GENERAL MEETING OF METAFRAX SHAREHOLDERS

General Meeting of Metafrax (Gubakha, Perm krai) shareholders was held on 24th of April. The shareholders have approved annual accounting balance sheet, profit and loss statement, independent auditor's and audit commission report.

The company's shareholders have decided to pay 0,1 ruble dividend per 1 ordinary share with nominal value of 1 ruble; dividends amount is unchangeable since 2001. In 2007 the total amount of paid dividends will be 32 million 613,7 thous. rubles.

OOO "BDO Unikon Perm" was appointed as the JSC Metafrax Auditor for the year 2008.

The following persons became the members of the Board of Directors: Armen Garslyan (Vice Director General of JSC Metafrax), Oleg Gordienko (Head of Economic and Finance Department of TD Metafrax Ltd.), Vladimir Daut (Director General of JSC Metafrax), Dmitriy Kravchek (Vice-Director of Metastroi Ltd.), Vasiliy Kurilo (Vice Director General on Economy and Finances of Sibmetakhim Ltd.), Viktor Maier (Executive Director of JSC Metafraks), Valeriy Pureev (Deputy Chief of Security Department of Tomskneftekhim Ltd.).

Armen Garslyan was re-elected as the Chairman of the Board of Directors.

The shareholders have also decided to make amendments to the Company's Articles of Association related to dates of extraordinary general meetings of shareholders.

The JSC Metafrax shareholders' meeting has summarized the company's results for the year 2007.

As Vladimir Daut, Director General of JSC Metafrax, says "The company was a successful in 2007 in spite of methanol market fluctuations; total production, sales and profit were higher than in 2006. Expensive processed products helped the company to save the total balance and to get the good results by the end of the year.

In 2007 JSC Metafrax gained 7 550 mln. rubles, that is 20% more than in 2006. Sales of finished products became19% more, production profitability was 13% more and the balance profit - 45 % more».

Considering the plans for 2008 Armen Garslyan, Chairman of the Board of Directors, has declared that «the company's budget provides about one million rubles of investments. The Metafrax production sites will be revamped as follows: the pentaerythritol plant will be reconstructed to increase annual output up to 25 ths. tons; annual urotropine production will be increased up to 20 ths. tons; also revamping of polyamide plant and methanol loading/unloading rack will be performed; we are also planning to construct new gaseous nitrogen plant and to expand railway network».

In 2007 output of Metafrax commercial products was 7 303 mln. rubles.

We have shipped products for the amount of 7 308 mln. rubles, including export goods supplied for the amount of 3 200 mln. rubles. Profit before tax was 2 275 mln. rubles. Net profit - 1 772 mln. rubles. The company's expenses for social benefits in 2007 were 110 mln. rubles.