Rosneft Agrees Heads of Terms with the AAR Consortium

Rosneft confirms that BP, in connection with the sale of its interest in TNK-BP to Rosneft, has waived its right to negotiate in good faith to purchase the AAR consortium’s stake in TNK-BP.

This is a step forward in the implementation of the heads of terms, announced earlier today, between Rosneft and the AAR consortium, which provides for Rosneft to acquire AAR’s 50% interest in TNK-BP for cash consideration of $28 billion. The transaction remains subject to agreeing the definitive transaction documentation, which the parties have started preparing, as well as the required corporate and regulatory approvals and certain other conditions.

October 22, 2012

Rosneft Information Division
Tel.: +7 (495) 411 54 20
Fax: +7 (495) 411 54 21
www.rosneft.com

Pelham Bell Pottinger
James Henderson / Nick Lambert /
Rollo Crichton-Stuart / Elena Dobson
+44 20 7861 3232

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