Moscow, May 15, 2003. At the annual general meeting held today, Sibneft shareholders re-elected the current membership of the company’s board of directors. They also approved the board’s suggested payment of the largest dividend in Russian corporate history.

The six executive directors re-elected are Sibneft president Eugene Shvidler, Sibneft vice presidents Konstantin Potapov, Valery Oif, Yevgeny Poltorak and Tatyana Breeva, and Vladimir Novikov, head of Sibneft's corporate management department. Albert Gavrikov, managing director of the Aton investment group, Mikhail Vinchel, general director of the Prospect investment company, and Ivan Tyryshkin will return as independent directors.

Dividends for 2002, as recommended by the board in March and approved by shareholders today, will total 34,232,183,393.58 rubles or 7.22 rubles per share. Shareholders also appointed Ernst & Young as Sibneft’s auditor, elected members to the company’s audit commission, and endorsed the company’s annual report and financial statements for 2002.

Sibneft president Eugene Shvidler noted that the decisions reached by shareholders were recognition of the company’s growth and success in 2002. “The continued presence of three independent directors on the board, and the approval of a dividend that will benefit all shareholders, are signs of our continued commitment to protecting the interests of Sibneft’s minority shareholders.”