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Sibneft Board of Directors Recommends $1.09 Billion Dividend Payment

Moscow, March 14, 2003. The Sibneft board of directors has approved a recommendation to the annual shareholder meeting, to be held on May 15, 2003, on the payment of dividends in the amount of 34,232,183,393.58 rubles ($1.09 billion). The amount is equal to a dividend of 7.22 rubles ($0.23) per share. The record date for shareholders eligible to attend the annual meeting and receive dividends is March 28, 2003.

Sibneft posted 2002 net profits of $1.1 billion according to revised preliminary financial results calculated to U.S. GAAP accounting standards. The company’s policy is to pay the maximum dividend possible, while taking into account capital requirements to fund organic growth, the availability of new acquisitions, and the maintenance of a sound debt-to-equity ratio.

According to its business plan for 2003, Sibneft will spend no less than $925 million on capital expenditures as it boosts output to 33.0 million tons (excluding Slavneft) from 26.3 million tons last year.

Sibneft president Eugene Shvidler confirmed that the company would continue to uphold a high standard of investor relations. “Our fast rate of growth, strong investment program, and adherence to best corporate practices will continue to make Sibneft increasingly attractive to investors,” Shvidler stated.

Sibneft paid its first dividends of $50 million in the year 2000. In 2001, the company paid dividends in the amount of $983 million, which set a record as the largest-ever Russian corporate dividend payment to date.