04.05.2016

May 2016

OJSC RosneftInvestor Presentation

Important Notice

Information herein has been prepared by the Company. The presented conclusions are based on the general informationcollected as of the date hereof and can be amended without any additional notice. The Company relies on the informationobtained from the sources which it deems credible; however, it does not guarantee its accuracy or completeness.

These materials contain statements about future events and explanations representing a forecast of such events. Anyassertion in these materials that is not a statement of historical fact is a forward-looking statement that involves known andunknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to bematerially different from any future results, performance or achievements expressed or implied by such forward-lookingstatements. We assume no obligations to update the forward-looking statements contained herein to reflect actual results,changes in assumptions or changes in factors affecting such statements.

This presentation does not constitute an offer to sell, or any solicitation of any offer to subscribe for or purchase anysecurities. It is understood that nothing in this report / presentation provides grounds for any contract or commitmentwhatsoever. The information herein should not for any purpose be deemed complete, accurate or impartial. The informationherein in subject to verification, final formatting and modification. The contents hereof has not been verified by the Company.Accordingly, we did not and do not give on behalf of the Company, its shareholders, directors, officers or employees or anyother person, any representations or warranties, either explicitly expressed or implied, as to the accuracy, completeness orobjectivity of information or opinions contained in it. None of the directors of the Company, its shareholders, officers oremployees or any other persons accepts any liability for any loss of any kind that may arise from any use of this presentationor its contents or otherwise arising in connection therewith.

2

25

31

37

38

50

52

59

83

131

Liquids Gas14.6

13.4

13.0

13.0

11.7

10.3

9.2

4.3

2.6

1.7

2.4

2.5

2.8

3.0

3.3

4.1

4.1

5.2

04.05.2016

bln boe mmboed $/boe

Hydrocarbon reserves1 Hydrocarbon production Lifting costs

3

Global Leader in Reserves, Production and Efficiency

Note: (1) Rosneft ABC1+C2 reserves under Russian classification as of Jan 1, 2016, data for other companies is taken from Wood Mackenzie reserve estimates including commercial and sub commercial reserves.

The Company's environmental policy was approved. It defines Rosneft’s goals, objectives and principles in environmental protection

Program to improve the environmental efficiency by 2025 in place. Its implementation will help achieving strategic goals in the environmental protection

International organization BSI confirmed the compliance of HSE Information System with ISO 14001, highlighting the strengths of the environmental management system were pointed out

The approved marine ecosystems biodiversity preservation program is being implemented in the Rosneft license areas located in the Arctic zone of the Russian Federation till 2020

The Company and World Wildlife Fund (WWF) Russian Office are implementing agreed Road Map of activities for 2015-2016

4

Environmental Protection Activities

The Company's objective in environmental protection is to be the leader in environmental safety among oil and gas companies

RUB 71.7 bln – environmental protection expenses of which

RUB 44.7 bln capital investments aimed at reducing negative impact on the

environment (+65% vs. 2012)

Key 2015 results

0.282

0,3290.298

0.327

jan feb mar apr may jun jul aug sep oct nov dec

LTIF 2014

LTIF 2015

31

7

12

11

1

44

8

24

11

1

HSE, total Work safety Industrialsecurity

Fire safety Flush, radiationsafety

20142015

5

Lost time injury frequency

HSE expenditures, RUB bln

+42%

Health and Safety Priorities

Company Policy on Industrial Safety and Labor Protection was introduced

British Standards Institution (BSI) confirmed compliance of ICS ISLPE with ISO 14001 and OHSAS 18001

The long term goal of the Company in occupational health is to reduce the work related injuries frequency. To achieve this goal, the Company develops and implements occupational safety programs

A long-term program was implemented to improve the culture of safety and informed leadership in the field of industrial safety and occupational safety.

