Minutes of 14.07.2006 №21

MINUTES No. 21

OF THE BOARD OF DIRECTORS MEETING

 


Date and time of vote counting:                                    July 14, 2006, 6 p.m. 

                                                                                (Moscow time)

Form of vote:                                                              by questioning 

Site of vote counting:                                                  Moscow, Vernadskogo Prospect, 101, bld. 3

Number of elected members of the Board of Directors:     11

Members of the Board of Directors present at meeting:     B. I. Ayuev

                                                                                 V. A. Zubakin

                                                                                 D. V. Ponomarev

                                                                                 A. N. Rappoport

                                                                                 V. Yu. Sinyugin

                                                                                 Ya. M. Urinson

                                                                                 R. Z. Khamitov

                                                                                 David Khern

                                                                                 V. B. Khristenko

                                                                                 A. B. Chubais

                                                                                 Per-Christian Endsjo


In compliance with Federal Law on Joint-Stock Companies and the company's Articles of Association the quorum for conducting the Board of Directors' meeting is present.

 

AGENDA OF THE BOARD OF DIRECTORS MEETING:

 

1. Election of the Chairman of the Board of Directors.

2. Election of the Deputy Chairman of the Board of Directors.

3. Determining the market value of property in return for the company's additional shares.

4. Approval of the company's consolidated business plan for 2006.

5. Approval of the report on implementation of the company's business plan for the first quarter of 2006.

6. Dividend calculation procedure for subsidiaries and affiliates of JSC HydroOGK.

7. Obtaining credit from European Bank for Reconstruction and Development.

8. JSC HydroOGK's obligations in relation to a loan received by JSC Cascade of Nizhne-Cherekskye HPPs.

9. Holding more than one position by Chairman of the Management Board and members of the Management Board in management bodies of other organizations as well as other paid office in other organizations.

10. Determination of the company's (company's representatives) opinion regarding the issues in agendas of the Board of Directors' meetings and General Meetings of subsidiaries' and affiliates' shareholders.

 

RESULTS OF VOTING ON AGENDA:

 

Matter 1: Election of the Chairman of the Board of Directors.


Decision:

Elect Viktor Borisovich Khristenko as Chairman of the company's Board of Directors.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 2: Election of the Deputy Chairman of the Board of Directors.


Decision:

Elect Anatoly Borisovich Chubais as Deputy Chairman of the company's Board of Directors.

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 3: Determining the market value of property in return for the company's additional shares.

 

Decision:

Determine a price for the property transferred by JSC RAO UES of Russia to pay for additional shares of JSC HydroOGK at the market value determined by independent appraisers to be 17,375,000,237 (seventeen billion, three hundred and seventy-five million, two hundred and thirty-seven) rubles, including on an item-by-item basis in accordance with Appendices 1, 2.

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 4: Approval of the company's consolidated business plan for 2006.

 

Decision:

Approve the consolidated business-plan of JSC HydroOGK for 2006 according to Appendix 3.

 

Voting results:

"For" - 10 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 1 (David Khern)

Decision made.

 

 

Matter 5: Approval of the report on implementation of the company's business plan for the first quarter of 2006.


Decision:

Approve the report on implementation of the company's business plan for the first quarter of 2006 pursuant to Appendix 4.

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 6: Dividend calculation procedure for subsidiaries and affiliates of JSC HydroOGK.


Decision:

Approve the individual values of K1 criteria specified in the dividend calculation procedure of JSC HydroOGK's subsidiaries and affiliates, approved by the Board of Directors on 21.02.2006 (minutes No. 15) and used to calculate dividends to be paid out on the results of 2005 for the following subsidiaries and affiliates:

No.

SA's name

Criteria

Value

1.

JSC Volzhskaya HPP

K1 criterion

0.475

2.

JSC Zhigulevskaya HPP

K1 criterion

0.53

3.

