Rosneft Oil Company

New Frontiers

Emerson Milenski

Advisor to President

12th Annual Russian-Norwegian

Oil & Gas Conference

January 20-21, 2014

Tromso, Norway

Important

Information herein has been prepared by the Company. The presented conclusions are based on the

general information collected as of the date hereof and can be amended without any additional notice. The

Company relies on the information obtained 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. Any assertion 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 such statements.

This presentation does not constitute an offer to sell, or any solicitation of any offer to subscribe for or

purchase any securities. It is understood that nothing in this report / presentation provides grounds for any

contract or commitment whatsoever. The information herein should not for any purpose be deemed complete,

accurate or impartial. The information herein is subject to verification, final formatting and modification. The

contents hereof have 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 any other person, any representations or

warranties, either explicitly expressed or implied, as to the accuracy, completeness or objectivity of

information or opinions contained in it. None of the directors of the Company, its shareholders, officers or

employees or any other persons accepts any liability for any loss of any kind that may arise from any use of

this presentation or its contents or otherwise arising in connection herewith.

1 Results

The Company’s Geography of Operations

The Company’s operating countries

Canada

Gulf of Mexico

Venezuela

RussiaUkraine

Belarus

Germany

Italy

China

Brazil

Vietnam

Note: (1) including Abkhasia (2) as of 14-Oct-2013. Not including Belarus (41)/ Ukraine (147) 4

Norway Mongolia

Turkmenistan

UAE

Algeria

VNKhK

Tianjin refinery

Producing fields

Refineries

Upstream and downstream projects in 16 countries(1) 850 licenses(1) for hydrocarbons production in Russia and abroad 11 refineries in Russia and stakes in 7 refineries abroad A wide network of retail sites in Russia and CIS: 2,439 retail sites(2)

5

4,884 kboepd – hydrocarbons production,

4,193 kbpd– 5% of global

oil consumption(2) in 2012

the country’s third

largest gas producer

3.0 mln t – domestic retail sales, growth by 7.1%

1,356 RUB bln – revenue, 15.3% growth

303 RUB bln – record high EBITDA(3), 40.9% growth

280 RUB bln – net income(4), x8 higher

84 RUB bln – free cash flow(5), more than x2 higher

Note: (1) Compared to Q2’13; (2) According to BP Statistical Review; (3) Including the effect of TNK-BP assets revaluation related to previous 2013 periods

(4) Net income includes preliminary gain recognition of 167 RUB bln on revaluation of TNK-BP assets and other effects of revaluation in the total amount of

(30) RUB bln (5) Adjusted for operations with trading securities (outflow of 3 RUB bln in Q2’13), and one-off effect from prepayments under long-term oil

supply contracts (26 and 49 RUB bln in Q2 and Q3 2013 respectively) (6) According to CDU TEK

Crude oil production in Q3

40% of the total production in Russia(6)

Refining throughput in Q3

32% of the total refining in Russia (6)

3Q 2013 Key Operating and Financial Highlights(1)

Production growth

Crude oil production in 2009-2013 (on a monthly basis)

mln t

Production drilling in 2009-2013(1)

th. m

Launch of new oil wells in 2009-2013(1)

Note: (1) 100% consolidated entities

(2) incl. TNK-BP from 01/01/13

wells

5% оf world’s oil production;

4,884 kboepd in 3Q

40% of Russian crude oil production

in 3Q 2013

5.0 $/bbl – the lowest lifting costs for crude oil

205(2) mln t – 2013 production plan 6

0

6

12

18

jan 2009

may 2009

sep 2009

jan 2010

may 2010

sep 2010

jan 2011

may 2011

sep 2011

jan 2012

may 2012

sep 2012

jan 2013

may 2013

sep 2013

Brownfields Greenfileds

2,278 2,726

3,373 3,936

4,611 9M

1,377

2009 2010 2011 2012 2013E

733 837 1,011 1,126

1,514 9M

478

2009 2010 2011 2012 2013E

Rosneft Oil Company – Some 2013 Key Events

21 Agreements with ExxonMobil, Statoil, and ENI on offshore hydrocarbons development.

Gas Acquisition of Itera, Alrosa, & JSC Sibneftegas gas assets. Agreement with ExxonMobil on Russian Far East LNG project.

