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Dorogobuzh Holds Annual Shareholders Meeting on May 21

The shareholders meeting approved the annual report and accounting statements, including profit and loss statements, and allocation of Dorogobuzh’s 2009 profit.

Shareholders resolved to pay dividends for 2009 on Dorogobuzh preferred shares in the amount of 20 kopecks per share. No dividend will be paid on Common shares.

The meeting elected the Dorogobuzh Board of Directors:

• Viktor Bocherikov, Executive Director
• Alexei Gusev, Head of the Sales and Procurement Department
• Oleg Kornyshev, Head of the Corporate and Legal Division
• Tatyana Mikheyeva, Head of the Economic Planning Division under the Economy and Finance Department
• Andrei Musatov, Executive Director of DorogobuzhRemstroy
• Alexander Popov, Senior Vice President
• Dmitry Khabrat, Deputy Head of the Foreign Trade Division

The meeting also elected the Internal Audit Team (Larisa Istomina, Svetlana Loginova, Svetlana Maslo, Galina Shapkina and Luibov Churkina) and approved Baker Tilly Russaudit as the RAS auditor and PriceWaterhouseCoopers as the IAS auditor for Dorogobuzh’s annual accounting statements.

The shareholders meeting was followed by the first Board of Directors meeting. Alexander Popov was elected to chair the Board of Directors and Viktor Bocherikov was elected his deputy. Ivan Antonov was reappointed Dorogobuzh CEO. The Board of Directors established Dorogobuzh’s Managing Board, consisting of Ivan Antonov, CEO (Chairman of the Managing Board); Oscar Valters, Vice President for Finance; Dmitry Golubkov, Vice President Overseas; Vladimir Kunitsky, Senior Vice President; Alexei Milenkov, Finance Director; and Alexander Popov, Senior Vice President.