TMK approved a 2006 dividend of 4.3 RUR per share

Shareholders elected the Board of Directors and the Auditing Committee, as well as approved the annual report and financial statements, for the 2006 financial year. OOO "Ernst&Young" was approved to be OAO “TMK” auditor.

The AGM approved a 2006 dividend of 4.3 RUR per TMK share (1 GDR = 4 shares). A total of RUR 3,753,904,300.00 shall be paid out as dividend by August 24^th 2007.

The AGM agreed that the Board of Directors shall be comprised of ten members, including four independent directors. Piotr Galitzine, Andrey Kaplunov, Adrian Cobb, Josef Marous, Sergey Papin, Dmitriy Pumpyanskiy, Geoffrey Townsend, Igor Khmelevsky, Alexander Shiryaev, and Mukhadin Eskindarov were re-elected to the Board of Directors. At the Board meeting held following the AGM, Dmitriy Pumpyanskiy was re-elected as Chairman of the Board.