Summary of the Extraordinary Meeting of Shareholders of OMZ OJSC of  March 16, 2009

On 16 March 2009 OMZ (Uralmash-Izhora Group) (OMZ) held an extraordinary shareholders’ meeting (EGM) of the Company in absentee. Shareholders of record as of 27 January 2009 could participate in the EGM.

Shareholders approved the following future interested party transactions:

1. Approval of possible future interested party transactions with OJSC Gazprombank, executed by the Company in the course of its day-to-day operations, with total value not exceeding 6 billion rubles.

2. Approval of possible future interested party transactions with  OJSC  Gazprombank, executed by the Company in the course of its day-to-day operations - conclusion of contracts of guarantee for the discharge of the obligations of  OJSC Izhorskiye Zavody to  OJSC Gazprombank, with total value not exceeding 3.8 billion rubles.

3. Approval of possible future interested party transactions with  OJSC Gazprombank, executed by the Company in the course of its day-to-day operations - conclusion of contracts of guarantee for the discharge of the obligations of   IZ Kartex  Ltd. to  OJSC  Gazprombank, with total value not exceeding 1.6 billion rubles.

4. Approval of possible future interested party transactions with  OJSC  Gazprombank, executed by the Company in the course of its day-to-day operations - conclusion of contracts of guarantee for the discharge of the obligations of   OMZ Special Steels Ltd.  to  OJSC  Gazprombank, with total value not exceeding 1.1 billion rubles.

5. Approval of possible future interested party transactions with AK Sberbank, executed by the Company in the course of its day-to-day operations, with total value not exceeding 7.5 billion rubles.

6. Approval of an interested party transaction – entering into a contract with  OJSC  Gazprombank for the pledge of shares in  CJSC  Atomstroyexport in guarantee of the discharge of the obligations of OMZ B.V. according to the Contract for Opening of a Credit Line No: № 227/08-P from 22 December 2008, with a total value not exceeding 960 million rubles at an annual interest rate of 10.5%.

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