Rosneft to convert its preferred stock into common stock

The Board of Directors of Rosneft made a decision to hold an extraordinary general shareholders' meeting, which is expected to consider an issue of unifying the shareholder capital of the company to boost the effectiveness of its management. As the company's press service reported to RBC, according to the decision made on July 24, the company is planning to convert all its preferred shares into common shares in 2003. In view of that, the Board of Directors of Rosneft proposed to the shareholders' meeting to make an additional issue of common shares in the volume of outstanding preferred shares. Rosneft's extraordinary general shareholders' meeting will be held through absentee voting not later than mid-September of 2002.

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