The Board meetings that took place at Tube Rolling Plant of Chelyabinks JSC and Tube Works of Pervouralsk JSC on June 23, 2006, resulted in the decision to buy their registered ordinary shares at 30 RUR and 600 RUR, respectively. The terms of the acquisition provide for buying no more than 46,293,522 shares issued by Tube Rolling Plant of Chelyabinks JSC and no more than 1,703,806 shares issued by Tube Works of Pervouralsk JSC. The shares are expected to have been acquired within the period of July 28, 2006 to October 26, 2006.