Measures on flush safety protection are utilized; programs aimed at fire risk reduction are introduced

A set of actions on transport safety is implemented on a regular basis

Implementation of a new approach on ISLP risk management is in progress

Total Health & Safety expensesRUB 44 bln (+42% vs. 2014)

6

Robust Reserve Replacement

>240% average 10 year reserve replacement ratio

132% organic SEC reserve replacement for the last 2years

Global leader in geological exploration: costs per boeof new reserves is more than 10 times lower vs. theaverage level for the key competitors

131 bboe total АВС1+С2 reserves

46 years АВС1 reserves-to-production ratio

Source: companies' dataNote: (1) Calculated as exploration expenses divided by the organic growth of reserves under SEC classification including affiliates. PetroChina – excluding affiliates. Due to the negativegrowth of Petrobras reserves, the cost of organic reserve addition per boe is not shown. (2) Including affiliates. PetroChina – excluding affiliates.

-35%

19%

54%

62%

69%

80%

92%

100%

105%

131%

132%

31.3

5.4

5.3

3.3

3.0

2.5

2.4

1.8

0.3

0.1

100%

Organic reserve replacement cost1 in 2014-2015 Organic reserve replacement ratio2 in 2014-2015

$/boe

7

2010 2015 2020

Gas

Liquid HC

~6.0

2.5

5.2

Efficient Reserve Base Development

Hydrocarbon production growthmmboed

Production doubles every 3 years on average in 1998-2015

Global leader in F&D costs: average spending rate at $4.1 per boe in 2014-2015

Hydrocarbon production growth achieved recently mainly by gas segment

Rosneft plans to produce 300 mmtoe of hydrocarbons in 2020

Maintaining leadership in development efficiency is one of the key strategic goals

Source: companies' dataNote: (1) Calculated as Costs of Exploration + Development costs / Progression of SEC proved reserves through reserves revaluation, discovery of new reserves and reserves delivered by enhanced oil recovery techniques. Including affiliates. PetroChina – excluding affiliates. Due to reserves decline in Petrobras, the exploration and development per barrel costs are not shown.

153.1

32.0

29.2

27.6

27.1

22.0

22.0

17.9

9.8

4.1

F&D costs1 in 2014-2015$/boe

2012 2013 2014 2015

Producer price index

In-house service provider

3rd party contractor

0

2,000

4,000

6,000

8,000

8

Status of the in-house rig fleet

Weighted average drilling rate

In-house service providers

3rd party contractors

+ 22% vs. 2013

2014 2015 2016

Новые БУ (<10 лет) Старые БУ (>10 лет)

34%

66%

РФ

213 rigs223 rigs 220 rigs ~850 rigs2

High-tech In-house Service

Drilling rate1 Service cost dynamics1

meters/rig-month %

New rigs (<10 years) Old rigs (>10 years)

Russia

The program of technical renovation of the in-house rig fleet is in progress: Rosneft drilling services - one of the most advanced among the Russian drilling companies (61% of the rig fleet has an average age of <10 years, including the directly owned rigs and those in financial and operating lease)

Availability of own drilling services restrains the external contractors price growth

Company's demand in drilling capacities at the new fields is fully covered

In 2015, Trican Well Service hydrofracturing assets were successfully acquired and integrated

Note: (1) The data for directional wells of RN-Yuganskneftegaz for 2015 (2) RBK Research, Russian oilfield services market 2014

2014 2015 2016

Directional wellsHorizontal wells

Average flow rates in 20152

9

31%

20% 20%

38%

21%

29%

47%

22%

30%

Gazprom neft Lukoil Rosneft

2013 2014 2015

1,8391,594

+15%

14.3

49.0

9.4

34.0

Average flow rate per oil well Average flow rate per new oil well

Rosneft Russia average

tpd

Drilling Activity Ramp-up and Application of Advanced Technologies

Horizontal wells dynamics1 New oil wells completed

Horizontal wells share growth to 30% across the entire portfolio

Flow rates significantly exceed the sector average

Optimization of well construction technological programs – horizontal wells drilling rate increased by 6% vs 2014

Efficient wellwork – horizontal wells with multi-stage hydrofrac increased by ~45%; side-tracking operations incresed by >44% with incremental production exceeding 2.6 mmt

Yuganskneftegaz: the share of horizontal wells with multifrac increased to 13% in 2015 (8% in 2014)

