Board of Directors of Uralelectromontazh JSC made the decision to hold the annual general stockholders’ meeting on July 27, 2006. The agenda of the meeting embraces approving of the annual report and of the annual accounting statements including P & L account of the Association for 2005. The stockholders will address the questions of profit and loss distribution including declaration of dividend for 2005.

The stockholders also are to elect the company’s Board of Directors, the inspection commission and to consider the question of increasing the company’s authorized capital through an increase in the face amount of the company’s shares.