Yukos Acquires Stake in Sibneft

Yukos has acquired 948,259,926 ordinary shares of OAO Sibneft constituting 20% minus 1 share of the outstanding shares of OAO Sibneft. The shares are subject to a lien to secure final payment for the shares that will be made upon completion of the Share Purchase and Share Exchange transactions between the principal shareholders of Sibneft and Yukos.

The aforementioned acquisition is one of the steps in the implementation of the agreement between Yukos and the principal shareholders of Sibneft, announced in April 2003, to combine the two companies.

Yukos has filed corresponding notifications with the Russian Federal Securities Commission.