HRR Agreements with Statoil and ExxonMobil on development of hard-to-recover reserves.

East Increased scale of operations in East Siberia and the leading role in cooperation with China, including long term oil supply agreement.

Advanced trading activities

Long-term crude supply contracts

on prepayment basis:

Planning the Company’s

investments and business

development backed by guaranteed

long-term demand

Partnership with major oil traders

and end consumers on market-

based pricing terms

Cooperation with partners under the

ongoing contracts for crude supply

with agreed terms and volumes

Contract with CNPC is the largest

crude supply contract to China

• Supply volume up to 30 mln t

annually

• Unprecedented contract duration

of 25 years with an option of 5

year prolongation

8

New Federal Laws – unprecedented support

Tax incentives for

offshore projects

Tax incentives for

hard-to-recover reserves

Gas MET

Decree approved (FL No. 268)

Rosneft accounts for 40% of prospective resources

Margin will be increased by 2.5 times

Decree approved (FL No 213)

Rosneft accounts for 70% of Russian tight reserves

Bazhenovskaya, Abalakskaya, Tumenskaya formations

Margin increase by 1.84 times

Decree approved (FL No. 263), including tax benefits for

hard-to-recover Turon gas reserves

Ongoing dialogue with federal government concerning cost

accounting of gas transportation via unified system of gas

supply for independent gas producers

LNG export

liberalization

Draft law developed by the Russian Ministry of Energy

5 mln t LNG plant in the Far East

9

2 Portfolio

Oil assets Gas projects Exploration assets

Rosneft new major projects

By 2018, 10 major assets will be put into operation in West and East Siberia

New major oil projects New major gas projects

* The slides shows project’s estimated total Capex

** The slides shows estimated total production of oil, gas condensate and gas in tons of oil equivalent

Белоруссия

Украина

Москва

Самаранефтегаз

Ванкор

Верхнечонское

Томскнефть

Уват

Самотлор

Нягань

Оренбургнефть

Удмуртнефть

Юганскнефтегаз

Пурнефтегаз

Полярное Сияние

Севернаянефть

Сахалин-1,3,5Кынско-ЧасельскийЛУ

Сахалинморнефтегаз

Береговое

Пырейное

Хадырьяхинское

Западно-Заполярное

Губкинское

ЛУ Иркутская обл.

ЛУ Красноярский край

Мегионнефтега

Таас-Юрях (35%)

Активы ГРРАстрахань

Messoyakha

Production**: > 195 mtoe

Launch: 2016

Kharampurskoe

Production**: > 155 mtoe

Launch: 2017

Yurubcheno-Tokhomskoe

Production**: > 125 mtoe

Launch: 2017

Suzun

Production**: > 50 mtoe

Launch: 2016

Tagul

Production**: > 125 mtoe

Launch: 2018

Russkoe

Production**: > 175 mtoe

Launch: 2017

Kuyumbinskoe

Production**: > 135 mtoe

Launch: 2017

Lodochnoe

Production**: > 80 mtoe

Launch: 2017

Rospan

Production**: > 390 mtoe

Launch: 2017

Taas-Yuryakh

Production**: > 120 mtoe

Launch: 2013

Tax incentives to develop tight reserves

Economic effect of reduced MET estimated at RUB 21 bln for 5 years

Optimal logistics: locations in regions with well-developed infrastructure

Partnerships with technology leaders

Contracts with leading OFS companies:

Production potential – 10-15 mln tons per annum

Applying cutting-edge technology to develop

tight reserves Distribution of key hard-to-recover reserves in compliance with federal law №213 RF

12 * Distribution of АВС1 / С2 reserves, mln tons

Moscow

Kkanty-Mansiisk

autonomous region

280.8 / 502.7

North Caucasian

Federal District

2.3 / 1.4

Republic of Komi

0.3 / 0.3

Yamal-Nenets

autonomous

district

3.7 / 8.5

Volgo-Urals

0.7 / 3.8 Tomsk region

19.1 / 15.8 Irkutsk region

21.6 / 407.5

Okhotsk sea offshore

1.5 / 0.3

Tyumen region

34.2 / 129.3

Unique Prospects of Growth and Value Creation in

Largest Offshore Projects Portfolio

Barents Sea

3 licenses*, partners – Statoil, ENI

Recoverable resources: Oil - ca 2 bln tons

Gas – ca 2 tcm

Kara Sea

3 licenses*, partner – ExxonMobil

Recoverable resources:

Oil - ca 5 bln tons

Gas – ca 8 tcm

Black Sea

2 licenses, partners – Exxon

Mobil, ENI

Recoverable resources: Oil -

ca 3 bln tons

Sea of Okhotsk, Sakhalin-1

Participants – ExxonMobil,

Rosneft, Sodeco, ONGC

Reserves:

Oil – 218 mln tons

Gas – 465 bcm Sea of Okhotsk

6 licenses, partners –

Sinopec, Statoil INPEX

Recoverable resources: Oil -

ca 2 bln tons, Gas – ca 2 tcm Gulf of Mexico

20 licenses, partner – ExxonMobil

Recoverable resources: Oil - 46 mln

tons Kara Sea, Laptev Sea,

Chukchee Sea, 7 licenses,

partner – ExxonMobil

Recoverable resources: Oil -

ca 7 bln tons

Gas – ca 6 tcm

Blocks 5.3/11 and

6.1, Vietnam

offshore

Partner –

Petrovietnam

46 offshore licenses with total recoverable resources of 42 bln toe,

of which:

• 15 licenses acquired in H1 in offshore locations of the Barents,

Kara, Chukchee and Azov Seas and the Laptev Sea (16.7 bln toe

of recoverable resources)

3 Arctic

Rosneft Oil Company is the largest subsoil user

on Russia's continental shelf

Russian

Federation

Legend:

- Rosneft projects

- projects with partners

South Region

Far East

Western Arctic

24.8 bln toe

Eastern Arctic

9.8 bln toe

4.2 bln toe

3.2 bln toe

According to DeGolyer & MacNaughton independent audit.

Cooperation with International Partners in the Russian

Offshore

Contracts attract billions of

dollars in investments in

exploration (including drilling)

on risk terms

ExxonMobil, Statoil and

Eni will invest not less

than $ 14 billion in

exploration

Contracts shall retain the

government control over

natural resources and do not

provide that foreign companies

will have an interest in the

license

Rosneft contracts provide for

clear work schedule aimed at

fulfilling the license obligations

and revealing the potential of

the tracts

The partners bring their

engineering and managerial

experience

Key principles of cooperation

16

9,5

25,0

4,1

1,9

1,6

Rosneft independently

Joint development of resources

Cooperation agreements have been made with the leading international companies

that have the greatest expertise in the Arctic and deep-water offshore

+

+

+

+

Seismic work scope and distribution

Okhotsk Sea

June 2013

2D Seismic

8

Drilling on Continental Shelf in 2014-2016

• Consistent increase in scope of prospecting and appraisal drilling starts from 2014.

• Exploration drilling and new fields coming on stream start from 2015.

• In 2014-2016, prospecting and exploration drilling work will cover West Arctic, Far East and all south

seas. Prospecting and appraisal drilling in East Arctic starts from 2019.

Е 2100

Е 2100

Е 2100

Е 2100Е 2100

Е 2100

Е 2100

Drilling of E&A wells:

- in 2014 ( 2 wells)

- in 2015 ( 7 wells)

- in 2016 ( 8 wells)

Drilling of development wells:

- in 2015-2016 (3 wells)

Е 2100

Hard environmental conditions:

Extremely cold winter with long polar night;

Permafrost;

Presence of water ice (wind drift of ice up to 2

kmph);

Limited visibility (less than 500m) due to fog

and snowstorm

Wind speed over 15 m/sec.

The research "Kara-Winter 2013" showed that the ice

conditions in the waters of the East Prinovozemelsky

license areas is significantly harder than expected ("Kara-

Winter 2013").

Year-round production,

shipment and export of oil

by tankers from the Kara

Sea will require a system

to manage ice conditions

Arctic

challenges

To withstand such ice loads, a platform must be stronger

and larger than those used in Sakhalin. Combination of sea

depths over 150 m and ice load of hammock with a

maximum keel draft of 26 m is a very challenging

engineering problem to design structures ("Kara-Winter

2013").

