United Industrial Corporation and Samsung Heavy Industries
have signed memorandum

June 19, 2009

In June, 19, 2009 United Industrial Corporation (OPK) and Samsung Heavy Industries Co., Ltd. (SHI, Korea) have signed memorandum for mutually business cooperation during SHI representatives’ visiting to St. Petersburg Baltiysky Zavod and Severnaya Verf.

Main purpose of this memorandum is a cooperation to create a new shipbuilding complex at Severnaya Verf. Both companies show interest in participation in tender for the construction of the ships for transportation of natural gas and offshore equipment for Russian customers and mutual construction, new business projects development.

Particularly both companies aim at efficient discussion and mutually beneficial cooperation that will let join Gasprom PLC program for the technological navy construction. The construction all vessels and equipment for the shelf development.

Memorandum participants have a great experience in shipbuilding. Samsung Heavy Industries Co., Ltd., using the most progressive technologies in shipbuilding and shipyards’ management. This company is interested in OPK for development of busyness activity in Russia. United Industrial Corporation is going to modernize its shipbuilding assets and by means of it to build modern shipbuilding complex with large-capacity vessels, boring platforms, supplying vessels dry dock. S Samsung Heavy Industries Co., Ltd. intends participating in shipbuilding programs of companies, taking up arctic shelf development.

OPK United Industrial Corporation