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TMK Announces Board of Directors Decisions

TMK’s Board of Directors at the meeting on April 24 decided to convene an Annual General Meeting of Shareholders (AGM) which will take place on June 19, 2014 at 12.00 at the following address: Moscow, Malyi Kazenniy per, 56, Moscow City Pedagogical University. The record date for the list of shareholders eligible to participate in the AGM shall be May 05, 2014.

TMK’s Board of Directors approved the following agenda for the AGM:

- approval of the Company’s annual report and financial statements, including profit and loss statements;

- distribution of the Company’s profit for the year 2013;

- election of the Board of Directors;

- election of the Revision Commission;

- approval of the Company’s auditor;

- approval of related party transactions.

TMK’s Board of Directors has nominated the following candidates to the Board of Directors:

Alexander Shiryaev, Alexander Shokhin, Anatoly Chubais, Andrey Kaplunov, Bob Foresman, Dmitry Pumpyanskiy, Elena Blagova, Igor Khmelevsky, Mikhail Alekseev, Oleg Schegolev, Peter O'Brien, Sergey Papin.

TMK’s Board of Directors has recommended the AGM to adopt a resolution to pay final dividends for 2013 in the amount of RUB 0.78 per an ordinary share of TMK stock. Total dividends will amount to RUB 731,317,153.32 (approximately USD* 20.5 mln). It is recommended to fix the date on which the list of persons entitled to receive dividends is determined – July 07, 2014 and the completion date for payment of dividends to the nominee holders and professional participants of securities market trustees who are registered in the shareholder´s registry, – July 21, 2014; to the rest of the registered shareholders – August 11, 2014.

Taking into account the payment of interim dividends for the first 6 months of 2013 in the amount of RUR 975,089,537.76 (approximately USD 29.9 mln), overall dividends for 2013 will correspond to 25% of TMK’s consolidated net income for 2013 as per IRFS, which is in compliance with the Company’s Dividend policy.

*As of April 24, 2014, the Russian Central Bank exchange rate stood at 35.6625 RUB/USD.

TMK Announces Board of Directors Decisions (249.57 KB,pdf)