OREANDA-NEWS. October 29, 2009. Novorossiysk Commercial Sea Port (LSE: NCSP, RTS and MICEX: NMTP) today announces the resolutions of the Board of Directors from October 21st, 2009 (Board meeting’s minutes №04-SD NMTP dated October 22nd, 2009):

I. To convene an Extraordinary general meeting of shareholders (EGM) and hold the meeting on January 21st, 2010 at 12:00 am at the following address: Port Worker’s Club, 16 Portovaya street, Novorossiysk, Russia.

II. To hold the EGM in the form of joined attendance of the shareholders.

III. Shareholders registered at the record date of October 29th, 2009 will be eligible to participate and vote at the EGM.

IV. To approve the agenda of the EGM:

Item 1. Early termination of office of the Board of Directors.

Item 2. Election of the members of the Board of Directors.

Further information related to the EGM will be made available to holders of PJSC NCSP depositary receipts via J.P. Morgan depositary bank.

Commenting on the announcement NCSP’s Chairman of the Board Alexander Ponomarenko said:

"One of the Board members – Mr. Yuriy Parfenov – has decided to leave the office due to his appointment as the Deputy Head of the Federal Agency for Sea and River Transportation. Thus a new director has to be elected to facilitate effective operation of the Board.

The members of the Board are elected by cumulative voting as stipulated by the Federal Law on Joint-Stock Companies and to observe this procedure we can change the composition of the Board only by terminating the powers of all members of the Board and electing the new Board at the meeting of shareholders".

"On behalf of all members of NCSP’s Board of Directors I would like to express our deepest gratitude to Yuriy Parfenov for his enormous contribution to the activities of the Board since 2007 until today. His professional knowledge and exclusive expertise in the transportation industry were most helpful in developing corporate strategy and expansion plans", – Alexander Ponomarenko added.