Sibneft Retains Citigroup to Provide “Fair Value” Analysis in Connection with YukosSibneft Transaction

Moscow, April 23, 2003. Sibneft and Citigroup announced today that Citigroup has been retained to provide a fairness opinion in relation to the transaction between Yukos and Sibneft, who have announced plans to merge to create YukosSibneft, one of the world’s largest integrated energy companies. This advisory role builds on several years of co-operation between Sibneft and Citigroup.

“In the process of creating a new world-class oil company, it is important to treat all of our shareholders fairly,” said Sibneft president Eugene Shvidler. “We remain committed to best corporate practices, and believe that this merger delivers shareholder value.”

Citigroup made the following statement regarding the transaction: “We are proud to be associated with such a landmark transaction for Russia and for the oil and gas industry globally. We view the enlarged entity as well placed to be a leader in the sector and strongly positioned to continue delivering on the growth path of both companies in recent years.”