OREANDA-NEWS. On 1 August 2008 was announced, that at a meeting on 17th July 2008, the Board of Directors of OJSC OMZ (Uralmash-Izhora Group) (OMZ) set 1st September 2008 as the date for an extraordinary shareholders’ meeting (EGM) of the Company. Shareholders of record as of 18th July 2008 have the right to participate in the EGM.

The Board approved the following agenda for the EGM:

1. Approval of a major transaction, whose total amount is more than 25% but less than 50% of the book value of the Company’s assets and which at the same time is an interested-party transaction.

The transaction involves guarantees given by the Company in relation to obligations of OMZ B.V. and Middle Estate, s.r.o. (subsidiaries of OMZ).

The EGM will be held in absentee form. Ballots should be mailed to the below address and received by 1st September, 2008:

CJSC Novy Registrator

ul. Buzheninova, 30

Moscow, 107023

Russia

Shareholders can familiarize themselves with the meeting materials between 12th August and 1st September 2008, between 11a.m. and 5p.m., Monday to Friday, at the following address:

OMZ

ul. Timura Frunze, 24

Moscow, Russia 119021

Tel: (+7495) 662 1040, ext.1194

Fax: (+7495) 662 1041

For further information please contact Marina Nacheva, Head of Investor Relations, on (+7495) 662 1040, ext. 1494 or by e-mail at m.nacheva@omzglobal.com