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Sibneft Acquisition By Gazprom Completed

Moscow. October 21, 2005. Millhouse Capital yesterday completed the sale of a 72.66% stake in Sibneft to OAO Gazprom. The shares previously controlled by Millhouse are currently held by Gazprom Finance BV.

Meeting today, Sibneft’s Board of Directors resolved to suspend the powers of outgoing company president Eugene Shvidler. The Board named Alexander Ryazanov, deputy chief executive of OAO Gazprom, as acting president of Sibneft.

The Board of Directors also resolved to hold an extraordinary meeting of shareholders on December 23, 2005. Shareholders will be asked to vote on the dismissal of the current board of directors, the election of a new board of directors, the dismissal of the current president of Sibneft and the selection of a new company president. The record date for shareholders eligible to participate in the meeting is October 24, 2005.

In addition, the Board resolved to cancel Sibneft’s agreement with OAO Registrator R.O.S.T. for management of its shareholder register. The company’s new registrar will be ZAO SR-DRAG.

Eugene Shvidler thanked members of the Board of Directors and all of Sibneft’s employees for years of successful work together.

“Together, we created one of the best companies in Russia, with outstanding prospects for further development,” Mr Shvidler said. “I wish you and the new Sibneft management continued success, industry leadership and achievement.”