In implementing its growth strategy, Rosneft strives to increase its shareholder value as well as achieve the highest standards of corporate governance. The Company is firmly convinced that these two aims are closely related. The commitment to a transparent and responsible business management is extremely important for maintaining Investorsor confidence and, in the long term, for guaranteeing the maximum return on Investorsment to all our shareholders.

Being the hallmark of the most renowned international corporations, efficient governance is an important indication of our success in the eyes of our foreign partners. We are convinced that conscientious governance benefits all stakeholders, including clients, suppliers, partners, employees and our Company’s shareholders. Rosneft’s management will unswervingly continue giving equal consideration to the interests of all shareholder groups of the Company.

The transparency of financial reporting is yet another important element of corporate governance. Rosneft has ample experience of drafting quarterly, semiannual and annual reports in compliance with the generally accepted accounting principles (US GAAP). In the future we intend to follow these practices. Our open joint stock company’s immediate objective designed to further improve our US GAAP reporting procedures is to continue reducing the time gap between the end of the reporting period and the publication date of financial performance indicators for the same period.

One of the most convincing proofs of practical application of the principles of strong corporate governance is the composition of the Board of Directors and its subcommittees. The members of Rosneft’s Board of Directors are experienced leaders commanding great respect within the business community. In order to make discussions at the meetings of the Board of Directors more effective, the standing Board of Directors’ committees - the Committee for personnel and compensations, the Strategy and Sustainable Development Committee and the Audit Committee - provide advice on most important issues.

In Rosneft we understand that reputation of an organization that strictly adheres to the highest standards of corporate governance cannot be gained overnight. This takes time and we are certain to be able to acquire such a reputation. We are trying to develop our business operations. We are ready for future challenges, unavoidable in the energy industry. And we are following the principles of transparent and responsible governance. All this will help win your trust.