OMZ (Uralmash-Izhora Group) held its Extraordinary Shareholders’ Meeting (EGM) in Moscow on 24 August 2004. 56.61% of shareholders participated in the meeting.

The EGM was called by a large OMZ shareholder and the meeting agenda included the early termination of the powers of the current Board of Directors and the election of a new one.

The following members were elected to the OMZ Board of Directors:

Horst Wiesinger - Managing Director of Horst Wiesinger Consulting GmbH (Independent director)
Seppo Remes – President, Kiuru Partners (Independent director)
Zubarev Boris Matveevich – General Director, First Mining Company (Independent director)
Gavrilenko Anatoly Anatolievich – General Director, Lider (Non-executive director)
Kazbekov Alan Savelievich –Almaz Shipbuilding Company Board member (Non-executive director)
Kop Yakov Yakovlevich – Head of HR, OMZ (Executive director)
Lipsky Sergey Vadimovich – CEO, OMZ (Executive director)
Sergeev Evgeny Dmitrievich – General Director, Izhorskiye Zavody (Executive director)
Buyak Liudmila Yosifovna – Corporate Secretary, OMZ (Executive director)

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