VSMPO-AVISMA schedules to finish the consolidated statements audit for the year of 2007 to IFRS in the 3rd quarter of 2008

In march of 2008 VSMPO-AVISMA started the consolidation statements audit for the year of 2007 per IFRS.

VSMPO-AVISMA corporation starting from 2002 has been submitting the financial accounts prepared per the general principles of the accounting in USA - US GAAP.

The decision to make up the consolidated statements for the year of 2007 per the international standards of financial accounting IFRS was made at the correspondence meeting of the VSMPO-AVISMA Board of Directors.

Upon the competition of the four international auditing companies the Board of Directors gave preference to the international auditing company PricewaterhouseCoopers, which will hold the audit of the consolidated statements of VSMPO-AVISMA.

Related to moving to the other international accounting standard, the corporation will account to IFRS for the year of 2007. Accounting for the year of 2006 will be submitted alias per the accounting standards US GAAP.