Rosneft Reviewed the Results of DeGolyer & MacNaughton's Independent Audit of its Hydrocarbon Reserves

The Company’s hydrocarbon reserves growth accounted 488 mmboe (59 mmtoe). Reserves growth was achieved notwithstanding a significant decrease of average benchmark crude oil prices. Rosneft's hydrocarbon reserve replacement ratio under the SEC classification amounted to 124% (the ratio is based on hydrocarbon metric units). Following 2015 Rosneft's hydrocarbon reserve life under the SEC classification totaled 19 years.

Under the PRMS (Petroleum Resources Management System) classification hydrocarbon reserves by the 1P category as of December 31, 2015 stood at 42,917 mmboe (5,808 mmtoe), by the 2P category – 76,171 mmboe (10,274 mmtoe), by the 3P category – 108,601 mmboe (14,683 mmtoe). Reserves growth by 3P category amounted to +2%.

Outstanding results and reserves growth were achieved due to the implementation of optimal new zones’ development plans at operated fields, efficient efforts aimed at the enhanced recovery and significant achievements in the area of hard-to-recover reserves development in the Company’s operating regions.

Operational excellence, coordinated teamwork, efficient reserves management in 2015 allowed the Company to successfully develop in concordance with its strategic goals and to confirm its leading positions among world publicly traded companies in terms of proven hydrocarbon reserves and hydrocarbon resources.