bonus – US$1.1 bln, carry financing to PDVSA for US$1.5 bln Carabobo-2 Venezuela Junin-6: Guiana . Recoverable reserves – 11 bln bbl Colombia Surinam . Plateau production – 450 kbpd Gviana . Ownership: 60%/40% (PDVSA/NNK) . First oil produced . Rosneft’s stake in NNK – 20% Brazil 10 Refinery Investment Rationale Demand and Supply Balance of the Russian Gasoline Market in the Light of the New Technical Regulation Requirements Demand growth driven by increasing car (mln t) density and economy growth 36.6 Straight-run and 33.5 below Euro-2 7.7 Consumption gasoline (2011) Euro-2 (until 2014) 3.6 Not in line with Upgraded the Technical capacity Euro-3 (until
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