YUKOS to change ADR conversion ratio for its shares

YUKOS's Board of Directors decided to change its ADR first-level program conversion ratio. Starting May 23, 2003, the ratio will be changed from the company's 15 common shares for 1 ADR down to 4 common shares for 1 ADR. The owners of the American Depositary Receipts (ADR) issued for YUKOS's stocks will additionally receive 2.75 ADRs for every ADR they own, the company's press service reported.

According to YUKOS Chief Financial Officer Bruce Misamore, the price for one YUKOS ADR has grown by 4 times since the first issue of ADRs on YUKOS's stocks in March 2001. Since the beginning of 2003, the prices for YUKOS ADRs varied from $133.1 to $191.0 per 1 ADR (as of May 16, 2003).

At present, some 13.6 percent of the company's shares are traded on foreign stock markets in ADRs.

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