TMK Annual General Meeting of Shareholders

TMK announces that the Annual General Meeting of Shareholders of the Company was held in Moscow on June 27, 2008.

 

The AGM approved a 2007 dividend of 1.03 RUR per TMK share (about $ 0.17 per 1 GDR*, 1 GDR = 4 shares). A total of RUR 899,191,030.00 (around $ 37.7 mln) shall be paid out as dividend by August 26^th 2008.

 

In December 2007, TMK’s shareholders approved interim dividends, for the first 9 months of 2007, of RUB 3.63 per share (approximately $ 0.58 per GDR), for a total RUB 3,168,993,630 (approximately $ 128 mln at the exchange rate of the announcement date).

 

Shareholders approved the annual report and financial statements for the 2007 financial year as well as elected the Board of Directors and the Audit Committee. OOO «Ernst&Young» was approved to be TMK auditor.

 

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