No. 1, 2004

November 10, 2003: In Moscow, His Holiness Patriarch Alexy II of Moscow and All Russia, the Primate of the Russian Orthodox Church, awarded Vagit Alekperov, President of LUKOIL, the order of Prince St. Vladimir the Blessed, and Sergey Kukura, LUKOIL First Vice-President, the order of St. Sergius of Radonezh.

November 11, 2003: In Kiev (Ukraine), at the 10th jubilee ceremony to award the prizes of the “Golden Fortune” International Academic Rating, LUKOIL received the highest prize in the “Guarantor of Quality and Reliability in the Oil Production and Refining Industry” nomination – a statuette named “The Silver Goddess of Fortune with a Golden Sword.” The prize was accepted by Dmitry Tarasov, LUKOIL First Vice-President.

November 11, 2003: JSC LUKOIL-Komi and the interregional public association Komi Voityr (The People of Komi) signed an agreement on cooperation. The main articles of the agreement provide for cooperation in solving ecological problems, as well as for the company's commitment to allocate material and financial resources for the industrial, economic and cultural development of areas with the predominant Komi population.

November 20, 2003: LUKOIL Overseas Holding Ltd. produced its one-millionth ton of oil at the WEEM oil field (the Arab Republic of Egypt). Its currently operating 18 wells produce an average of 83.6 tons of crude oil a day.

November 21, 2003: In Geneva (Switzerland), LUKOIL Board of Directors held a guest session to adopt a program for the strategic development of LUKOIL Group in the 2004-2013 period. The program provides for a 100-150% increase in the basic financial indices and an 80% increase in hydrocarbon production, with investments exceeding $25 billion.

November 22, 2003: Ukraine Holding became a prize-winner of the “Golden Trademarks of 2003” International Contest which traditionally featured the trademarks, companies and organizations which had made the most important contribution to Ukraine's development and to forming its international image.

November 27, 2003: In the Republic of Ukraine, JSC LUKOIL-Odessa Refinery became the winner in the ”Company” nomination of the All-Ukraine contest “The Leader of the Fuel and Energy Complex-2003”

December 4, 2003: LUKOIL President Vagit Alekperov was appointed a member of the Foreign Investments Council of the Republic of Kazakhstan. The Council's main aim is to facilitate foreign investments and to create a favorable investment climate in the country. Among the members of the Council are representatives of major foreign investors from the leading industrial countries of the world. LUKOIL is the only Russian company represented on the Council.

December 8, 2003: JSC LUKOIL-Perm won “The Best Russian Company” contest for the sixth time running. This all-Russia contest was organized by the Russian Union of Industrialists and Entrepreneurs and the Chamber of Commerce and Industry of the Russian Federation. This year, competing in different nominations were 600 companies from 41 regions of Russia.

December 9, 2003: LUKOIL-Neftekhim Group and Russia's D.I. Mendeleyev University of Chemical Technology signed an agreement on cooperation. Taking part in the signing ceremony were: Alexey Smirnov, General Director of LUKOIL-Neftekhim; Sergey Komarov, LUKOIL-Neftekhim Deputy General Director for development and marketing; Pavel Sarkisov, Mendeleyev University President; Viktor Ivanov, President of the Russian Union of Chemists; and Sergey Golubkov, Vice-President of the Russian Union of Chemists.

December 11, 2003: In Kiev, President of the Republic of Ukraine Leonid Kuchma and LUKOIL President Vagit Alekperov held talks to discuss progress in implementing several of the Company's investment projects in Ukraine.

December 16, 2003: In Moscow, LUKOIL International Association of Trade Union Organizations (IATUO) held a report-and-election conference at which it concluded an agreement for 2003-2005 with Company's management. The agreement contains over 200 commitments made by LUKOIL to its employees, which is twice as many as was contained in the previous agreement. The conference elected Georgy Kiradiyev, ex-mayor of Kogalym (the Hanty-Mansi Autonomous-District), Chairman of the IATUO Council.

December 18, 2003: LUKOIL President Vagit Alekperov went on a business trip to the Tyumen Region. During a meeting with Sergey Sobyanin, Governor of the Tyumen Region, the two sides expressed readiness to sign a new agreement on cooperation between the Company and the region. In 2004, LUKOIL plans to invest about $20 million in the Tyumen Region.

December 19, 2003: In London, the International Finance Review named the syndicated loan of $765 million obtained by LUKOIL Group last October “the best emerging market transaction in 2003.” The aim of borrowing was to replenish the Company's working capital in order to finance operations involving export payments, short-term debt restructuring, investment program funding, and corporate needs coverage.

