Rosneft and ExxonMobil Advance Strategic Cooperation

Rosneft and ExxonMobil
today announced the achievement of several milestones under their 2011
Strategic Cooperation Agreement, including joint venture formation for
the Kara Sea and Black Sea projects, and establishing foundations for
joint ventures to explore seven other licenses in the Russian Arctic and
to manage the joint West Siberia tight oil project. The companies have
also agreed to move to the next planning phase for an LNG development in
the Russian Far East.

The Black Sea and Kara Sea joint venture operating companies,
Tuapsemorneftegaz SARL and Karmorneftegaz SARL respectively, will
commence project implementation activities as operator pursuant to
agreement with Rosneft, which is the license holder. Rosneft holds 66.67
percent interest and ExxonMobil holds 33.33 percent interest in the two
projects. The initial cost of exploration in the two areas is estimated
at more than US $3.2 billion, the majority of which will be financed by
ExxonMobil. In 2013 collection of data for both regions will continue
until the commencement of drilling operations in the Kara and Black seas
in 2014.

In February, ExxonMobil and Rosneft announced plans to increase the
scope of their strategic cooperation by adding seven new blocks in the
Russian Arctic in the Chukchi Sea, Laptev Sea and Kara Sea, spanning
approximately 600,000 square kilometers (150 million acres). Rosneft and
ExxonMobil have entered into agreements that lay the foundation for
joint venture entities for these areas. Data acquisition is being
planned for these blocks, which represent some of the most promising and
least explored offshore areas globally. The license obligations
stipulate that 14 exploration and appraisal wells will be drilled and a
significant amount of 2D and 3D seismic will be conducted over the next
10 years.

Agreements are also now in place establishing the foundation for a new
joint venture for a tight oil pilot project in West Siberia, where data
collection operations are currently underway. Rosneft will hold 51
percent interest and ExxonMobil will hold 49 percent interest in this
project.

Also in place is an agreement identifying further steps for the
development of an LNG plant in the Russian Far East. Following the
agreement, by the end of 2013 the parties will undertake work to
determine an LNG plant site, gas liquefaction technologies and
commercial structure of the project. Once this work is finalized, the
parties plan to progress engineering definition.

Agreements were signed today at the St. Petersburg International
Economic Forum by Igor I. Sechin, Rosneft president and chairman of the
Management Board, and Rex W. Tillerson, chairman and CEO of Exxon Mobil
Corporation, in the presence of Russian President Vladimir Putin.

Commenting on the agreements signed, Igor Sechin said, 'I am glad to
note the activities outlined in the Strategic Cooperation Agreement are
being implemented ahead of schedule. I would like to thank the teams
from both companies for their hard and coordinated work. Our cooperation
touches upon the most promising aspects of today′s oil and gas industry:
Arctic shelf and deep water areas in the Black Sea covering a total area
of 773,000 square kilometers, tight oil in West Siberia as well as a
promising LNG project in the Russian Far East. We are convinced that
implementation of all these projects will benefit both companies′
shareholders. We believe it will also boost the development of the
Russian oil and gas industry and will have a multiplying effect on
related industries, already creating market demand for equipment,
knowledge and technologies.?

'ExxonMobil is making a significant investment in Russia, and these
agreements serve as the foundation for our projects and future work
together,? Tillerson said. 'Experience tells us that a good foundation
is critical for success in the Arctic and elsewhere. ExxonMobil′s
Sakhalin-1 project with Rosneft is an example where we have put this
experience to work.?

Additionally, on June 11, 2013 Rosneft and ExxonMobil signed agreements
regarding the creation of the Arctic Research Center and the joint use
of technologies in different regions of the world. ExxonMobil will
provide funding for the initial research phase of the Arctic Research
Center in the amount of $200 million. Rosneft and ExxonMobil will
equally fund the next $250 million to continue their joint research
work. The partners′ interests are Rosneft 66.67 percent and ExxonMobil
33.33 percent. The Arctic Research Center will build on current best
practices of Rosneft and ExxonMobil to create more environmentally safe
and efficient technologies.

CAUTIONARY NOTE:

Statements of future events and conditions in this release are
forward-looking statements. The Strategic Cooperation Agreement
represents a binding outline of terms, and closing of the transactions
contemplated by the agreement is subject to execution of definitive
final agreements, receipt of necessary regulatory approvals, and other
customary conditions. Actual future results, including project plans,
timing, costs, and benefits realized by the parties as a result of the
transactions, could differ materially depending on the outcome of future
negotiations; the actions of governmental authorities and regulators,
including legal and legislative uncertainties; the outcome of
exploration programs; changes in prices and other market and economic
factors affecting the oil and gas industries; future technological
developments; other technical and operating factors; actions of
competitors; and other factors discussed under the heading 'Factors
Affecting Future Results? on the Investors page of ExxonMobil′s website
at exxonmobil.com. The term 'project' as used in this release does not
necessarily have the same meaning as under SEC Rule 13q-1 relating to
government payment reporting. A single project for purposes of that rule
may encompass numerous properties, agreements, investments,
developments, phases, work efforts, activities, and components, each of
which we may also describe informally as a 'project.'

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