Rosneft OJSC http://www.alacrastore.com/company-snapshot/Rosneft_OJSC-3774311 Saturday, October 11, 2008 3:08:49 AM 3774311 Rosneft OJSC en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/673832spcred/673832normThe latest Summary from S&Pglobal9/29/2008 8:25:00 AM175Summary673832RussiaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergySummaryThe rating on Russian state-controlled OJSC Oil Company Rosneft is based on the company's stand-alone credit quality, which we assess at 'BB+', plus a one-notch uplift for extraordinary state support from the government of the Russian Federation (foreign currency BBB+/Stable/A-2; local currency A-/Stable/A-2; Russia national scale rating 'ruAAA'). Because Rosneft is an instrument and a beneficiary of the Russian government's policy to increase state presence in the strategic hydrocarbon sector, our assessment of its stand-alone credit quality factors in ongoing state support through privileged access to attractive assets and better access to liquidity. Although the Russian government is financially strong, it does not guarantee Rosneft's debt, and the company has financed recent acquisitions with corporate debt. We view Rosneft asRUS00080J10102010 101020 1010 10OJSC Oil Company Rosneft356989EMERGINGEUROMIDAFRSUMMARYGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/403630_report_framefitch/403630_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Rosneft OJSC824867149/23/2008 10:16:00 AM010000000103000001031000165Credit UpdateROSN403630_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/437396_pr_framefitch/437396_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Lukoil OAORosneft OJSC82486714830743269/23/2008 10:16:00 AM01000000010300000103100085Press ReleaseLKOHROSN437396_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/436217_pr_framefitch/436217_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Evraz Group S.A.JSC MMC Norilsk NickelLukoil OAONovolipetsk Iron & Steel CorporationOAO GazpromRosneft OJSCTNK-BP International Limited80090878805044418070239982395113824867148262509383074326846026699/18/2008 2:22:34 PM01000000010200000103000001031000010312000103120285Press ReleaseGAZPGMKNLKOHNLMKROSN436217_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/398346_report_framefitch/398346_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.BP plcConocoPhillipsENI SpAExxon Mobil CorporationJSC NC KazMunaiGazLukoil OAOOAO GazpromPetrol ADPetrol Ofisi A.S.PKN ORLEN SARepsol YPF S.A.Rompetrol Group N.V.Rosneft OJSCRoyal Dutch Shell PLCTatneft OAOTNK-BP International LimitedTotal SATurkish Petroleum Refineries Corp.(TUPRAS)Valero Energy Corporation8008977380090098800907838009087880090918800909218009214580360394803606048036143980417179805128068053873480702399808912598116723581208235824867148307432683396462853654738/27/2008 10:15:00 AM01000000010200000103000001031000275Special Report0120275PETBPCOPENIGAZPLKOHPKNPTOFSRDSAREPROSNTATNTUPRSVLOXOM398346_report_frameCredit & Investment ResearchFitch ResearchRUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO RH-Ucheot, a Moscow-based provider of accounting and auditing services. Concurrently, NKR acquired the entire share capital of OOO PH-Stroy.8/26/2008 2:20:47 PM77815J77833R78306N77833ROAO NK RosneftOOO RH-UcheotRussiaOOO RH-Ucheothttp://www.alacrastore.com/storecontent/Thomson_M%26A/OAO_NK_Rosneft_acquires_OOO_RH_Ucheot-2006547040sdc/20065470402006547040Copyright © 2008, Thomson Financial, All Rights ReservedRussian TSOil and Gas; Petroleum RefiningRussian FedCrude petroleum and natural gas1311FFForeignPublicROSN1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services1389:Oil and gas field services, nec2911:Petroleum refining4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec999A:National governmentOil and Gas; Petroleum RefiningRussian FedCrude petroleum and natural gas1311FFForeignPrivate262052004National governmentPvd oil,gas expl svcsUnspecifiedStock1036246001Aug 26 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000OAO NK Rosneft, locatedMoscow, provides oil and gasproduction, exploration,development, refining, andtransportation services. Thecompany wholesales crude oiland gas, and petroleumproducts.OAO NK Rosneft, located Moscow, provides oil and gasproduction, exploration, development, refining, andtransportation services. The company wholesales crude oiland gas, and petroleum products.OAO NK Rosneft, located Moscow, provides oil and gas production, exploration, development, refining, and transportation services. The company wholesales crude oil and gas, and petroleum products.1.000002.000003.00000OOO RH-Ucheot, located inMoscow, Russia, provides oiland gas exploration services.OOO RH-Ucheot, located in Moscow, Russia, provides oil