Season’s Greetings

Dear colleagues and friends!

Let me extend to you my wholehearted greetings for 2013!

New Year's Eve is traditionally a time for bright expectations, ambitious plans and good hopes for the fulfillment of all our wishes. On the eve of the New Year we take a look back and single out the best of what has been done and what could serve as a solid foundation for future successes and achievements. This year we have laid a solid foundation for new interesting and important projects.

Rosneft is today one of the world’s fastest growing public oil companies. Its share price on the London Stock Exchange has gone up by almost 40% as a result of definitive agreements to acquire TNK-BP. Undoubtedly this is the most significant event for Rosneft – its employees, shareholders, for Russia’s energy sector and for the country as a whole. It is safe to say that the myth that a state-owned company can never be efficient has been shattered. We have worked hard to prove that the state can be and is an efficient owner and reliable partner.

Throughout 2012 the company’s performance has been impressive in every area. According to preliminary results for the year, oil and gas condensate production (by international standards) is expected to reach 122 million tonnes (in 2011 it was 119 million tonnes). Gas production is due to increase to about 16 billion cubic meters from 13 billion last year. The Company’s refining throughput – including our refining capacity in Germany – has gone up from 58 to 62 million tonnes. In general, on production performance we are well ahead of the competition.

Moreover, the company has grown beyond its national champion status and has now firmly taken its place among global oil and gas majors who are interested in pursuing joint projects with us, including on offshore fields. Under the terms of agreements signed with ExxonMobil, Eni, Statoil our partners are ready to invest in joint projects and exchange technologies and human resources. With this impressive package we are getting ready to tackle offshore projects in the Arctic.

Rosneft’s outstanding economic performance contributes greatly to Russia’s economic and social stability. Even today we can already say that this year Rosneft will once again be the largest taxpayer in the Russian Federation. While in 2011 the Company's tax bill stood at RUB 1.4 trillion this year Rosneft will have paid about RUB 1.7 trillion in taxes. These figures translate into a tangible contribution to the well-being of all Russian citizens – it is timely payment of pensions, social benefits, it is targeted social programs, new housing and community facilities.

Dear friends! Our work throughout 2012 has been fruitful. I am sure the success we have achieved will make us even more confident that we will deliver on all of our projects, that the Company’s skillful personnel and its technological prowess will pave the way for even bolder endeavors. We have been working and we will carry on working for the benefit of Russia!

Please accept my gratitude for your work and achievements. I wish good health, great happiness, joy, optimism and prosperity to you and your family!

Sincerely,

Igor Sechin,
Rosneft President and Chairman of the Management Board