Note: (1) CDU TEK data, well performance, constructed wells (rate of horizontal wells in development drilling) (2) CDU TEK data, Rosneft - IFRS

10

Leader in E&P Efficiency

High-yield oil and gas production business (gas segment share in 2015 - 20%)

Total E&P unit OPEX and CAPEX 2 times lower vs. Russian competitors and 4-5 times vs. global majors

Increase of competitive advantages under high volatility in the oil market

6.913.8 14.1

28.2 30.0 30.7 32.6 33.337.3

48.1

0

12

24

35

47

59

71opex 2015 capex 2015 opex + capex 2014

$/boe

E&P OPEX and CAPEX 2014-2015

11

Greenfield Development Pipeline

Greenfield start up pipeline Superb efficiency of greenfields3

105.285.8

48.8

159.0

Average flow rateof new wells, tpd

Unit OPEX, RUB/boe

Uvat+VChNG+VankorCompany E&P total

The Company optimizes the budget with a focus on new upstream greenfields

Launch of Labaganskoye field in July 2015 with expected ~1 mmtoe output in 2016

Key near-term launching targets – Suzun, Naul and East Messoyakha

Preliminary contracts signed for Russkoe, Kuyumba, YuTM and E.Messoyakha to deliver oil to Transneftpipeline system (Zapolyarye-Purpe, Kuyumba-Taishet)

Greenfield production and CAPEX4

Note: (1) Production given 100% share. Rosneft share ~50%, (2) Includes oil, condensate and LPG, (3) As for 2015, (4) All projects given 100% share, oil upstream only

Laba

gan

Nau

l

Ros

pan2

Lodo

chno

e

Suzu

n

Тааs

-Yur

yah

(2st

.)

E.M

esso

yakhа1

Rus

skoe

YuТМ

Кuyu

mba

1

Tagu

l

0

2

4

6

8

2015 2016-2017 2018-2019 2019-2020

Pro

duct

ion

plat

eau,

mm

t

Launch year

CAPEX, RUB bln

Production, mmt

mmtRUB bln

Upstream Portfolio Optimization

12

Bringing partners to the existing projects

Vankor

- Activities to finalize the sale of 15% stake to ONGC are under way

- MoU on cooperation assuming increase of ONGC stake to 26% signed

- Heads of Terms on sale of 23.9% stake to the group of Indian companies signed

Taas-Yuryakh

- Deal on sale of 20% stake to BP closed

- Agreement on sale of 29.9% stake to consortium of Indian investors signed

Attracting partners to the new projects to share risks, financing and transfer technologies in order to efficiently develop the fields

Sale of 49% stake in Yurubcheno-Tokhomskoe and Russkoe fields to Sinopec

Low-margin assets optimization

Regular ranking, and prioritizing process; ongoing work with low-margin assets

Sale of 50% stake in Polar Lights closed

RusskoePartner: Sinopec (up to 49%)

YuTMPartner: Sinopec (up to49%)

Moscow

VankorPartner: ONGC (15%, up to 26%), group of Indian companies (up to 23.9%)

Taas-YuryakhPartners: BP (20%), consortium of Indian investors (29.9%)

Polar LightsSale of 50% stake

13

Gas Business: Effective Production Buildup

10% organic gas production growth in 2015

Russian АВС1+С2 gas reserves increased by 4% to 7.5 tcm as of 2015 year end

Key achievements

Gas production1

bcm

0

30

60

90

120

2014 2015 2016 2017 2018 2019 20200

4

8

12

16

2016-2017 2018-2019 2019-2020 2020 +

Pro

duct

ion

plat

eau,

bcm

Ber

egov

oe

Ros

pan

KC

HLA

Kha

ram

pur (

Cen

oman

ian)

Rus

sko-

Rec

hens

koye

Kha

ram

pur (

Turo

nian

)M

inkh

ovsk

oye Sa

khal

in -1

(100

%)

Seve

ro-V

enin

skoe

New fields development

+10%

Key Strategic Targets

Production growth to 100 bcm by 2020

>20% share on the domestic market, the leading position in the Russian market among the independent gas producers

Becoming a global player on the LNG market

Note: (1) Gas production data are calculated as the volume of gas extracted less gas flared and gas used in NGL production. Production at the new acquired assets is shown from the date of purchase.