andgas exploration services.OOO RH-Ucheot, located in Moscow, Russia, provides oil and gas exploration services.0.000000.000000.000000.00000N22 Aug 08Fri, 22 Aug 2008 00:00:00 ESTDate Announced: 08/22/200822 Aug 08Date Effective: 08/22/200822 Aug 08MergerFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000RUSSIA - OAO NK Rosneft (NKR)acquired the entire sharecapital of OOO RH-Ucheot, aMoscow-based provider ofaccounting and auditingservices. Concurrently, NKRacquired the entire sharecapital of OOO PH-Stroy.RUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO RH-Ucheot, a Moscow-based provider of accounting and auditing services. Concurrently, NKR acquired the entire share capital of OOO PH-Stroy.RUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO RH-Ucheot, aMoscow-based provider of accounting and auditing services. Concurrently, NKR acquired theentire share capital of OOO PH-Stroy.RUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO RH-Ucheot, a Moscow-based provider of accounting and auditing services. Concurrently, NKR acquired the entire share capital ofOOO PH-Stroy.RUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO RH-Ucheot, a Moscow-based provider of accounting and auditingservices. Concurrently, NKR acquired the entire share capital of OOO PH-Stroy.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services1389:Oil and gas field services, nec2911:Petroleum refining4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec180201002Russian Fed999AForeignGovernment1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services1389:Oil and gas field services, nec2911:Petroleum refining4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec1036246001Russian Fed1311ForeignPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & AcquisitionsRUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO PH-Stroy, a Moscow-based provider of accounting and auditing services. Concurrently, NKR acquired the entire share capital of OOO RH-Ucheot.8/26/2008 2:20:47 PM77815J01563V78306N01563VOAO NK RosneftOOO PH-StroyRussiaOOO PH-Stroyhttp://www.alacrastore.com/storecontent/Thomson_M%26A/OAO_NK_Rosneft_acquires_OOO_PH_Stroy-2006555040sdc/20065550402006555040Copyright © 2008, Thomson Financial, All Rights ReservedRussian TSOil and Gas; Petroleum RefiningRussian FedCrude petroleum and natural gas1311FFForeignPublicROSN1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services1389:Oil and gas field services, nec2911:Petroleum refining4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec999A:National governmentOil and Gas; Petroleum RefiningRussian FedCrude petroleum and natural gas1311FFForeignPrivate262052004National governmentPvd oil,gas expl svcsUnspecifiedStock1036252001Aug 26 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000OAO NK Rosneft, locatedMoscow, provides oil and gasproduction, exploration,development, refining, andtransportation services. Thecompany wholesales crude oiland gas, and petroleumproducts.OAO NK Rosneft, located Moscow, provides oil and gasproduction, exploration, development, refining, andtransportation services. The company wholesales crude oiland gas, and petroleum products.OAO NK Rosneft, located Moscow, provides oil and gas production, exploration, development, refining, and transportation services. The company wholesales crude oil and gas, and petroleum products.1.000002.000003.00000OOO PH-Stroy, located inMoscow, Russia, provides oiland gas exploration services.OOO PH-Stroy, located in Moscow, Russia, provides oil andgas exploration services.OOO PH-Stroy, located in Moscow, Russia, provides oil and gas exploration services.0.000000.000000.000000.00000N22 Aug 08Fri, 22 Aug 2008 00:00:00 ESTDate Announced: 08/22/200822 Aug 08Date Effective: 08/22/200822 Aug 08MergerFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000RUSSIA - OAO NK Rosneft (NKR)acquired the entire sharecapital of OOO PH-Stroy, aMoscow-based provider ofaccounting and auditingservices. Concurrently, NKRacquired the entire sharecapital of OOO RH-Ucheot.RUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO PH-Stroy, a Moscow-based provider of accounting and auditing services. Concurrently, NKR acquired the entire share capital of OOO RH-Ucheot.RUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO PH-Stroy, aMoscow-based provider of accounting and auditing services. Concurrently, NKR acquired theentire share capital of OOO RH-Ucheot.RUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO PH-Stroy, a Moscow-based provider of accounting and auditing services. Concurrently, NKR acquired the entire share capital of OOORH-Ucheot.RUSSIA - OAO NK Rosneft (NKR) acquired the entire share capital of OOO PH-Stroy, a Moscow-based provider of accounting and auditingservices. Concurrently, NKR acquired the entire share capital of OOO RH-Ucheot.