Complicated

logistics:

Limited access

to supply and

support

infrastructure

Arctic Oil and Gas Exploration & Production

Challenges

Technological challenges:

- Designing, construction and operation of

vessels, sea platforms, and equipment capable

of trouble-free operation in the Arctic conditions;

- Need to implement innovative technologies

High environmental sensitivity:

- Presence of populations of marine mammals

and migrating birds

Partnership Programs to Ensure Environmental Safety

"Declaration on environment protection and conservation of biological diversity in the exploration and

development of mineral resources of the Arctic continental shelf of the Russian Federation"

( signed with ExxonMobil, Statoil, Eni 21.07.2013).

International Murmansk Coordination Center involving the Federal Space Agency, the Ministry of

Transport and the Russian Emergency Ministry for environmental safety

Cooperation agreements with the Russian Emergency

Ministry, the Ministry of Transport and the Federal Space

Agency to be signed soon

"Code of best practices to minimize the impact of human

factors in exploration and development of mineral resources on

the continental shelf": intension of development, approval and

signing of the joint Code with ExxonMobil, Eni, Statoil for accidents

prevention in the Arctic

Conservation of biological diversity: intention to perform with

partner companies a background investigation of the territory before

the work starts in certain areas of the continental shelf of the Russian

Federation, creation of a refill database with a possibility to provide

the information to the independent databases including World

Database of Protected Areas, UNEP-WCMC Proteus 2012,

compliance with the principles of the of the Convention on Biological

Diversity, Rio de Janeiro, 05.06.1992

Ensuring Sustained Cooperation of the Company with

Non-Governmental Conservation Organizations

• Since 2008, the company collaborates with the Russian

Bird Conservation Union for birds monitoring in the

wetlands, in the zone of influence of the Company's

assets as part of initiatives to support the Convention on

Wetlands of International Importance Especially as

Waterfowl Habitat, as adopted in 1971 in Ramsar (Iran).

• From 2013, the company is a member of the non-profit

partnership Russian National Committee for the United

Nations Environment Program

• On 21.06.2013, representatives of the Company and WWF

Russia signed a Protocol of Intent to conduct a

constructive dialog in the area of environmental

protection, including protection of polar bears and other

wildlife in the Arctic. Consolidated action road map is

under development.

4 Summary

2013 Company Summary

Stabilizing brownfield

production

Pilot projects to develop

tight reserves

Preparation to launch

Yamal projects in 2016-

2019

Preparation for

exploration and

prospecting drilling on

the continental shelf

Developing an

updated marketing

strategy and portfolio

review

Launching 2nd phase

of Tuapse refinery

upgrade

Increase in APG

utilization rate: Vankor,

Kharampur, Orenburg,

Uvat

Pilot projects for the

development of

Turonian deposits

Developing LNG

production project in

the Russian Far East

Development of the

largest gas fields.

Projects: Rospan,

Kharampur, KClb1,

Vankor

Developing projects

in Venezuela

Optimizing the

international assets

portfolio

Progressing projects

in US Gulf of Mexico,

Canada, Norway,

Brazil and Vietnam

Health, Safety and Environment is an unconditional priority

Upstream Downstream Gas Business

International

Projects

22 1 Kynsko-Chaselsk license block

Arctic Shelf – New Frontier for Rosneft

The unique nature of the Arctic development is due to complexity

of the offshore projects, climatic conditions and sensitivity of

ecosystems.

The Russian offshore development program is a critical strategic

task of the Government. This is not only a new step in the

development of the oil and gas industry, but also a new step in

the re-industrialization of the country.

Rosneft as a leading public Company is aware of the importance

of this program and the importance of preserving ecosystems in

the Arctic.

Rosneft and its partners understand their responsibility for

ensuring industrial and environmental safety and occupational

health in the Arctic and are ready to implement a comprehensive

strategy to address these challenges.

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11.02.2014

Contact details 26/1 Sofiyskaya Embankment, Moscow 117997

Russia

Phone: +7 (495) 777-44-22

Fax: +7 (495) 777-44-44

E-mail:postman@rosneft.ru

Thank you for your attention