Rospan and Russko-Rechenskoye

Sibneftegas

Kharampur

KCHLA

Gas projects development in Russia

Sakhalin - 1 Severo-VeninskoyeMinkhovsky LA

14

less than 5 bcmmore than 5 bcm

Key gas transportation routes

Gas production hubs

66% 19% 15%

Electricity producers Industrials Other

KhMAO

Kemerovo Region

Kaliningrad Region

Bashkortostan

Perm Kray

SverdlovskRegion

Moscow Region

Krasnodar Region

Novosibirsk Region

Altay KrayOrenburg

Region

Company's share at the domestic gas market

2012 2013 2014 2015

3%

10%15% 16% 1

Plans of gas supply in UGS zone by 2020

Long-term goals in gas sales

Achievements in gas sales

Note: (1) Preliminary data based on total domestic gas consumption forecast in 2015

Established an effective portfolio of contracts differentiated by time and consumers

Power generation companies, the largest consumers of natural gas in Russia, account for about 2/3 of the portfolio

Current domestic market share at around 16%

Improving gas marketing efficiency via long term contacts with end customers in Russia

Expanding the supply area on the domestic market

Taking the leading position among the independent gas suppliers with a local market share above 20%

Structure of portfolio by types of consumers

bcm

Striving to Take up a Leading Position Among Independent Gas Suppliers in the Domestic Market

15

Progress in refineries upgrade program

Key achievements for 2015

Plans for 2016

Light product yield improved from 54.8% to 55.3%, refining depth increased from 65.3% to 66.5%

Full transition to Euro-5 motor fuels production for the Russian market in accordance with Technical Regulations requirements

Commissioning of isomerization units at Kuibyshev refinery, at Novokuybyshev refinery and at Ryazan refinery and launching MTBE in Angarsk petrochemical company

Reconstruction of catalytic reforming unit at Syzran and Kuybyshev refineries completed

Commissioning of FCC and MTBE units at Kuibyshev refinery

Further progress in facilities upgrade program

Implementation of import substitution program -completion of catalyst regeneration project at Novokuybyshev catalyst plant

Further improvement in efficiency and existing assets management

42%

50%

52%

52%

55%

56%

59%

66%

Рязанский НПЗ

Ачинский НПЗ

Ангарская НХК

Комсомольский НПЗ

Новокуйбышевский НПЗ

Сызранский НПЗ

Туапсинский НПЗ

Куйбышевский НПЗKuybyshev Refinery

Tuapse Refinery

Syzran Refinery

Novokuybyshev Refinery

Komsomolsk Refinery

Angarsk PCC

Achinsk Refinery

Ryazan Refinery

85 87 8588 92

51% 59%

80% 81%

100%

54% 55% 55% 55%

69%

0%

20%

40%

60%

80%

100%

0

16

31

47

63

79

94

2013 2014 2015 2017 ModernizationcompletionRefinery thoughput in Russia, mmt

Gasoline and diesel Euro-4/5 production share,%Light product yield,%

Processing and production of motor fuel1

Rosneft Continues the Refining Modernization in Russia

Note: (1) W/o FEPCO project; share of motor fuel and diesel fuel – w/o mini refineries

Rosneft (2014) Rosneft without modernization Rosneft with modernization

Refinery Modernization Effect

16

Modernization effect+7.5 $/bbl

Note: (1) Refining margins calculated assuming the following macro parameters: crude oil price of $55 per bbl of Brent and exchange rate of RUB 62,5 per USD

Average refining margin growth1

2.6

10.1

4.0

Tax maneuver effect-1.4 $/bbl

Following the modernization at Russian refineries refining depth will increase to ~79%, light product yield will reach ~69%, production of motor fuels conforming technical regulations will grow to 55 mtpa

Refinery modernization and upgrade CAPEX will total c. RUB 1.1 trln (incl. VAT) of which >RUB 700 bln already financed

