[Goldfisch]

Analysts comment on LUKoil dividends

RBC, 22.02.2005, Moscow 13:46:30.Analysts believe that LUKoil will allocate 27 percent of its net income for dividend payments for 2004. Earlier the company said that it was to allocate up to 40 percent of its net profit for dividend payments. LUKoil wants to boost its financial results by 100-150 percent by 2013-2014. Industry observers believe that LUKoil shares could increase 12 percent to USD36.82 by this time. However, one should not expect dividends to amount to 40-percent of net income as soon as this year.

In 2003, LUKoil spent 28 percent of its net profit on paying dividends (RUR19.5 per share). In 2003 it allocated 27 percent of its net income for dividend payments.