OJSC Oil Company Rosneft Consolidated Financial Statements

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OJSC Oil Company Rosneft Consolidated Financial Statements as of December 31, 2008 and 2007 and for the years ended December 31, 2008, 2007 and 2006 Contents Report of Independent Auditors...........................................................................................................1 Consolidated Financial Statements Consolidated Balance Sheets...............................................................................................................2 Consolidated Statements of Income and Comprehensive Income.........................................................3 Consolidated Statements of Changes in Shareholders' Equity...............................................................4 Consolidated Statements of Cash Flows..............................................................................................5 Notes to Consolidated Financial Statements ........................................................................................7
Ernst & Young LLC Sadovnicheskaya Nab., 77, bld. 1 Moscow, 115035, Russia Tel: +7 (495) 705 9700 +7 (495) 755 9700 Fax: +7 (495) 755 9701 www.ey.com/russia ООО «Эрнст энд Янг» Россия, 115035, Москва Садовническая наб., 77, стр. 1 Тел: +7 (495) 705 9700 +7 (495) 755 9700 Факс: +7 (495) 755 9701 ОКПО: 59002827 Report of Independent Auditors Shareholders and the Board of Directors of OJSC Oil Company Rosneft We have audited the accompanying consolidated balance sheets of OJSC Oil Company Rosneft, an open joint stock company (“the Company”), as of December 31, 2008 and 2007, and the related consolidated statements of income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2008. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. We were not engaged to perform an audit of the Company's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 3 to the consolidated financial statements, the Company has not presented pro-forma results of operations for the years 2006 and 2007 as though its significant acquisitions had been completed as of January 1, 2006. These disclosures are required by SFAS No. 141 “Business Combinations”. In our opinion, except for the effects of the matters described in the preceding paragraph, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2008 and 2007, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. March 2, 2009 A member firm of Ernst & Young Global Limited
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OJSC Oil Company Rosneft Consolidated Financial Statements

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