Sibneft Approves First Dividend Payment

Moscow, 11 October 2000; Sibneft will pay its first dividend of 0.3 roubles per share, the company’s board of directors decided at a meeting held yesterday. The dividend payout will total 1.422 billion roubles, or just over $50 million, and payment of the dividend will begin on 1 November.

The interim dividend based on third quarter results will be the first dividend payment in the company’s history. The move follows the successful consolidation of shares in Sibneft subsidiaries, which has led to an increase in the number of Sibneft shareholders to over 11,500. The payment will be made according to the shareholder register on 30 September.

Sibneft president Eugene Shvidler noted that the company plans to pay dividends on an annual basis in future. “We want our shareholders to enjoy a first class return on their investment, through a combination of capital gains and dividend payments,” he said.

The board of directors also called an extraordinary shareholder meeting for 28 November to approve the appointment of an auditor for Sibneft.