The Board of Sibir (the "Board") notes the announcement of a fixed price reverse accelerated bookbuild to buy shares in Sibir by Credit Suisse International on behalf of TNK-BP at £4.30 per share. The bookbuild is a market operation which does not involve the co-operation of Sibir. 

The Board confirms that no approach has been made by TNK-BP to Sibir or to its advisers.

However, Sibir has received an informal approach from another party in relation to a possible offer for Sibir. Discussions with that party are at a very preliminary stage and there can be no guarantee that an offer for Sibir will be forthcoming.

Further announcements will be made as and when appropriate.