TMK: General Meeting of Shareholders of the Company was held in Moscow on June 30, 2009

Shareholders approved the annual report and financial statements for the 2008 financial year as well as elected the Board of Directors and the Audit Commission. OOO «Ernst&Young» was approved to be OAO «TMK» auditor. Shareholders also voted against the payment of 2008 dividends.

The AGM agreed that the Board of Directors shall continue to be comprised of ten members, including five independent directors. Mukhadin Eskindarov, Andrey Kaplunov, Igor Khmelevsky, Josef Marous, Sergey Papin, Thomas R. Pickering, Dmitriy Pumpyanskiy, Geoffrey Townsend, Alexander Shiryaev and Alexander Shokhin were elected to the Board of Directors.

«The Company understands and respects the shareholders’ decision not to pay 2008 dividends. In the current global financial environment, this decision supports TMK’s financial strategy which is currently focused on restructuring and reducing the Company’s debt level», said TMK CEO, Alexander Shiryaev.