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services1389:Oil and gas field services, nec2911:Petroleum refining4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec180201002Russian Fed999AForeignGovernment1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services1389:Oil and gas field services, nec2911:Petroleum refining4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec1036252001Russian Fed1311ForeignPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & AcquisitionsMONGOLIA - OAO NK Rosneft of Russia acquired the entire share capital of Rosneft Mongolia Co Ltd, an Ulan Bator-based oil and gas exploration and production company.7/29/2008 1:11:34 PM77815J77810E78306N77810EOAO NK RosneftRosneft Mongolia Co LtdRussiaRosneft Mongolia Co Ltdhttp://www.alacrastore.com/storecontent/Thomson_M%26A/OAO_NK_Rosneft_acquires_Rosneft_Mongolia_Co_Ltd-1999323040sdc/19993230401999323040Copyright © 2008, Thomson Financial, All Rights ReservedRussian TSOil and Gas; Petroleum RefiningRussian FedCrude petroleum and natural gas1311FFForeignPublicROSN1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services1389:Oil and gas field services, nec2911:Petroleum refining4925:Gas production and/or distribution5171:Petroleum bulk stations and terminals5172:Petroleum and petroleum products wholesalers, nec999A:National governmentOil and Gas; Petroleum RefiningMongoliaCrude petroleum and natural gas1311FFForeignPrivate262052004National governmentOil and gas exploration,prodnUnspecifiedStock1031090001Jul 29 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000OAO NK Rosneft, locatedMoscow, provides oil and gasproduction, exploration,development, refining, andtransportation services. Thecompany wholesales crude oiland gas, and petroleumproducts.OAO NK Rosneft, located Moscow, provides oil and gasproduction, exploration, development, refining, andtransportation services. The company wholesales crude oiland gas, and petroleum products.OAO NK Rosneft, located Moscow, provides oil and gas production, exploration, development, refining, and transportation services. The company wholesales crude oil and gas, and petroleum products.1.000002.000003.000004.00000Rosneft Mongolia Co Ltd is anoil and gas exploration andproduction companyheadquartered in Ulan Bator.Rosneft Mongolia Co Ltd is an oil and gas exploration andproduction company headquartered in Ulan Bator.Rosneft Mongolia Co Ltd is an oil and gas exploration and production company headquartered in Ulan Bator.0.000000.000000.000000.00000Y24 Jul 08Thu, 24 Jul 2008 00:00:00 ESTDate Announced: 07/24/200824 Jul 08Date Effective: 07/24/200824 Jul 08MergerFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000MONGOLIA - OAO NK Rosneft ofRussia acquired the entireshare capital of RosneftMongolia Co Ltd, an UlanBator-based oil and gasexploration and productioncompany.MONGOLIA - OAO NK Rosneft of Russia acquired the entire share capital of Rosneft Mongolia Co Ltd, an Ulan Bator-based oil and gas exploration and production company.MONGOLIA - OAO NK Rosneft of Russia acquired the entire share capital of Rosneft MongoliaCo Ltd, an Ulan Bator-based oil and gas exploration and production company.MONGOLIA - OAO NK Rosneft of Russia acquired the entire share capital of Rosneft Mongolia Co Ltd, an Ulan Bator-based oil and gas exploration and production company.MONGOLIA - OAO NK Rosneft of Russia acquired the entire share capital of Rosneft Mongolia Co Ltd, an Ulan Bator-based oil and gasexploration and production company.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services180201002Russian Fed999AForeignGovernment1311:Crude petroleum and natural gas1381:Drilling oil and gas wells1382:Oil and gas field exploration services1031090001Mongolia1311ForeignPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/393450_report_framefitch/393450_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Rosneft OJSC824867147/17/2008 2:17:00 PM010310000100000001030000425Full Rating ReportROSN393450_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_159341_820205298moodys/PR_159341_820205298htmlGlobal Credit Research Rating Action ## JUL #### Rating Action: Novorossiysk Commercial Sea Port, OJSC Moody's: Gazprom and Russian Railways outlooks changed to positive. No other ratings and outlook of Russian GRIs affected New York,...7/17/2008 12:45:55 AMhtmlNovorossiysk Commercial Sea Port, OJSCOGK-5, JSCRusHydro, JSCIRKUT Corporation, JSCFGC UES, JSCSovcomflot JSCOAO Southern Telecomunications CompanyOAO AK TransneftRussian Railways Joint Stock CompanyOJSC Oil Company RosneftAlrosa Co. LtdOJSC GazpromAlrosa Co. Ltd; FGC UES, JSC; IRKUT