JSC Votkinskaya HPP

K1 criterion

0.23

4.

JSC Kamskaya HPP

K1 criterion

0.42

5.

JSC Nizhegorodskaya HPP

K1 criterion

0.33

6.

JSC Saratovskaya HPP

K1 criterion

0.24

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.



Matter 7: Obtaining credit from European Bank for Reconstruction and Development.


Decision:

1. Approve conclusion of a credit facility agreement to the amount of 6,300,000,000 (six billion, three hundred million) rubles concluded between the company acting as a borrower and European Bank for Reconstruction and Development (EBRD) acting as a Lender (hereinafter referred to as the Credit Facility Agreement) under the following essential terms:

Credit sum

up to 6,300,000,000 rubles

Credit period (until final redemption of the loan principal)

2020 year

Rate of interest

not more than MOSPRIME + 3.65 per cent per year

Commitment fee for credit granting

0.5 per cent of the undrawn commitment

Participation fee

0.3 per cent of tranche B (the amount of tranche B shall not exceed 4,000,000,000 rubles)

Credit administration fee

150,000 rubles per a year for each member of the bank syndicate but not more than 600,000 rubles per a year

Non-recurrent credit arrangement fee

1.1 per cent of the principal debt

Security

Guarantee of JSC Saratovskaya HPP, JSC Nizhegorodskaya HPP, JSC Kamskaya HPP and JSC Cascade of Verkhnevolzhskie HPPs

Other conditions of the credit facility

according to the conditions of the facility agreement

2.  Approve conclusion (signing) of other contracts, agreements and documents in accordance with the terms and conditions of the Credit Facility Agreement.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 8: JSC HydroOGK's obligations in relation to a loan received by JSC Cascade of Nizhne-Cherekskiye HPPs.


Decision:

Approve a guarantee granted by JSC HydroOGK for a loan received by JSC Nizhne-Cherekskiye HPPs (Borrower) in case it is necessary to refinance the remaining debt to the amount of up to $25 million under credit attracted by the Borrower to complete the Kashkhatau (Sovetskaya) HPP.


Voting results:

"For" - 10 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 1 (David Khern)

"Abstained" - 0

Decision made.



Matter 9: Holding more than one position by Chairman of the Management Board and members of the Management Board in management bodies of other organizations as well as other paid office in other organizations.


Decision:

Approve the Chairman of the Management Board and the members of the Management Board of the company to hold positions on the Boards of Directors (supervisory boards) of the following companies:

V. Yu. Sinyugin:

- JSC Corporation for Development of Krasnoyarsk Territory;

- NP INVEL;

- NP Hydro Power Engineering of Russia.

O. B. Oksuzyan:

- JSC Engineering Centre UES.

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Matter 10: On determination of the company's (company's representatives) opinion regarding the issues in agendas of the Board of Directors' meetings and General Meetings of subsidiaries' and affiliates' shareholders.


Decision:

1.1. Instruct the company's representatives in the Board of Directors of JSC Saratovskaya HPP to vote FOR inclusion of the following matter into the agenda of the annual General Shareholders' Meeting of JSC Saratovskaya HPP:

Approval of a major transaction connected with a guarantee granted by the company for credit attracted by JSC HydroOGK.

1.2. To authorise representatives of the company in the General Shareholders' Meeting of JSC Saratovskaya HPP, to vote FOR the following decision:

a) Approve conclusion of a guarantee agreement between the company and European Bank for Reconstruction and Development (EBRD) (hereinafter referred to as the Guarantee Agreement) for credit attracted by JSC HydroOGK from EBRD representing a major transaction under the following essential terms:

The scope of obligations secured by this guarantee

All obligations of JSC HydroOGK under the credit facility agreement with EBRD

Credit sum

up to 6,300,000,000 rubles

Credit period (until final redemption of the loan principal)

2020 year

Rate of interest

not more than MOSPRIME + 3.65 per cent per year

Commitment fee for credit granting

0.5 per cent of the undrawn commitment

Participation fee

0.3 per cent of tranche B (the amount of tranche B shall not exceed 4,000,000,000 rubles)

Credit administration fee

150,000 rubles per a year for each member of the bank syndicate but not more than 600,000 rubles per a year.

