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Sibneft Shareholders Elect Independent Directors, Cancel Shares

Moscow, 29 June 2001; Sibneft shareholders have canceled a large block of authorised shares and approved changes to the company's charter in line with the recommendations of a corporate governance audit carried out by Standard & Poor's last year. The company's annual general meeting held today also elected a new nine-member board of directors which includes three independent non-executive directors. The moves reinforce the company's commitment to achieving global best practice in the field of corporate governance.

The three independent non-executive directors elected to the board are the head of the Naufor brokers association Ivan Tirishkin, the chairman of the Yamal investment fund Yevgeny Sklyarov, and Natalia Yatskevich, a partner at the ALM law firm. The six executive directors who secured election 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. Konstantin Potapov was later elected chairman of the board of directors.

Shareholders approved the cancellation of 12.275 billion authorised shares, and also adopted changes to the company's charter removing the board's right to increase charter capital and specifying that board members be elected using cumulative voting procedures. Both changes to the charter were made in response to the recommendations of a corporate governance audit carried out by Standard & Poor's last year aimed at identifying the company's strengths and weaknesses in this field.

Sibneft president Eugene Shvidler welcomed the results of today's shareholder meeting. "The election of new independent directors underlines our commitment to ensuring that minority shareholders are able to play a full and active role in the governance of the company. We hope that the decision to limit the board's authority to issue new shares will send a signal to investors that Sibneft remains responsive to their concerns and dedicated to achieving global best practice in the way that we manage our company."