At a meeting on 14 July 2004 the Board of Directors of OMZ (Uralmash-Izhora Group) set 9 August 2004 as the date for the repeat shareholders’ meeting (RAGM) of the Company. The meeting will be open to all holders of record as of 11 May 2004. The RAGM will commence at 11a.m. at the Marco Polo Hotel, Moscow.

The Company is holding a repeat AGM as the original AGM set for 30 June 2004 did not take place due to a lack of quorum.

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