Worsening macro and refining margins decline following tax maneuver reduced financial options for capital-intense modernization program. However the Company preserved almost all projects in its portfolio and continued their implementation within existing financial constraints

$/bbl

Note: (1) Delayed coking or flexicoking

Refineries primary refining

vacuum block

isomerization

cat cracking

hydrotreatment

reforming alkylation coking1 hydrocra

cking MTBE

Ryazan

Angarsky

Novokuibyshevsky

Syzransky

Kuibyshevsky

Komsomolsk

Touapsinskiy

Achinsk

Saratov

Effect Throughput Refining depth

Euro-5 gasoline

Lightproduct

yield

Euro-5 motor fuels

Euro-5 gasoline

Euro-5 gasoline

Refining depth

Lightproduct

yield

Euro-5 gasoline

Construction completed Completion in 2017+ UpgradeCompletion in 2016

unit capacity

Refinery Modernization Roadmap

17

18

Crude oil sales channels

20%

70%

9%1%

AsiaEurope and otherCISDomestic

200835%

52%

8% 5%

2015

14.8

29.7

42.5

Received 2013 Received 2014 Received 2015

$ bln

Efficient Oil Marketing

Focus on optimizing logistics and maximizing netbacks

Supplies to Asian market up 120% for last 4 years; recordhigh volumes at 39.7 mmt in 2015

Further increase in supply expected to 49.5 mmt by 2020(42% of total crude oil export)

Current portfolio of LT supply contracts offers sustainablehigh-margin realization channels at the market pricingterms ensuring highly profitable resources monetization

Prepayments under LT crude oil supply contractsLong term crude oil supply contracts1

Direction Partner Average annual volumes (mmt)² Duration

China CNPC, Transneft up to 40³ 10-27 years

Novorossiysk/ Primorsk/ Ust-Luga

Glencore, Vitol, Trafigura, BP 13 5 years

Germany Totsa, RTSA 11 2-3 years

Poland Orlen, Grupa LOTOS S.A. 12 3-7 years

Czech Orlen 2 3 years

Domestic market Afipsky Refinery 2 3 years

Note: (1) The list of contracts in force as of March 2016 including duration (2) Volumes for a given year may differ from average volumes (3) The number assumes potential increase of annual supplies from 7 to 10 mmtpa

Note: (1) Including international and off-shore projects

Flexible investment program: quick response to changes inmacro environment

Stability of strategic objectives:

production increase with a focus on the most efficientprojects,

meeting the license and inter-governmental obligationsincluding the provision of oil and petroleum productsupplies,

preserving the market share

2016-17 Capex: new Upstream projects1 ~ RUB 620 bln,Downstream development projects ~ RUB 160 bln.

Sustaining leadership in E&P unit CAPEX

19

0

250

500

750

1000

2014 2015 2016-2017 range

Upstream (brownfields) Upstream (greenfields)Downstream (existing) Downstream (new)Other

595

0

2

4

6

0

250

500

750

1000

2013 2014 4 кв.2015 2015Upstream Downstream Other HC production

RUB bln mmboepd

CAPEX and HC production

186

533560

CAPEX

RUB bln

533

2

595

Flexible Investment Program

33.5

23.8

22.3

21.8

20.3

19.0

17.0

10.1

9.5

4.3

2015 Upstream Capex: benchmarking$/boe

204

596657

2013 2014 2015

Free cash flow (FCF) growth in 2015 to RUB 657 bln(+10% vs. 2014)

Despite worsening macro Rosneft continuesgenerating $6-7/bbl FCF being one of the globalleaders among publicly traded O&G companies

Rosneft retains its leading position in terms of FCF generation in Russian O&G sector

