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Sibneft ADRs Listed On Newex

Moscow, 3 November 2000; Sibneft?s American Depositary Receipts (ADRs) have been listed on Newex, an electronic exchange for Central and Eastern European companies which began trading today. Newex is a joint venture between Deutsche Boerse and Vienna?s Wiener Boerse.

Sibneft is listed in the segment, which is more tightly regulated and has tougher disclosure requirements than the main part of the market. Sibneft was the first vertically-integrated Russian oil company to issue accounts audited to US GAAP standards, one of the requirements for companies listed in this segment, and now has five years of GAAP accounts.

Sibneft president Eugene Shvidler welcomed the company?s new listing. ?This listing on Newex will help us achieve our goal of making our stock available to a wider circle of investors. We have received a strong vote of confidence from the investment community in response to our ground-breaking initiatives in corporate governance and financial reporting, and transparency remains at the heart of our philosophy.?

Sibneft launched its level-one American Depositary Receipt (ADR) programme through the Bank of New York in April 1999. The size of the programme was doubled in May 2000 in response to strong investor demand to allow for up to 40 million ADRs to be issued, representing up to 8.4% of Sibneft equity. Sibneft ADRs are traded over the counter in the US and on the Frankfurt and Berlin stock exchanges. Sibneft shares are also listed on leading Russian exchanges, including RTS, MICEX, the Moscow Stock Exchange and the St Petersburg Stock Exchange.