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Sibneft Elects Independent Directors, Renews CEO Contract

Moscow, 28 June 2002; Sibneft shareholders at the company's annual general meeting have elected a new board of directors, which includes three independent directors. Shareholders also agreed to extend the contract of Sibneft president and chief executive officer Eugene Shvidler for five years.

The three independent directors elected to the board are Albert Gavrikov, managing director of the Aton investment group, Mikhail Vinchel, general director of the Prospect investment company, and Ivan Tirishkin, president of the Russian Trading System.

The six executive directors elected are Sibneft president Eugene Shvidler, Sibneft vice presidents Konstantin Potapov, Valery Oif, Yevgeny Poltorak and Tatyana Breeva, and Vladimir Novikov, head of Sibneft's corporate management department.

Shareholders appointed Ernst & Young as the company’s auditor, approved the company’s financial statements and elected a new audit committee. Shareholders also approved revisions to the company’s charter and a series of internal documents in response to changes in company law. The charter was further amended to include provisions contained in the corporate governance code developed by the Federal Securities Commission and approved by the Russian government. The code outlines a range of measures for the protection of minority shareholders.

“The election of a new slate of independent directors and amendments to the company’s charter confirm our commitment to ensuring that minority shareholders play an active role in the management of the company,” said Sibneft president Eugene Shvidler. “The decision by core shareholders to reduce their stake to below 75% over the next two to three years has also been guided by a desire to enhance the influence of minority shareholders.”