Corporation, JSC; ...820205298809760021809687235809138361808554212808521435807668274600068843600065543600061716600039576600038055150.0000NewsRating ActionPR_159341_820205298Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/424946_pr_framefitch/424946_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Rosneft OJSC824867146/30/2008 10:14:00 AM01000000010300000103100085Press ReleaseROSN424946_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/656937spcred/656937normThe latest Full Report from S&Pglobal6/30/2008 8:19:54 AM400Full Report656937RussiaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergyFull ReportOngoing state support through access to attractive assets in Russia High-quality upstream operations, with vast reserves, substantial production, and considerable growth potential Vertical integration into refining, which increases profitability High leverage Substantial refinancing needs due to high short-term debt Ambitious capital-expenditure plans The rating on Russian state-controlled OJSC Oil Company Rosneft is based on the company's stand-alone credit quality, which we assess at 'BB+', plus a one-notch uplift for extraordinary state support from the government of the Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia national scale rating 'ruAAA'). Because Rosneft is an instrument and a beneficiary of the Russian government's policy to increase state presence in the strategic hydrocarbon sector, our assessment of its stand-alone credit quality factorsRUS00080J10102010 101020 1010 10OJSC Oil Company Rosneft356989EMERGINGEUROMIDAFRFULLGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656938spcred/656938normThe latest Summary from S&Pglobal6/30/2008 8:19:54 AM175Summary656938RussiaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergySummaryThe rating on Russian state-controlled OJSC Oil Company Rosneft is based on the company's stand-alone credit quality, which we assess at 'BB+', plus a one-notch uplift for extraordinary state support from the government of the Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia national scale rating 'ruAAA'). Because Rosneft is an instrument and a beneficiary of the Russian government's policy to increase state presence in the strategic hydrocarbon sector, our assessment of its stand-alone credit quality factors in ongoing state support through privileged access to attractive assets and better access to liquidity. Although the Russian government is financially strong, it does not guarantee Rosneft's debt, and the company has financed recent acquisitions with corporate debt. We view Rosneft asRUS00080J10102010 101020 1010 10OJSC Oil Company Rosneft356989EMERGINGEUROMIDAFRSUMMARYGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656668spcred/656668normThe latest Full Report from S&Pglobal6/27/2008 10:35:56 AM400Full Report656668RussiaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergyFull ReportOngoing state support through access to attractive assets in Russia High-quality upstream operations, with vast reserves, substantial production, and considerable growth potential Vertical integration into refining, which increases profitability High leverage Substantial refinancing needs due to high short-term debt Ambitious capital-expenditure plans The rating on Russian state-controlled OJSC Oil Company Rosneft is based on the company's stand-alone credit quality, which we assess at 'BB+', plus a one-notch uplift for extraordinary state support from the government of the Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2; Russia national scale rating 'ruAAA'). Because Rosneft is an instrument and a beneficiary of the Russian government's policy to increase state presence in the strategic hydrocarbon sector, our assessment of its stand-alone credit quality factorsRUS00080J10102010 101020 1010 10OJSC Oil Company Rosneft356989EMERGINGEUROMIDAFRFULLGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/650274spcred/650274normThe latest News from S&Pglobal5/26/2008 8:20:05 AM100News650274RussiaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergyNewsMOSCOW (Standard&Poor's) May 26, 2008--Standard&Poor's Ratings Services said today that it raised its long-term corporate credit rating on Russian state-controlled OJSC Oil Company Rosneft to 'BBB-' from 'BB+', boosting the company to the investment-grade level. The outlook is stable. "The upgrade reflects an improvement in Rosneft's stand-alone credit quality, thanks to a stronger business profile and credit metrics, and gradually improving liquidity," said Standard&Poor's credit analyst Elena Anankina. The company's progress in refinancing its substantial short-term debt accumulated after the recent acquisitions helps to ease the key rating constraint. The rating continues to be based