URALCHEM, OJSC announces the results of the Extraordinary General Meeting of Shareholders

Moscow, Russia – 14 October, 2008 – URALCHEM, OJSC (“URALCHEM” or the “Company”), one of the largest producers of nitrogen and phosphate fertilizers in Russia and the CIS, today announced the results of the Extraordinary General Meeting of Shareholders (EGM) held on 13 October, 2008.  

The shareholders approved the following decisions:

1.     To cancel the decision made at the EGM on 3 August, 2008 to increase the existing share capital by issuing 45,000,000 additional ordinary shares with a par value of RUB 20 per share through closed subscription.

2.     To split 100,000,000 outstanding ordinary shares with a par value of RUB 20 per share into 500,000,000 ordinary shares with a par value of RUB 4 per ordinary share. The conversion ratio is 1:5. Shares will be converted on the seventh working day following the state registration of the security issue.

3.     To amend the Company’s Charter to reflect the results of the stock split, including relevant provisions for outstanding and authorized shares of the Company following the 1:5 split and the conversion of 100,000,000 ordinary shares into 500,000,000 ordinary shares of the Company.

The decision to convene the EGM was made at the meeting of the Board of Directors of the Company on 12 September, 2008.