TMK Announces Board of Directors Decisions

TMK announces that the Annual General Shareholders’ Meeting was held in Moscow on June 19, 2014.

Shareholders approved the annual report and financial statements for the 2013 financial year. Shareholders also elected the Board of Directors and the Revision Commission. They also approved related-party transactions. “Ernst & Young” was appointed as the Company’s auditor.

Shareholders voted to pay final dividends for 2013 of RUB 0.78 per one ordinary share (nominal value of one share being RUB 10). The dividend payments will come to RUB 731,317,153.32. Total dividends amount for 2013 including the interim dividends will make up RUB 1.706 billion.

Mikhail Alekseev, Elena Blagova, Andrey Kaplunov, Peter O'Brien, Sergei Papin, Dmitry Pumpyanskiy, Robert Foresman, Igor Khmelevsky, Alexander Shiryaev, Alexander Shokhin and Oleg Schegolev were elected to TMK’s Board of Directors.

Anatoly Chubais was recently nominated as a new director by TMK's Board of Directors members. However, given that the new investment project run jointly by TMK and Rusnano is currently at its earliest stage, Mr Chubais sent an official letter to TMK's shareholders requesting that they do not vote for him at this meeting.

The new joint project is aimed at expanding TMK's production of high-tech welded and seamless pipe with improved properties based on steel nanostructure formation.