The annual meeting held at Pervouralskiy Novotrubniy Zavod JSC, tube works of Pervouralsk and attended by shareholders holding the total of 91.85% of shares resulted in the decision to pass the dividends for 2005 and invest the money in the company’s strategic development; the top priorities of this development plan had been set up by the Board of Directors.

The shareholders also agreed in the annual report, the accounting report, and the P & L statement for 2005. The company made 4.738bn RUR in sales profits; the net profit came to 1.984bn according to the Russian accounting standards.

The meeting was adjourned with the approval of the amendments to the company’s Charter and the Provision concerning the Board of Directors brought about by the changes in the number of Board Members. The shareholders elected the inspection committee, agreed on the corporate culture policy statement and voted for the following Board Members: Mayor of Pervouralsk Vitaliy Volf, Alexander Karpov, Yanina Kotilevskaya, Sergey Moiseev, Melik Mori, Sergey Mori, Alexander Pribludov, Vitaliy Sadykov, and Alexander Fyodorov. The Board elected Alexander Karpov Chairman.

The company decided to choose Audit Classic CJSC as its independent auditor for 2006.