Rosneft with FCF yield above 15% has significant dividend growth opportunity

RUB bln

Free Cash Flow

20

Bloomberg 2016 consensus on FCF and div yield

Dividend financed with debt Dividend covered with FCF

ATADNVTK

LKOD

BANE

ENI

OGZD

BP

FP

XOM

PTRSGGD

COP

CVX

RDSA

STLSIBN

PBR

0%

2%

4%

6%

8%

10%

-20% -15% -10% -5% 0% 5% 10% 15% 20%

Div

iden

d yi

eld

FCF yield

Robust Free Cash Flow Generation

-10.8-3.0-1.6

0.42.6

3.44.24.7

6.06.5

$/boe

2015 Free cash flow: benchmarking (majors)

561

13696169

216

448

1,129

497

Sources Uses

External funding Asset disposalPrepayments under long-term crude oil supply contracts Operating cash flowIncrease of funds available for debt management Acquisition of non-current financial assetsAsset acquisition InterestDividends CAPEX & Licenses

RUB bln

2013 2014 2015

21

596

871378043

1,397

1,257

938

145

Sources Uses

572

8563

1,479

746

470

97

886

Sources Uses

Sources and Uses of Cash

Urals price Gross margin

2014 2015

22

Urals price Gross margin

2014 2015

51

97

-48%

1318

-24%

51

35

3

13

2014 2015$/bbl ∆%

-48%

-54%

-32%

-24%

53

100

-47%

2237

-41%

Crude exporter's margin (Brownfields1) Crude exporter's margin (Greenfields1)

$/bbl $/bbl

Crude price

MET, export duty and transport tariff

Lifting costs

Gross upstream margin

Note: (1) The margin of oil exporter is calculated as follows: for the Brownfields – by the example of route RN-Yuganskneftegaz - Primorsk, for Greenfields - on the example of route Taas-Yuryakh - Kozmino

Steady Earning Power

97

75

4

18

23

89%

11%Foreign currency

Rubles

Debt profile by currency

Debt and net debt dynamics

Note: (1) Based on the CBR exchange rate as of the end of the relevant reporting period, (2) Excluding future interests accrued after Dec 31, 2015, including future lease payments

Debt maturity profile

14.3

8.8 7.2

1.8

13.9

2016 2017 2018 2019 2020-2029

$ bln2

43.8 43.339.9

24.5 23.2

16.7 12.714.4

23.0 22.4

1.5 1.7 1.71.2 1.1

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

0

10

20

30

40

50

60

70

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15

Net debt

Cash & equivalents, ST financial assets and other

Net debt/EBITDA

$ bln1

45.6 Gross debt

60.5 56.0 54.3 47.5 45.6

Gross debt for 12M 2015 decreased by $14.9 bln1

(24.6%) to $45.6 bln1 (RUB 3,323 bln), net debt was down $20.6 bln1 (47.0%) to $23.2 bln1 (RUB 1,694 bln)

Free cash, short-term financial assets and part of long-term deposits amounted to $22.4 bln1 (RUB 1,629 bln) as of Dec 31, 2015

Financial Stability

Dividend payments and oil prices

24

25%18% 14% 12% 8% 5%

-5%

Sustainable Dividend Payments / High Yields

19.75%

69.50%

10.75%

Russian Federation

Free float BP

Rosneft shareholders2

Dividends paid since the IPO totaled ~ RUB 500 bln

DPS CAGR since the IPO >25%

Dividend payout ratio of no less than 25% of IFRS net income starting 2011

RUB 11.75 per share (RUB 124.5 bln, 35% of IFRS net profit) – dividend recommended by the BoD for 2015,+43% YoY

Benchmarking free cash flow yield1

* Adjusted for RUB 167 bln revaluation effect of acquired TNK-BP assetsNote: (1) Calculated using LTM free cash flow, (2) As of April 1, 2016

