YUKOS directors to approve budget for 2004

The Board of Directors of YUKOS will approve the plan and the budget for 2004 for both YUKOS and YukosSibneft. At present, YUKOS is the largest shareholder in Sibneft, which holds 92 percent of the shares in this company.

As reported earlier, the merger of the two companies, intended to form a united company YukosSibneft, was ceased in November 2003 at the request of Millhouse Capital (a former shareholder in Sibneft). The owners of Sibneft offered YUKOS to make a reverse deal. However, an agreement on the conditions of this deal has not been reached. As a shareholder in Sibneft, YUKOS has initiated a meeting of Sibneft shareholders to be held on March 28, 2004. The agenda of the meeting includes amendments to the Articles of Association of Sibneft and the election of a new Board of Directors.

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