OREANDA-NEWS. July 14, 2009. Statement of Onarbay Enterprises Limited, Cyprus, the holder of 82.6086 % of ordinary shares of OJSC Belon, on the Decision of the General Meeting of Shareholders of OJSC Belon on payment of dividend for 2008 financial year.

On June 25, 2009, the General Meeting of Shareholders of OJSC Belon decided to pay/declare dividend based on the results of the financial year of 2008. However, in view of the opinion of the Director General of OJSC Belon, Andrey Dobrov, passed in relation to the impossibility of taking out money from the Company during the current economic recession, we hereby notify OJSC Belon, its shareholders, investors and all the parties concerned of the following.

The current economic situation has a direct influence on the activities of the majority of companies of Russia, and of Kuzbass in particular. This is aggravated by a sharp drop in prices for coal products, payment delays by coal consumers, and difficulties raising debt. In view of the above, we, Onarbay Enterprises Limited, Cyprus, as the majority shareholder of OJSC Belon, consider it necessary to accept the position of Belon's management and consent to defer payment of dividend announced for 2008 until December 31, 2010.

It is our opinion that this decision best meets the current interests of OJSC Belon, as this will contribute to improving the Company’s liquidity, support Belon in the prevailing financial and economic conditions, and safeguard interests of both labour collectives of OJSC Belon and its subsidiaries and the areas covered by the Company.