Non-recurrent credit arrangement fee

1.1 per cent of the principal debt

Other conditions of the credit facility

In accordance with the terms and conditions of the Credit Facility Agreement between EBRD and JSC HydroOGK

b) Approve signing by JSC Saratovskaya HPP of other documents in accordance with the terms and conditions of the Credit Facility Agreement.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

2.1. Instruct the company's representatives in the Board of Directors of JSC Nizhegorodskaya HPP to vote FOR inclusion of the following matter into the agenda of the annual General Shareholders' Meeting of JSC Nizhegorodskaya HPP:

Approval of a major transaction connected with a guarantee granted by the company for credit attracted by JSC HydroOGK.

2.2. To authorise representatives of the company in the General Shareholders' Meeting of JSC Nizhegorodskaya HPP, to vote FOR the following decision:

a) Approve conclusion of a guarantee agreement between the company and European Bank for Reconstruction and Development (EBRD) (hereinafter referred to as the Guarantee Agreement) for credit attracted by JSC HydroOGK from EBRD representing a major transaction under the following essential terms:

The scope of obligations secured by this guarantee

All obligations of JSC HydroOGK under the credit facility agreement with EBRD

Credit sum

up to 6,300,000,000 rubles

Credit period (until final redemption of the loan principal)

2020 year

Rate of interest

not more than MOSPRIME + 3.65 per cent per year

Interest period

91 days

Commitment fee for credit granting

0.5 per cent of the undrawn commitment

Participation fee

0.3 per cent of tranche B (the amount of tranche B shall not exceed 4,000,000,000 rubles)

Credit administration fee

150,000 rubles per a year for each member of the bank syndicate but not more than 600,000 rubles per a year

Non-recurrent credit arrangement fee

1.1 per cent of the principal debt

Penalty interest

Interest rate + two per cent per year + financing expenses in case of default.

Other conditions of the credit facility

In accordance with the terms and conditions of the Credit Facility Agreement between EBRD and JSC HydroOGK

b) Approve signing by JSC Nizhegorodskaya HPP of other documents in accordance with the terms and conditions of the Credit Facility Agreement.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.


3.1. Instruct the company's representatives in the Board of Directors of JSC Kamskaya HPP to vote FOR inclusion of the following matter into the agenda of the annual General Shareholders' Meeting of JSC Kamskaya HPP:

Approval of a major transaction connected with a guarantee granted by the company for credit attracted by JSC HydroOGK.

3.2. To authorise representatives of the company in the General Shareholders' Meeting of JSC Kamskaya HPP, to vote FOR the following decision:

a) Approve conclusion of a guarantee agreement between the company and European Bank for Reconstruction and Development (EBRD) (hereinafter referred to as the Guarantee Agreement) for credit attracted by JSC HydroOGK from EBRD representing a major transaction under the following essential terms:

The scope of obligations secured by this guarantee

All obligations of JSC HydroOGK under the credit facility agreement with EBRD

Credit sum

up to 6,300,000,000 rubles

Credit period (until final redemption of the loan principal)

2020 year

Rate of interest

not more than MOSPRIME + 3.65 per cent per year

Interest period

91 days

Commitment fee for credit granting

0.5 per cent of the undrawn commitment

Participation fee

0.3 per cent of tranche B (the amount of tranche B shall not exceed 4,000,000,000 rubles)

Credit administration fee

150,000 rubles per a year for each member of the bank syndicate but not more than 600,000 rubles per a year

Non-recurrent credit arrangement fee

1.1 per cent of the principal debt

Penalty interest

Interest rate + two per cent per year + financing expenses in case of default.