on the company's stand-alone credit quality, which we now assess at 'BB+', plus a one-notch uplift for extraordinary stateRUS00080J10102010 101020 1010 10OJSC Oil Company Rosneft356989EMERGINGEUROMIDAFRNEWSGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/650275spcred/650275normThe latest Research Update from S&Pglobal5/26/2008 8:20:05 AM175Research Update650275RussiaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergyResearch UpdateOn May 26, 2008, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Russian state-controlled OJSC Oil Company Rosneft to 'BBB-' from 'BB+', boosting the company to the investment-grade level. The outlook is stable. The upgrade reflects an improvement in Rosneft's stand-alone credit quality, thanks to a stronger business profile and credit metrics, and gradually improving liquidity. The company's progress in refinancing its substantial short-term debt accumulated after the recent acquisitions helps to ease the key rating constraint. The rating continues to be based on the company's stand-alone credit quality, which we now assess at 'BB+', plus a one-notch uplift for extraordinary state support from the government of the Russian Federation (foreign currency BBB+/Positive/A-2; local currency A-/Positive/A-2;RUS00080J10102010 101020 1010 10OJSC Oil Company Rosneft356989EMERGINGEUROMIDAFRRESUPDGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/626594spcred/626594normThe latest Summary from S&P1/18/2008 4:00:24 PMSummary175global626594RussiaIntegrated Oil & GasEmerging MarketsEurope, Middle East, AfricaGlobal IssuersCorporationsEnergySummaryThe rating on Russian state-controlled OJSC Oil Company Rosneft is based on the company's stand-alone credit quality, which Standard&Poor's Ratings Services assesses at 'BB', plus a one-notch uplift for extraordinary state support from its 76% owner, the Russian Federation (foreign currency rating: BBB+/Stable/A-2; local currency rating: A-/Stable/A-2). As Rosneft is the major instrument and beneficiary of the Russian government's policy to increase the state's presence in the strategic hydrocarbon sector, our assessment of its stand-alone credit quality factors in ongoing state support through privileged access to attractive assets. Nevertheless, we view Rosneft as a largely commercial entity and consider it less systemically important for the country's economy than some other state-owned companies. In addition, Russia lacks a transparentRUS00080J10102010 101020 1010 10OJSC Oil Company Rosneft356989EMERGINGEUROMIDAFRSUMMARYGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600061716moodys/COP_600061716htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: OJSC Oil Company Rosneft OJSC Oil Company Rosneft Russia Ratings Category Moody's Rating Outlook Stable Issuer Rating -Dom Curr Baa# Rosneft Capital S.A. Outlook Stable...1/3/2008 8:05:00 PMhtmlOJSC Oil Company RosneftOJSC Oil Company Rosneft600061716150.0000NewsCredit OpinionCOP_600061716Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/556889spcred/556889normThe latest News from S&P12/23/2007 11:36:33 PMNews175global556889Global IssuersCorporationsEnergyNewsMOSCOW (Standard & Poor's) Jan. 12, 2007--Standard & Poor's Ratings Services said today that it raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. The outlook is developing. "The upgrade, which follows our review of the Russian government's influence on government-related entities, reflects a greater likelihood of extraordinary state support for Rosneft than previously factored into the rating, which may, in turn, benefit creditors," said Standard & Poor's credit analyst Tatiana Kordyukova. Rosneft's rating now incorporates a one-notch uplift from the company's stand-alone credit quality, which we assess at 'BB'. Russia's oil and gas sector hasOJSC Oil Company Rosneft356989NEWSGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/556890spcred/556890normThe latest Research Update from S&P12/23/2007 11:36:33 PMResearch Update175global556890Global IssuersCorporationsEnergyResearch UpdateOn Jan. 12, 2007, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. The outlook is developing. The upgrade, which follows our review of the Russian government's influence on government-related entities, reflects a greater likelihood of extraordinary state support for Rosneft than previously factored into the rating, which may, in turn, benefit creditors. Rosneft's rating now incorporates a one-notch uplift from the company's stand-alone credit quality, which we assess at 'BB'. Russia's oil and gas sector has seen a marked increase in state ownership and influence in recent years, with theOJSC Oil Company Rosneft356989RESUPDGLOBISSCORPEnergyCredit & Investment ResearchS&P Credit Research