Sibneft Board Approves Dividend Payment

Moscow, 12 November 2001; Sibneft will pay a dividend of 2.32 roubles per share based on the company's US GAAP results for the first half of 2001, the company's board of directors decided at a meeting held today.

The dividend payout will total 11 billion roubles ($370.8 million). Dividend payments will begin on 13 December 2001 to shareholders on the register at the close of business on 2 November 2001.

Sibneft's board of directors in August approved payment of a dividend of 3.79 roubles per share. The total payout of 17.970 billion roubles ($612 million) was the largest dividend payment in Russian corporate history. The company announced its first dividend of $50 million (0.3 roubles per share) in October 2000.

"Sibneft will maintain its policy of returning to shareholders any cash in excess of investment requirements," Sibneft president Eugene Shvidler reiterated.