The Board of Directors of OMZ (Uralmash-Izhora Group) set the date for this year’s Annual General Meeting (AGM) and the record date for holders who will be allowed to participate in the meeting. The Company’s 2004 AGM will take place on Wednesday, 30 June 2004 in Moscow, Russia. The meeting will be open to all holders of record as of 11 May 2004. The time and place of the AGM will be announced no later than 10 June 2004 on the Company’s website www.omz.ru.

For further information please contact Marina Nacheva, Head of Investor Relations, on (++7095) 974 6021 or by e-mail at mnacheva@omz.ru