Chronological Table of Events Surrounding Yugraneft

Date	Event
23 Nov 00	Agreement reached to establish OOO NK Sibneft Yugra ("SY"). In accordance with the agreement, Sibneft and Yugraneft (controlled by Sibir Energy) hold 50 percent stakes in the charter capital.
10 Jan 01	Sibneft Vice President Andrey Matevosov named Sibneft Yugra general director.
23 Mar 01	Mr. Matevosov is appointed general director of Yugraneft.
25 Oct 01	Moscow city government and Sibir Energy agree to create the Moscow Oil and Gas Company (MOGC), a vertically integrated oil company, to serve Moscow and the Moscow region. According to the plan, Sibir Energy will transfer its stake in Sibneft Yugra to the MOGC in return for a minority stake. A controlling stake is to be held by the Central Fuel Company (CFC) of Moscow.
26 Dec 01	In accordance with the agreement between Sibir and Sibneft, Yugraneft licenses are transferred to SY.
30 May 02 — 27 Mar 03	Yugraneft assets necessary for oil extraction are transferred to Sibneft Yugra.
10 Sep 02	Board of Directors of Yugraneft decides to replace Mr. Matevosov with Mark Tolly as general director, but the decision was not enacted. Despite this decision, Mr. Matevosov continues to use his powers as general director to act in the interests of Sibneft until 26 February 2004.
28 Sep 02	First stage of illegal dilution of Yugraneft's stake in Sibneft Yugra. David Davidovich (manager at Millhouse Capital, which controls Sibneft), acting on the basis of a power of attorney issued by Mr. Matevosov, representing Yugraneft, and Sibneft First Vice President A. Korsik on behalf of Sibneft decide to increase the charter capital from RUR10,000 to RUR100,000 (an increase of $2,848), and to include as stakeholders the offshore companies Shaw, Carroll and Tranquillo, which were represented by A. Andreeva, M. Truskolyavskaya and O. Efremov respectively, and acted in the interests of Sibneft. As a result, Yugraneft's stake in Sibneft Yugra decreased from 50 percent to 5 percent, and the remaining 45 percent was taken up by the above-mentioned offshore companies.
4 Feb 03	Second stage of illegal dilution of Yugraneft's stake in Sibneft Yugra. David Davidovich, acting on the basis of a power of attorney issued by Mr. Matevosov, represented Yugraneft, and Sibneft First Vice President A. Korsik on behalf of Sibneft, as well as A. Andreeva, M. Truskolyavskaya and O. Efremov (representatives of the offshore companies), decided to increase the charter capital from RUR100,000 to RUR520,000, or approximately $13,291. As a result of Mr. Davidovich declining Yugraneft's right to increase its share, the company's stake is decreased from 5 percent to less than 1 percent.
29 Oct 03 — 3 Nov 03	The offshore companies that now own stakes in Sibneft Yugra sell their stakes to the companies Ferenco, Richard and Gregory. The new companies are headed by D. Elia, A. Evdokimova and A. Osipov. A. Osipov is head of the Millhouse Capital Mergers and Acquisitions Department. Mr. Matevosov declines Yugraneft's pre-emptive right to purchase the stakes for a price of approximately $2700.
April 2004	In connection with the final stages of creating the MOGC, it is discovered that Sibir Energy's stake in Sibneft Yugra is less than 1 percent, meaning that Sibneft and associated companies own a total stake of over 99 percent.
May 2004	Court proceedings to reinstate Yugraneft's rights that were violated in relation to Sibneft Yugra begin.
30 Jun 04	Sibneft announces in its GAAP-audited financial results that Sibneft Yugra minority shareholders hold a 1 percent stake in the JV, and that Sibneft owns 99 percent.