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Dorogobuzh Annual General Shareholders Meeting Held on May 22, 2009

Valery Ivanov, Vice President, Development, was elected Chairman of the Board of Directors. The Board of Directors was formed as follows: Vladimir Kunitsky, Senior Vice President (First Deputy Chairman of the Board of Directors), Alexsey Gusev, Head of the Sales and Procurement Department (Deputy Chairman of the Board of Directors), Viktor Bocherikov, Executive Director, Alexei Milenkov, Financial Director, Tatyana Mikheyeva, Head for Economic Planning of the Economics and Financing Department, and Andrey Musatov, Executive Director of LLC DorogobuzhRemstroy.

Larisa Istomina, Olga Karmishina, Svetlana Loginova, Svetlana Maslo, and Lyubov Churkina were elected to the Internal Audit Team.

The shareholders meeting adopted a resolution not to pay dividends on ordinary and preferred shares of JSC Dorogobuzh for the fiscal year 2008 due to the incurred losses.

The shareholders meeting approved the annual report and the annual financial statements, including the profit and loss statement, as well as the allocation of Dorogobuzh’s profit and loss for the year 2008. A resolution to amend the Charter was adopted, and the amended Regulation on Dorogobuzh Managing Board was approved. The shareholders meeting named Dorogobuzh’s auditors as follows: LLC Baker Tilly Russaudit for RAS-based financial statements, and ZAO PricewaterhouseCoopers for IFRS-based financial statements.

The elected Board of Directors appointed Ivan Antonov as President of JSC Dorogobuzh. The Managing Board of JSC Dorogobuzh was increased to six persons, and now consists of Ivan Antonov, President (Chairman of the Managing Board), Oscar Valters, Vice President for Finance, Dmitry Golubkov, Vice President, Overseas, Vladimir Kunitsky, Senior Vice President, Svetlana Nemova, Vice President for Legal Affairs, and Alexander Popov, Senior Vice President.