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    ARREST OF YUKOS-OWNED SIBNEFT SHARES EXTENDED

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    MOSCOW, April 2, 2004. (RIA Novosti) -- The Moscow Court of Arbitration extended the arrest of 2.7 billion shares of Sibneft company (57.5% of the authorized capital) which belong to YUKOS.

    Earlier, the arrest was imposed as a security measure within the framework of the appeal of former SIBNEFT public company's shareholders against the court ruling dated March 1, which recognized as invalid the additional emission of the NK YUKOS public company's shares.

    RIA Novosti learnt about this during the court's session.

    In addition, the court banned Deutsche Bank and the Register-M company, the SIBNEFT register holder to dispose of the YUKOS shares in the amount of the disputed additional emission.

    The former SIBNEFT shareholders - Nimegan Trading Ltd. and Gemini Holding Ltd. companies - filed a suit to the federal commission on securities market of the Russian Federation (now the federal service on financial markets in Russia) and to YUKOS last January. They believe that when conducting additional emission of the YUKOS company's shares on July 22 2003 the provisions of the Law on Securities Market were violated.

    The plaintiffs, in particular, said that a full list of the necessary documents was not submitted and the corresponding procedure time-limits were not observed when the emission was formalized.

    The first instance of the arbitration recognized the registration of that emission as illegal, and the issuing of shares as invalid thus satisfying the suit. But this decision was appealed by the winning side. The former shareholders of SIBNEFT ask in their appeal to change the reasoning part of the resolution.

    The disputable package of SIBNEFT shares was arrested when the suit was filed. The court today dismissed the YUKOS complaint which asked to cancel these security measures.

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