A stockholder meeting of Uralburmash JSC (Ural Drilling Engineering Works) was held on May 3, 2006.

The stockholders made a decision to approve of the annual report for 2005 of the association and its annual accounting statements including P&L accounts.

They decided not to declare annual share dividends, not to reward members of the company’s Board of Directors and the inspection commission for fulfilling their duties and not to refund charges resulted thereof.

The stockholders also approved of the revision of the articles of Uralburmash JSC, elected the Board of Directors consisting of seven members, and the inspection commission. Ural Auditing Agency CJSC was appointed the company’s auditor.

The attendees did not make a decision to increase the authorized capital of the association via placement of excess common shares. They did not approve of a bail to secure fulfillment by SRZ-Finance Ltd of its issued bond commitments.