1.3 1.6 1.9 2.3 2.87.5 8.1

9.2*8.2

11.8

61.7

111.3 108.7

0.000.501.001.502.002.503.003.504.004.505.005.506.006.507.007.508.008.509.009.5010.0010.5011.0011.5012.0012.5013.0013.5014.0014.5015.0015.5016.0016.5017.0017.5018.0018.5019.0019.5020.0020.5021.0021.5022.0022.5023.0023.5024.0024.5025.0025.5026.0026.5027.0027.5028.0028.5029.0029.5030.0030.5031.0031.5032.0032.5033.0033.5034.0034.5035.0035.5036.0036.5037.0037.5038.0038.5039.0039.5040.0040.5041.0041.5042.0042.5043.0043.5044.0044.5045.0045.5046.0046.5047.0047.5048.0048.5049.0049.5050.0050.5051.0051.5052.0052.5053.0053.5054.0054.5055.0055.5056.0056.5057.0057.5058.0058.5059.0059.5060.0060.5061.0061.5062.0062.5063.0063.5064.0064.5065.0065.5066.0066.5067.0067.5068.0068.5069.0069.5070.0070.5071.0071.5072.0072.5073.0073.5074.0074.5075.0075.5076.0076.5077.0077.5078.0078.5079.0079.5080.0080.5081.0081.5082.0082.5083.0083.5084.0084.5085.0085.5086.0086.5087.0087.5088.0088.5089.0089.5090.0090.5091.0091.5092.0092.5093.0093.5094.0094.5095.0095.5096.0096.5097.0097.5098.0098.5099.0099.50100.00100.50101.00101.50102.00102.50103.00103.50104.00104.50105.00105.50106.00106.50107.00107.50108.00108.50109.00109.50110.00110.50111.00111.50112.00112.50113.00113.50114.00114.50115.00115.50116.00116.50117.00117.50118.00118.50119.00119.50120.00

0

2

4

6

8

10

12

14

16

18

20

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

DPS, RUB

Brent, $/bbl

3.7

12.9

• OPEX control• Managing SGA and production costsBelow inflation

• CAPEX control• Review current project portfolio to increase profitabilityOptimization

• Free cash flowPositive

• Dividend payoutNot less than 25% of IFRS net profit

• Preserving financial leverage near current levels~1.3-1.4x Optimal mix of external and internal financing

Provide consistently high shareholder returns

Generate free cash flow sufficient to fulfill all obligations

Optimization of investment portfolio, supplier relationship management

Control over manageable operating expenses

Financial Priorities

25

Appendix

27

Key Financial Indicators

Indicator 2015 2014 % 2013 %

EBITDA, RUB bln 1,245 1,057 17.8% 947 11.6%

Net income, RUB blnattributable to Rosneft shareholders

355 348 2.0% 549 (36.6)%

Adjusted operating cash flow1, RUB bln 1,252 1,129 10.9% 764 47.8%

Capital expenditures, RUB bln 595 533 11.6% 560 (4.8)%

Adjusted free cash flow1, RUB bln 657 596 10.2% 204 >100%

EBITDA, $ bln 20.8 29.0 (28.3)% 29.5 (1.7)%

Net income, $ blnattributable to Rosneft shareholders

6.1 9.3 (34.4)% 17.4 (46.6)%

Adjusted operating cash flow1, $ bln 21.9 29.7 (26.3)% 24.0 23.8%

Capital expenditures, $ bln 9.7 13.9 (30.2)% 17.6 (21.0)%

Adjusted free cash flow1, $ bln 12.2 15.8 (22.8)% 6.4 >100%

Urals,th. RUB/bbl

3.14 3.75 (16.3)% 3.43 9.3%

Note: (1) Adjusted for prepayments under long-term oil supply contracts and operations with trading securities.

Countries of operation

Canada

Gulf of Mexico

Venezuela

RussiaUkraine

Belarus

Germany

Italy

China

Brazil

Vietnam

Norway Mongolia

Turkmenistan

Algeria

VNKhK

Tianjin refinery

Upstream assets

Refineries

Upstream and downstream projects in 23 countries

821 licenses for hydrocarbons production in Russia and abroad1

Largest subsoil user in Russia: oil and condensate resources of 23 bln t, gas resources of 22.8 tcm2

11 refineries in Russia and stakes in 7 refineries abroad

A wide network of retail sites: 2,557 retail sites3

Note: (1) As of 2015 year end, (2) Including foreign projects, (3) As of Dec 31, 2015, including own and leased sites

CubaIndia

Egypt

IndonesiaMozambique

Kyrgyzstan

Geography of Operations

28

Armenia

Georgia