Chelyabinsk, Russia – July 2, 2009 – On Tuesday, June 30, Chelyabinsk Zinc Plant (LSE, RTS, MICEX: CHZN) has held its Annual General Shareholders’ Meeting. Participants in the AGM, including shareholders and their representatives, control 73.46% of the Company’s voting shares. On behalf of the Board, Vsevolod Geikhman, General Director of CZP, presented the annual report and CZP’s financials for the year ended  December 31, 2008.The AGM approved the annual report and the financial statements, including the Profit and Loss Statement for 2008.  The AGM approved the allocation of undistributed profit based on the results of the 2008 financial year due to losses calculated from Company’s work results in the reporting year and voted in favor of not declaring and distributing dividends based on the results of the 2008 financial year. Shareholders also approved OOO Firma Audit-NAN and ZAO PricewaterhouseCoopers Audit as independent auditors of CZP for the year 2009.

Shareholders elected the Board of Directors and Internal Audit Commission of CZP. The following members were elected to the Board of Directors: Geikhman Vsevolod Vladimirovich, Shilov Alexei Valerievich, Johann Albrecht Adriaan (Hans) Bouman, Zatonsky Alexander Valentinovich,  Moiseyev Sergei Igorevich, Fedorov Alexander Anatolievich, Christian Schaffalitzky de Muckadell.

At the Board meeting held following the AGM, Vsevolod Gekhman was elected as Chairman of the Board. Alexandr Zatonsky was appointed as General Director. “Since year 2006 Board of Directors has been implementing the Company’s strategy aimed at increasing zinc production to 200,000 tonnes per year and ensuring CZP self-sufficiency in zinc concentrate by 2010. We have launched a number of large investment projects targeted at upgrading equipment and increasing efficiency of our facilities. In 2007 a new large-sized Waelz kiln was started. In year 2008 CZP put into operation fully reconstructed sulfuric system (system #4). While having consolidated Nova Zinc LLC, operator of Akzhal zinc and lead ore mine in Kazakhstan, and Brock Metal (UK supplier of zinc and aluminum die-casting alloys) we formed a vertically-integrated company and secured stable raw material supplies.

In current unstable market caused by global credit crunch, CZP will focus on the following objectives as its highest priorities for 2009: operating expenditures reduction; and maintaining the Company’s leading positions on the Russian market and strengthening the reputation of a reliable supplier to overseas consumers. I am highly confident that Vsevolod Geykhman’s and Alexandr Zatonsky’s great experience and knowledge will provide efficient management for the Company in current economic situation and they will successfully implement further Company’s development”, mentioned Sergei Moiseyev, ex-Chairman of the Board.