24 October 2008, the Board of Directors of "Nizhnekamskneftekhim" INC held its regular session presided by V. Busygin, General Director of "Nizhnekamskneftekhim" INC – Deputy Chairman to the Board of Directors.

Before the session, the Board members visited a cogeneration unit GTU-75 implemented based on GE gas-turbine units and waste-heat boilers. This is one of the worldwide most cost-effective technologies intended for cogeneration of electrical power and heat energy.

In reviewing the agenda issues, the Board took into consideration the info on the feedstock supply to "Nizhnekamskneftekhim" INC and product supply interactivities among the businesses of "TAIF" Group companies. With this end in view, a Coordination Body has been established and it is functioning. Over the current year 9 months, a total volume of inter-supplies increased by 23% compared to the 2007 level.

The Board took into consideration the info on the efficient exploitation of the production facilities, approved of the programs progress in retrofitting, upgrading, revamping and replacing the electrical equipment, steam-heat supply systems and acknowledged as highly effective the implementations aimed to augment the utilities supply dependability at "Nizhnekamskneftekhim" INC.

V. Busygin, General Director of "Nizhnekamskneftekhim" INC, stated that due to the captive power plant GTU-75, the Company was considerably reducing the energy costs, thereby making its products more competitive. This up-to-date plant with a combined production cycle is currently operating at full capacity and will cover 25% of the Company's need in electrical power.

To further improve the level of the Company's corporate management, the Board approved the Board Member Corporate Ethics Code and approved of the activities on creating a multiple system of risk management and NKNK existing risks analysis in order to minimize them.

The Board members approved "Euro-Asia Registrar" Ltd ( Kazan ) as the Company's registrar, and principal terms and conditions of the Agreement on maintaining a register of the registered stock holders.