Business ownership structure

Yuguralzoloto Group has converted its 8.25% stake in Petropavlovsk bonds maturing in 2024 into shares. The $28.4 million conversion is aimed at reducing the debt burden and is intended to facilitate the adoption of Petropavlovsk's dividend policy in the interests of all shareholders, primarily minority ones. The company does not expect Petropavlovsk to resort to cash payment, but will allow all holders of the securities to convert the bonds into shares.