On December 24, 2004 OMZ (Uralmash-Izhora Group) held an extraordinary shareholders’ meeting (EGM). Investors holding 59.2% of the voting shares of the Company took part in the meeting.

The EGM approved:
a) changes to the Company Charter;
b) the Regulation on the Management Board of OMZ (Uralmash-Izhora Group);
c) PriceWaterhouseCoopers as the external auditor of the Company;
d) related party transactions that could be executed by the Company in the course of its day-to-day operations.

The changes to the Charter and the Regulation on the Management Board of OMZ were introduced to ensure compliance with the requirements of the Russian Federal Service on Financial Markets.

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