OMZ announced results of Annual General Meeting

OMZ (Uralmash-Izhora Group) held its Annual General Meeting  in Moscow on 28 June, 2007.

More than 89% of shareholders participated in the meeting. All resolutions put to shareholders’ vote were duly passed.

Shareholders approved the Company’s 2006 annual report and accounts prepared to Russian Accounting Standards, as well as the Company’s Revision commission report. A decision was taken not to pay dividends on common shares, while a preferred stock dividend payout for 2006 was approved in the amount of 12% of par value.

In addition, shareholders were given information on the 2006 annual audited financial results of the Company prepared to International Financial Reporting Standards. Revenues in 2006 rose 11% to reach $667mln and profit for the year from continued operations stood at $28.6mln.

1. Dmitry Bakatin – Managing Director, Moscow Representative Office of “Sputnik Investment Ltd.

2. Seppo Remes – Senior Advisor ZAO FIM Financial Services

6. Ilya Eliseev – Deputy Chairman of the Management Board, ZAO AB “Gazprombank”

7. Andrey Kormilitsin – Director, Corporate Finance Department, ZAO AB “Gazprombank”

8. Alexey Matveev - Deputy Chairman of the Management Board, ZAO AB “Gazprombank”

Shareholders approved Rosexpertiza as the Company’s statutory accounts auditor and PriceWaterhouseCoopers as the Company’s IFRS accounts auditor for 2007.

Shareholders approved the compensation of the Board members for their service in the 2006-2007 period as well as the Provision on the Compensation of the members of the Board of Directors for the 2007-2008 period. In addition, they elected a three-member Revision Commission, approved changes to the Company Charter and Provision on the Management Board in compliance with requirements of the Federal Agency on Financial Markets and approved possible future interested party transactions, executed by the Company in the course of its day-to-day operations.