Summary of the Extraordinary Meeting of Shareholders of OMZ OJSC of October 20, 2010

OMZ (Uralmash-Izhora Group) – results of  Extraordinary  Shareholders Meeting

On 20 October 2010 OMZ (Uralmash-Izhora Group) (OMZ) held an extraordinary shareholders’ meeting (EGM) of the Company in absentee form. Shareholders of record as of 3 September 2010 participated in the EGM.

The following decisions were taken at the EGM:

1. To approve an interested party transaction between OMZ and OJSC Gazprombank whereby Gazprombank (the Lender) will grant a loan to OJSC OMZ (the Borrower) in the amount equivalent to 10,000,000,000 (Ten billion) rubles for a period of up to 72 months at a rate not exceeding 18% per annum.

2. To approve an interested party transaction, namely: the conclusion of a loan agreement for the opening of a credit line with a limit of 3,100,000,000 (Three billion and one hundred million) rubles between OJSC Gazprombank (the Lender) and OMZ (the Borrower).

3. To approve an interested party transaction, namely: the conclusion of a loan agreement between OMZ and CJSC Forpost-Management.

4. To approve a related interested party transactions between OMZ and OJSC Uralmashzavod, namely: the supply of products according to the specifications under the Sale-Purchase Contract No. KOMZ/1000/04/78-10/424-005-3186 dated April 1, 2010.

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