Surgutneftegas Board Meeting is to be held on March 24, 2005 in Surgut to review arrangements for holding of Annual General Shareholders’ Meeting and fix the record date for shareholders eligible to attend the meeting.

The agenda of the Board Meeting will consist of preliminary approval of annual report, annual accounts, distribution of profit (loss) of the Company for 2004 and recommendations on the size and procedure of dividends payment.

Additionally, the Board is to review draft resolutions submitted for approval by General Shareholders’ Meeting.

Press Service of OJSC “Surgutneftegas”