TMK, one of the world’s largest oil and gas pipe producers and the market leader of the Russian pipe industry, today announces that the OAO “TMK” Board of Directors has decided to convene an Extraordinary General Meeting of Shareholders (EGM) in the form of an absentee ballot on November 7th 2008.

The list of shareholders eligible to participate in the EGM and entitled to dividend has been drawn up according to the shareholder registry as of 3 October 2008.

The OAO “TMK” Board of Directors has recommended that shareholders approve interim dividends, for the first 9 months of 2008, of RUR 1.75 per share (approximately USD* 0.27 per GDR).

A total of RUR 1,527,751,750 (approximately USD* 60 mln.) will be paid out as dividend by January 5th 2008.

*As of October 3, 2008, the Russian Central Bank exchange rate stood at 25.8213 RUB/USD.