Victor Rashnikov was again elected the Chairman of the Board of Directors

The Annual General Shareholders’ Meeting was decided that the dividends on ordinary shares based on the Company’s 2006 results will be paid in the amount of 0.891 rubles per share. The new Board of Directors of OJSC “MMK” was elected.  The Board of Directors includes: A. Gorodisski, S. Krivoschekov, K. Liovin, Sir David Logan, A. Morozov, V. Rashnikov, Z. Rustamova, G. Senichev, R. Takhautdinov, Peter Charow.  Five out of ten elected Board members meet the criteria of an independent director under Russian law.

The Annual General Shareholders’ Meeting elected the Internal Audit Committee which is comprised of three members.  ZAO “Deloitte & Touche CIS” was approved as the auditor of OJSC “MMK”.

 After the Annual General Shareholders’ Meeting, the Board of Directors held its first meeting of the new Board.  Victor Rashnikov was again elected the Chairman of the Board of Directors.