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Dorogobuzh Holds Annual General Meeting on May 20

The shareholder meeting approved the annual report and accounting statements, including profit and loss statements, allocation of Dorogobuzh’s 2010 profit, amended charter and regulation on Dorogobuzh Board of Directors.

Shareholders resolved to pay 2010 dividend of RUB 1 per share on Dorogobuzh preferred shares. No dividend will be paid on common shares.

The general meeting elected Dorogobuzh Board of Directors consisting of

• Viktor Bocherikov, Executive Director
• Alexei Gusev, Head of the Sales and Procurement Department
• Tatyana Mikheyeva, Head of the Economic Planning Division under Economy and Finance Department
• Andrei Musatov, First Deputy CEO of North-Western Phosphorous Company
• Alexander Popov, Senior Vice President
• Ilya Popov, Head of Investor Relations Division
• Dmitry Khabrat, Deputy Head of Acron 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 general 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.