The United Heavy Machinery Board of Directors hereby informs that the Annual General Meeting (AGM) will be held at 11a.m. on June 30, 2004 at the Marko Polo Presnya Hotel, Spiridonjevskiy Lane, 9, Moscow. (Access by public transportation: Mayakovskaya metro station).

Shareholders are invited to register at 9a. m. the same day, upon presentation of their identification. Proxies shall also provide a duly certified Power of Attorney issued by the shareholder.

For further questions and any organizational issues please contact the Corporate Secretary, Ms. Liudmila Bouiak, at (++7095) 974 6021, ext.1196 or by e-mail at bouiak@omz.ru.