Other conditions of the credit facility

In accordance with the terms and conditions of the Credit Facility Agreement between EBRD and JSC HydroOGK

b) Approve signing by JSC Kamskaya HPP of other documents in accordance with the terms and conditions of the Credit Facility Agreement.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.


4.1. Instruct the company's representatives in the Board of Directors of JSC Cascade of Verkhnevolzhskiye HPPs to vote FOR inclusion of the following matter into the agenda of the annual General Shareholders' Meeting of JSC Cascade of Verkhnevolzhskiye HPPs:

Approval of a major transaction connected with a guarantee granted by the company for credit attracted by JSC HydroOGK.

4.2. To authorise representatives of the company in the General Shareholders' Meeting of JSC Cascade of Verkhnevolzhskiye HPPs, to vote FOR the following decision:

a) Approve conclusion of a guarantee agreement between the company and European Bank for Reconstruction and Development (EBRD) (hereinafter referred to as the Guarantee Agreement) for credit attracted by JSC HydroOGK from EBRD representing a major transaction under the following essential terms:

The scope of obligations secured by this guarantee

All obligations of JSC HydroOGK under the credit facility agreement with EBRD

Credit sum

up to 6,300,000,000 rubles

Credit period (until final redemption of the loan principal)

2020 year

Rate of interest

not more than MOSPRIME + 3.65 per cent per year

Interest period

91 days

Commitment fee for credit granting

0.5 per cent of the undrawn commitment

Participation fee

0.3 per cent of tranche B (the amount of tranche B shall not exceed 4,000,000,000 rubles)

Credit administration fee

150,000 rubles per a year for each member of the bank syndicate but not more than 600,000 rubles per a year

Non-recurrent credit arrangement fee

1.1 per cent of the principal debt

Penalty interest

Interest rate + two per cent per year + financing expenses in case of default.

Other conditions of the credit facility

In accordance with the terms and conditions of the Credit Facility Agreement between EBRD and JSC HydroOGK

b) Approve signing by JSC Cascade of Verkhnevolzhskiye HPPs of other documents in accordance with the terms and conditions of the Credit Facility Agreement.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

5.1. Instruct the company's representatives in the Board of Directors of JSC Saratovskaya HPP to vote FOR inclusion of the following matter into the agenda of the annual General Shareholders' Meeting of JSC Saratovskaya HPP:

Approval of a major transaction connected with credit received by the company.

5.2. To authorise representatives of the company in the Board of Directors of JSC Saratovskaya HPP, to vote FOR the following decision:

Approve conclusion of a Credit Facility Agreement by the company, which is a major transaction, under the following essential terms:

Parties to Contract:


- Borrower

JSC Saratovskaya HPP

- Creditor

Morgan Stanley Bank International Limited (and / or another company of Morgan Stanley Group)

Credit sum

up to 3,000,000,000 rubles

Credit period (period until final redemption of the credit principal and payment of interest on credit)

Not more than in 7 years from the date of signing this facility agreement.

Commencement of redemption of the principal debt

Not earlier than 4 years from the date of signing this facility agreement (except the cases of early redemption of the facility agreement or mandatory redemption as a result of default)

Rate of interest

Not more than + 8.75 per cent per year

Credit security

A guarantee of JSC HydroOGK

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.


6.1. To authorise representatives of the company in the Board of Directors of JSC Volzhskaya HPP, to vote FOR the following decision:

- to approve the report on performance of the Insurance Coverage Programme of JSC Volzhskaya HPP for the fourth quarter of 2005, for the first quarter of 2006 pursuant to Appendices 5, 6.

6.2. To authorise representatives of the company in the Board of Directors of JSC Zhigulevskaya HPP, to vote FOR the following decision:

- to approve the report on performance of the Insurance Coverage Programme of JSC Zhigulevskaya HPP for the fourth quarter of 2005, for the first quarter of 2006 pursuant to Appendices 7, 8.

