YUKOS acquires Eastern Oil Company

On February 3, 2003, an Extraordinary Shareholders' Meeting of the YUKOS Oil Company, held via absentee ballot, decided to acquire the Eastern Oil Company (VNK) and adopted an acquisition agreement, the YUKOS pres service reported. YUKOS's request to the Russian Anti-Monopoly Ministry on executing corresponding re-organization was answered positively on January 15, 2003.

After all necessary procedures are completed, a joint meeting of the Boards of Directors of YUKOS and VNK will be held for summoning a joint General Shareholders' Meeting. The General Shareholders' Meeting will make a decision on executing the acquisition by converting VNK shares into YUKOS shares; after this, VNK as an independent legal entity will be liquidated. The conversion index is 120 common registered non-documentary shares of VNK per 1 common registered non-documentary share of YUKOS.

As it was previously reported, on January 27, 2003, VNK's Extraordinary Shareholders' Meeting decided to reorganize the company by merging with YUKOS.

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