Sibneft Lists on Frankfurt Stock Exchange

Moscow, Tuesday 16th November, 1999: Sibneft is pleased to announce that following the approval of the Frankfurt Stock Exchange listing committee, Sibneft ADR's began trading this morning on the Frankfurt Stock Exchange. Sibneft will be traded in Frankfurt on an "Over the Counter " basis.

Eugene Shvidler, Sibneft President said, "Germany is an important market for Russian companies, so I am naturally delighted to see our ADR's listed on the Frankfurt Exchange. This is another initiative designed to reach out to the international equity markets and make our shares more accessible to overseas investors."

The local market maker in Sibneft ADR's in Frankfurt is Berliner Freiverkehr (Aktien) Handel AG. In addition to RTS 1, Sibneft is also listed on MICEX and its Level-I ADR's are widely traded in New York and Europe.