Sibneft Annual Shareholders Meeting Set for June 28

Moscow, May 14, 2005. Sibneft will hold its annual general meeting of shareholders on June 28, 2005, in accordance with a decision taken yesterday by the company’s board of directors.

The AGM will take place in Moscow and its format will be by attendance. The meeting will be open to shareholders of record as of the close of business on May 13, 2005.

The agenda for the AGM will be approved at a later date.