June 30, 2003, Moscow, Russia
OAO OMZ held its General Shareholders’ Meeting (AGM) in Moscow earlier today. The shareholders approved the annual report on the company’s activities in 2002 presented by Mr. Sergei Nikolaev, deputy General Director of OMZ.
In addition, the shareholders approved the preferred stock dividend payout for 2002 in the amount of 12% of par value, which will be effected in cash no later than December 31, 2003.
The AGM approved a number of changes and additions to the Company’s Charter. The Charter will include an article stipulating the minimum number of independent directors to be elected to the OMZ Board of Directors to be three directors. If an independent director has served on the OMZ board for more than seven years he loses his independent status and would not be considered independent in the future.
The AGM also approved a number of regulating documents including the new edition of the Provision on the General Shareholders’ Meeting and the Provision on the Compensation of the members of the Board of Directors. In addition, it determined the number of members of the Board of Directors at seven members and elected a three-member Revision Commission.
The shareholders approved Prom-Invest-Audit as the auditor of OMZ’s financial reports prepared under Russian Accounting Standards.
The following members were elected to the OMZ Board of Directors:
Bendookidze Kakha Avtandilovich – CEO of OMZ
Braithwaite Rodric – member of the Consultative Board of Sirocco Aerospace
Wiesinger Horst – Managing Director of Horst Wiesinger Consulting GmbH
Kazbekov Alan Savelievich – member of OMZ Board of Directors
Kossolapov Mikhail Valerievich – General Director of “OMZ Offshore and Onshore”
Remes Seppo – President of Vostok Energo Investment Ltd.
Winer Marc - Winer Wolff Ltd, cofounder.
Four of the newly elected directors are independent.
The full name of the Company in Russian will be as follows: Otkritoe Akcionernoe Obshestvo Obedinyonie Mashinostroitelnie Zavody (Uralmash-Izhora Group); the abbreviated Russian name will be OAO OMZ. The name used in English will be OMZ.
For more information about OMZ please visit www.omzglobal.com or contact Marina Nacheva at (++7095) 974 6021, email: email@example.com.