PRESS OFFICE STATEMENT

Wednesday, December 20, 2000

Today in Moscow the Investor Protection Association has announced the results of the survey "Best and Worst Manager" initiated by the association to determine who were the best and worst managers of the largest Russian companies in 2000. LUKOIL President Vagit Alekperov was declared the winner of the "Best Manager" award.

The best manager was chosen from Russian companies listed in the Russian Trading System. Managers' performance was evaluated in eight criteria showing the quality of corporate governance, including strategic direction of company, overall profitability of the company, financial performance, dividend policy, protection of minority rights, quality and timeliness of financial reporting, corporate transparency.

The Investor Protection Association has been formed by twenty three of the largest Russian and foreign investors based on the Russian market, including Brunswick Capital Management, Deutsche Bank AG, Chase, Hermitage Capital Management, Prosperity Capital Management, United Financial Group, Troika Dialogue, NIKoil.