VSMPO-AVISMA to Increase Titanium Products Output up to 44 thou. Tons by 2012

The board of directors has made a decision to additionally study questions related to amount of investments and mechanisms of financial supplies to carry out the development program. The board of directors has also approved provisions about dividend policy of the corporation, the period of validity of which has been prolonged up to 2012. Principle change in the new version of the provisions has become changes in the dividends calculation basis. According to the previous version the amount of dividends was recommended by the board of directors as no less than 10% of the net profit defined according to US GAAP standards, whereas the new version defines the amount of dividends as no less than 10% of the net profit calculated according to requirements of the Russian accounting standards.