RID - Expert RA consortium

Assigning corporate governance rating to ОАО Trubnaya metallurgicheskaya kompanya

October 1, 2007

The Expert RA rating agency in the framework of the national rating of corporate governance RID-Expert RA has assigned A rating to ОАО Trubnaya metallurgicheskaya kompanya.

A rating implies sufficiently high level of a company's corporate governance. The company observes Russian laws in the corporate governance area and follows basic recommendations of the Russian code of corporate behavior. Risks, related to violations of shareholders' rights, inefficient operation of management bodies, and lack of information transparency, are insignificant.

The corporate governance system of OAO Trubnaya metellurgicheskaya kompanya quickly develops due to strategic initiatives of the company management and shareholders. An operative preparation of accounting in line with IAS proved to be an important step in improving corporate governance. On the basis of the monitoring results the company was recognized one of the quality leaders in corporate governance in Russia.

ОАО Trubnaya metallurgicheskaya kompanya, set in 2001, was 19 in the Expert-200 list of the largest capitalization Russian companies in 2006.

Head of corporate governance rating service:
Stephen A. Jouline
jouline@raexpert.ru

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