Tube Metallurgical Company JSC held the annual general meeting on June 30, 2006. The shareholders elected the Board of Directors, the inspection committee, and company’s Auditor, Ernst and Young Ltd. They also approved of the company’s annual report and of the accounting report and decided to declare the dividend of .54222 RUR per ordinary share for 2005.

The new Board Members are Adrian Cobb, Muhadin Eskindarov, Petr Golitsin, Andrey Kaplunov, Igor Khmelevskiy, Josef Maru, Sergey Papin, Dmitriy Pumpyanskiy, Alexander Shiryaev, and Geoffrey Townsend. Dmitriy Pumpyanskiy was elected Chairman.