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Rosneft Optimizes the Organizational Structure of Its Central Office and Announces New Appointments

22 April 2016

Moscow, 22 April 2016 – With a view to further improve efficiency, Rosneft announces steps to optimize the central office organization.

This decision is aimed to use international best practices based on modern realities of the industry and improve the quality of governance by consolidating the various functions, enhancing personal responsibility, reducing staff numbers, including by eliminating overlapping units. These measures will facilitate further improvements in efficiency and increase the return on equity for the Company's shareholders. In particular, single corporate centers of expertise will be established and strengthened – the Investment Analysis Department, the Business Development Department, and the Strategic Planning Department to address the challenges of long-term planning. The optimization program will significantly strengthen the supervisory functions in the Company; Information Technology will be integrated with Finance and Economics to develop information systems focused on improving the business transparency and efficiency. In addition, the equipment and technology localization block and the scientific and technological development block, including the Research and Development Center, will be merged into a single organization. Support Services will be restructured.

Pavel Fedorov was appointed First Vice-President for Economics and Finance. He supervised the oil and gas industry in the rank of Deputy Minister of Energy of the Russian Federation in 2012-2013. He served as First Vice-President of Rosneft in 2011-2012 and has 15 years of experience in international financial institutions. In 2013-2016, Pavel Fedorov was First Vice-President and Executive Director at Norilsk Nickel.

Pavel Fedorov will supervise the finance and economics block of the Company, and First Vice President Eric Liron supervises the operations block.

Svyatoslav Slavinsky who served as Vice-President for Economics and Finance leaves the Company upon expiration of his contract.

Commenting on the changes and new appointments in the Company Igor Sechin noted: In an unstable market environment Rosneft continues to search for new sources of growth for the Company's capitalization, improves economic efficiency and the quality of its investment program. This work will inevitably touch the central office – here we have set ourselves a goal – to reach a staff reduction of 20% compared to 01.01.2016.

As regards staffing changes, I would like to note that Pavel Fedorov has a deep understanding of the industry and the challenges facing Rosneft today, and has a successful experience in the Ministry of Energy, banking and commercial structures, and will be in great demand in our business.

Furthermore, I would like to thank our colleagues who have been working honorably and at the highest level in the past few years in demanding and important areas – Svyatoslav Slavinsky and Vladimir Milovidov.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
April 22, 2016

These materials contain statements about future events and expectations that are forward-looking in nature. 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 actual results, performance or achievements expressed or implied by such forward-looking statements to differ. 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.