December 20, NKNK Board of Directors held its regular session.

Deputy General Director for Economics R. Akhmetov made a report on the Company's financial and economic activities. Commodity output in 2005 is expected to total RUR 39.8bn, this is 27% higher of the 2004 level in established prices, 10% higher – in comparable prices. The 2005 pre-tax expected gains will run to RUR 4bn.

The cur ren t year reached record outputs for bromo- and chromobutyl rubber, EPDM, PBN, ethylene, propylene, sty ren e and other products,

In 2005, “ Nizhnekamskneftekhim” INC undertook to transfer to the budgets of all levels RUR 3.5bn as taxation, the actual figure amounted to RUR 6.4bn.

As per the next year production program, the commodity output in established prices will reach RUR 41bn.

The Board of Directors approved of the Executive Management activities during 2005 and the production-economic activity program for 2006.

The Board also reviewed the issues relating to the Ethylene Complex upgrade and Polypropylene Plant construction.