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Sibneft Management Proposes Fresh Dividend Payment

Moscow, 30 October 2001; Sibneft's board of directors will meet on 12 November to consider payment of an interim dividend. The company's management will recommend a dividend of between $330 million and $370 million based on the company's US GAAP results for the first half of 2001. The interim dividend will be paid to all shareholders on the register at the close of business on 2 November 2001.

"This new dividend payment is in line with our policy of returning to shareholders any cash in excess of our investment requirements," said Sibneft president Eugene Shvidler. "Sibneft intends to continue with its intensive investment programme, which has generated the fastest production growth in Russia. The company will also gradually increase its leverage until it achieves an optimal capital structure."

Sibneft's board of directors in August approved payment of a dividend of 3.79 roubles per share. The total payout of 17.970 billion roubles ($612 million) was the largest dividend payment in Russian corporate history. The company announced its first dividend of 0.3 roubles per share in October 2000.