YUKOS to decide on acquisition of Eastern Oil Company

On February 3, 2003, an Extraordinary Shareholders' Meeting of the YUOS Oil Company will discuss the acquisition of the Eastern Oil Company (VNK). As a press release of the company points out, the decision on holding the Extraordinary Shareholders' Meeting was made at a meeting of the YUKOS board of directors on Wednesday. The meeting will be held via absentee ballot. In the near future, YUKOS will apply to the Russian Anti-Monopoly Ministry for receiving a corresponding license.

According to the recommendations of Renaissance Capital, which is YUKOS's financial advisor on this project, YUKOS will acquire VNK. The acquisition will be executed by converting VNK shares into YUKOS shares; after this, VNK as an independent legal entity will be liquidated. The conversion index suggested by YUKOS's board of directors, is 120 common registered non-documentary shares of VNK per 1 common registered non-documentary share of YUKOS.

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