Board meeting of KAMAZ, Inc. has been held in Moscow today. Minister of Industry, Science and Technologies of the Russian Federation, Ilya Klebanov, has been elected Chairman. He kept this post. Apart from electing Chairman, Board meeting defined the size of payment for the services rendered by the auditor of KAMAZ, Inc. It should be noted here that at the annual report-back meeting the shareholders elected “Audit & Consulting Company” (Kazan city) to perform this activity.

It was also today that KAMAZ, Inc. Board of Directors allowed to use the reserve fund of the company to cover losses of the past years. Now the reserve fund makes one billion eight hundred sixty eight million eight hundred and eighty thousand rubles. The last issue of the meeting agenda was approving the plan of KAMAZ, Inc. Board of Directors work within the period from July of this year till July 2004.