6.3. To authorise representatives of the company in the Board of Directors of JSC Votkinskaya HPP, to vote FOR the following decision:

- to approve the report on performance of the Insurance Coverage Programme of JSC Votkinskaya HPP for the fourth quarter of 2005, for the first quarter of 2006 pursuant to Appendices 9, 10.

6.4. To authorise representatives of the company in the Board of Directors of JSC Cascade of Verkhnevolzhskiye HPPs, to vote FOR the following decision:

- to approve the report on performance of the Insurance Coverage Programme of JSC Cascade of Verkhnevolzhskiye HPPs for the fourth quarter of 2005, for the first quarter of 2006 pursuant to Appendices 11, 12.

6.5. To authorise representatives of the company in the Board of Directors of JSC Kamskaya HPP, to vote FOR the following decision:

- to approve the report on performance of the Insurance Coverage Programme of JSC Kamskaya HPP for the fourth quarter of 2005, for the first quarter of 2006 pursuant to Appendices 13, 14.

6.6. To authorise representatives of the company in the Board of Directors of JSC Saratovskaya HPP, to vote FOR the following decision:

- to approve the report on performance of the Insurance Coverage Programme of JSC Saratovskaya HPP for the fourth quarter of 2005, for the first quarter of 2006 pursuant to Appendices 15, 16.

6.7. To authorise representatives of the company in the Board of Directors of JSC Zelenchukskiye HPPs, to vote FOR the following decision:

- to approve the report on performance of the Insurance Coverage Programme of JSC Zelenchukskiye HPPs for the fourth quarter of 2005, for the first quarter of 2006 pursuant to Appendices 17, 18.

6.8. To authorise representatives of the company in the Board of Directors of JSC Zeyskaya HPP, to vote FOR the following decision:

- to approve the Report on performance of the Insurance Coverage Programme of JSC Zeyskaya HPP for the first quarter of 2006 pursuant to Appendix 19.

6.9. To authorise representatives of the company in the Board of Directors of JSC Nizhegorodskaya HPP, to vote FOR the following decision:

- to approve the Report on performance of the Insurance Coverage Programme of JSC Nizhegorodskaya HPP for the fourth quarter of 2005 pursuant to Appendix 20.

6.10. To authorise representatives of the company in the Board of Directors of JSC MC HydroOGK to vote FOR the following decision:

- to approve the Report on performance of the Insurance Coverage Programme of JSC MC HydroOGK for the first quarter of 2006 pursuant to Appendix 21.

6.11. To authorise representatives of the company in the Board of Directors of JSC Neporozhniy SShHPP to vote FOR the following decision:

- to approve the Report on performance of the Insurance Coverage Programme of JSC Neporozhniy SShHPP for the first quarter 2006 pursuant to Appendix 22.


Voting results:

"For" - 10 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 1 (David Khern)

"Abstained" - 0

Decision made.

 

7.1. To authorise representatives of the company in the Board of Directors of JSC Volzhskaya HPP, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Volzhskaya HPP for 2006 pursuant to Appendix 23.

7.2. To authorise representatives of the company in the Board of Directors of JSC Zhigulevskaya HPP, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Zhigulevskaya HPP for 2006 pursuant to Appendix 24.

7.3. To authorise representatives of the company in the Board of Directors of JSC Votkinskaya HPP, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Votkinskaya HPP for 2006 pursuant to Appendix 25.

7.4. To authorise representatives of the company in the Board of Directors of JSC Cascade of Verkhnevolzhskiye HPPs, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Cascade of Verkhnevolzhskiye HPPs for 2006 pursuant to Appendix 26.

7.5. To authorise representatives of the company in the Board of Directors of JSC Kamskaya HPP, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Kamskaya HPP for 2006 pursuant to Appendix 27.