December 23, 2003: In Moscow, LUKOIL President Vagit Alekperov and Vyacheslav Pozgalyov, Governor of the Vologda Region, signed an agreement on social and economic partnership between the Company and the regional government. The agreement provides for mutual assistance in elaborating and implementing programs of enhancing the quality and environmental safety of the petroleum products used on the territory of the region, expanding the network of wholesale and retail outlets dealing in petroleum products and relevant services, as well as improving the employment situation in the region.

December 24, 2003: LUKOIL was named the winner of the “Best Russian Companies of 2003” contest in the “Best Russian Stock Market Issuer” nomination. The contest was organized by the Russian Union of Industrialists and Entrepreneurs and the Chamber of Commerce and Industry of the Russian Federation. The nomination was instituted by the Moscow Interbank Currency Exchange.

December 29, 2003: A delegation of LUKOIL held talks in Iraq, discussing matters relating to the Company's participation in developing the Western Kurna-2 oil field.

January 9, 2004: LUKOIL President Vagit Alekperov, President of KazMunayGaz Uzakbay Karabalin, and General Director of KazMunayTeniz Bakhytzhan Khasanov signed in Astana (Kazakhstan) an agreement under which LUKOIL acquires a 50% share in the PSA for the Tyub-Karagan offshore. Also, the agreement to conduct a geological survey on the Atashsky sector on parity basis has been signed.

January 12, 2004: LUKOIL Vice-President Anatoly Barkov and First Vice-President of the Russian Olympic Committee (ROC) Vladimir Vasin signed a License Agreement, under which the ROC grants exclusive rights to LUKOIL to place the Committee's trademark on its products and in return the Company will finance the preparation of Russian athletes for the upcoming Olympic Games in Athens.

January 13, 2004: LUKOIL Board of Directors reviewed preliminary results of the Company's performance in 2003. Overall production by LUKOIL Group last year was about 81.5 million tons. Gas production in 2003 was 5.5 billion cubic meters, which is 8% higher than in 2002. LUKOIL's efforts to strengthen its financial position and improve corporate governance merited a raise of the Company's credit rating by Moody's in October 2003 to Ba2, the highest credit rating ever awarded to LUKOIL by the company.

January 15, 2004: In Astana (Kazakhstan), President of LUKOIL Overseas Holding Andrey Kuzyaev and General Director of KazMunayTeniz Bakhytzhan Khasanov signed a Joint Operating Agreement on the Tyub-Karagan offshore project in the Kazakh sector of the Caspian Sea. Operating companies are to be established for implementation of both projects on a parity basis in Western Kazakhstan.

January 26, 2004: LUKOIL was granted the right to conclude an agreement with the Government of Kingdom of Saudi Arabia for the exploration and development of natural gas and gas condensate deposits in Block A. To implement the project, a joint company with the State oil company Saudi Aramco will be established within a month; LUKOIL will hold an 80% interest in this company. On behalf of LUKOIL, the project will be implemented by LUKOIL Overseas Ltd. It is expected that a concession agreement between the Government of Saudi Arabia and the producing company on the exploration and development of natural gas and gas condensate deposits of Block A for a period of 40 years will be signed in March 2004.

January 28, 2004: LUKOIL President Vagit Alekperov visited the Sverdlovsk Region. During the visit he met with Eduard Rossel, Governor of the Sverdlovsk Region. The sides signed an agreement on cooperation between the Region and the Company. The cooperation will include more extensive economic interaction between the Region and LUKOIL, supplies of high-quality petroleum products to the region and implementation of environmental initiatives.

January 29, 2004: LUKOIL agreed to acquire 795 gasoline filling stations from US-based oil major ConocoPhillips in the States of New Jersey and Pennsylvania, USA, for $265,75 mln. The volume of acquired retail network is 1.2 bln. gallons and will allow the Company to double its market share in the Northeast USA. Expansion in new markets will allow the Company to intensify its production projects in Timan-Pechora oil- and gas-bearing province and double the production volume.

February 2, 2004: LUKOIL was announced a winner of the All-Russian Contest "People's Trademark-2003" in the "Best Motor Oil" nomination for the second time. According to the conditions of the Contest, LUKOIL acquired the right to place the "People's Trademark-2003" logo on its products during two years.

February 3, 2004: President of Ukraine Leonid Kuchma met LUKOIL President Vagit Alekperov. The two sides discussed the current activities of LUKOIL in Ukraine and, in particular, Company's investment program for the LUKOR petrochemical company (the Ivano-Frankovsk Region).

February 4, 2004: In Krasnodar, Governor of the Stavropol Territory Alexander Chernogorov met President of LUKOIL-Neftekhim Alexey Smirnov. The two sides discussed the perspectives of social economical development of the Territory and its further cooperation with the Company.