Moscow Refinery Shareholders Set Dividend Rate for Preferred Shares, Approve Changes to Corporate Charter

Moscow, May 14, 2003. At an extraordinary meeting held on April 30, 2003, shareholders of the Moscow Refinery approved a measure stipulating that the company’s preferred shareholders will receive dividends equal to 10% of net profit for the reporting period.

Shareholders also endorsed changes to the corporate charter of the Moscow Refinery. The changes relate to the authorities of management structures and procedures for approving certain management decisions

An absolute majority of shareholders voted in favor of each of these measures.