7.6. To authorise representatives of the company in the Board of Directors of JSC Saratovskaya HPP, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Saratovskaya HPP for 2006 pursuant to Appendix 28.

7.7. To authorise representatives of the company in the Board of Directors of JSC Nizhegorodskaya HPP, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Nizhegorodskaya HPP for 2006 pursuant to Appendix 29.

7.8. To authorise representatives of the company in the Board of Directors of JSC Sulakenergo to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Sulakenergo HPP for 2006 pursuant to Appendix 30.

7.9. To authorise representatives of the company in the Board of Directors of JSC Zelenchukskiye HPPs, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Zelenchukskiye HPPs for 2006 pursuant to Appendix 31.

7.10. To authorise representatives of the company in the Board of Directors of JSC Zeyskaya HPP, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Zeyskaya HPP for 2006 pursuant to Appendix 32.

7.11. To authorise representatives of the company in the Board of Directors of JSC Neporozhniy SShHPP to vote FOR the following decision:

- to approve the list and values of annual and quarterly key performance indicators (KPI) of JSC Neporozhniy SShHPP for 2006 pursuant to Appendix 33.

7.12. To authorise representatives of the company in the Board of Directors of JSC MC HydroOGK to vote FOR the following decision:

- to approve the updated values of annual key performance indicators (KPI) of JSC MC HydroOGK for 2006 pursuant to Appendix 34.

7.13. To authorise representatives of the company in the Board of Directors of JSC KabbalkHPP to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC KabbalkHPP for 2006 pursuant to Appendix 35.

7.14. To authorise representatives of the company in the Board of Directors of JSC Bureyskaya HPP, to vote FOR the following decision:

- to approve the updated values of annual and quarterly key performance indicators (KPI) of JSC Bureyskaya HPP for 2006 pursuant to Appendix 36.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.


8. In order to fulfil the terms and conditions of a Partnership Agreement for collective implementation of the BEMO project between JSC HydroOGK and JSC RUSAL (hereinafter referred to as the Partnership Agreement).

8.1. Instruct the company's representatives in the management bodies of JSC Boguchanskaya HPP and legal entities established in accordance with the BEMO project corporate structure (HydroOGK Power Intermediary Company Ltd, HydroOGK Aluminium Intermediary Company Ltd, CJSC Boguchansky Aluminum Smelter, CJSC Construction Organiser for Boguchanskaya HPP, CJSC Boguchanskaya HPP Construction Owner, CJSC Customer of Construction of Boguchansky Aluminum Smelter) to vote in accordance with interests of JSC HydroOGK for making the decisions aimed at fulfilling the terms and conditions of the Partnership Agreement.

8.2. Instruct the company's representatives at the General Shareholders' Meeting of JSC Boguchanskaya HPP to vote FOR introduction of amendments and supplements to the Articles of Association of JSC Boguchanskaya HPP (approving the Articles of Association as amended) that are aimed at fulfilling the terms and conditions of the Partnership Agreement.


Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.


9. Instruct the company's representatives in the Board of Directors of JSC Boguchanskaya HPP to vote FOR inclusion of the following matter into the agenda of the annual General Shareholders' Meeting of JSC Boguchanskaya HPP:

"Approval of agreement on termination of the Equity Participation Contract No. 16-1/6 DU dated 15.05.2001 between JSC RAO UES of Russia and JSC Boguchanskaya HPP being an interested party transaction under the following essential conditions".

 

Voting results:

"For" - 11 (B. I. Ayuev, V. A. Zubakin, D. V. Ponomarev, A. N. Rappoport, V. Yu. Sinyugin, Ya. M. Urinson, R. Z. Khamitov, D. Khern, V. B. Khristenko, A. B. Chubais, P. Endsjo)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

Questionnaires of the members of the Board of Directors are attached.

 


 

Chairman of the Board of Directors                                                 V. B. Khristenko

 

Secretary of the Board of Directors                                                 V. S. Pushkarev

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