Sibneft Holds Annual Shareholders Meeting

Moscow, December 27, 2004. Sibneft today held its annual general meeting (AGM) of shareholders, where participants addressed several issues including election of a new board of directors, approval of the company’s financial reports for 2003, and other items on the AGM agenda.

Shareholders will receive notification by mail of the results of AGM voting no more than 10 days following the completion of the AGM minutes and voting report. The results will be published in Rossiiskaya Gazeta within the same period of time.