Minutes of 31.10.2008 №66

MINUTES No. 66

OF THE BOARD OF DIRECTORS MEETING


Date and time of vote counting:                                         October 31, 2008, 6:00 p.m.

                                                                                     (Moscow time)

Site of vote counting:                                                       Mosсow, Arkhitektora Vlasova Str., 51

Number of elected members of the Board of Directors           13

Members of the Board of Directors present at meeting:          V. Yu. Sinyugin

                                                                                      D. S. Akhanov

                                                                                      B. I. Ayuev

                                                                                      S. Yu. Vyazalov

                                                                                      Yu. M. Medvedev

                                                                                      D. V. Ponomarev

                                                                                      A. N. Rappoport

                                                                                      Seppo Remes

                                                                                      Yu. A. Udaltsov

                                                                                      Ya. M. Urinson

                                                                                      R. Z. Khamitov

                                                                                      A. V. Sharonov


In compliance with the 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. Report on activities of the company's Management Board for nine months of 2008.

2. Report on the implementation of the company's Insurance Coverage Programme for the third quarter of 2008.

3. Approval of the corporate management code as amended.

4. Approval of a procedure of JSC RusHydro's interaction with organisations, in which JSC RusHydro participates, as amended.

5. Concerning business priorities of the company: company's standards in the area of technical regulation.

6. Strategy Development Committee under the supervision of the Board of Directors.

7. Investment Committee under the supervision of the Board of Directors.

8. Termination of the company's participation in JSC Zharki.

9. Approving the company's transactions:

9.1. Approval of an interested party transaction with JSC Permenergosbyt.

9.2. Transactions connected with transfer of property without compensation.

9.3. Approval of interested-party transactions with NPFs (non-state pension funds) in the electricity industry.

10. On determination of company's (company's representatives) opinion regarding the issues put on agenda of the Board of Directors' Meetings as well as General Meetings of the company's subsidiaries and affiliates (SA).

10.1. Determine agenda issues for the general stockholders' meetings of the company's SA.

 

Additional point on the agenda:

 

10.2. Participation of JSC Yuzhno-Yakutsky GEK in other organisations.

 


RESULTS OF VOTING ON AGENDA:

 

Matter 1: Report on activities of the company's Management Board for nine months of 2008.


Decision:

Take note of the Report on Activities of the company's Management Board for nine months of 2008 (Appendix 1).


Voting results:

"For" - 11 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Ya. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 1 (S. Yu.Vyazalov)

Decision made.

 

 

 

Matter 2: Report on the Implementation of the company's Insurance Coverage Programme for the third quarter of 2008.


Decision:

Take into consideration the Report on the Implementation of the Insurance Coverage Programme of JSC RusHydro for the third quarter of 2008 (Appendix 2).

 

Voting results:

"For" - 12 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Yu. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

 

Matter 3: Approval of the corporate management code as amended.


Decision:

3.1. Approve the Corporate Governance Code of Open Joint Stock Company RusHydro as amended (Appendix 3).

3.2. Approve the Report on Observance of the company's Corporate Governance Code as amended (Appendix 4).


Voting results:

"For" - 12 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Yu. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

 

Matter 4: Approval of a procedure of JSC RusHydro's interaction with organisations, in which JSC RusHydro participates, as amended.


Decision:

Approve the Procedure of interaction of JSC RusHydro with organisations in which JSC RusHydro participates in accordance with Appendix 5, as amended.


Voting results:

"For" - 11 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 1 (Ya. M. Urinson)

Decision made.

 

 

 

Matter 5: Concerning business priorities of the company: company's standards in the area of technical regulation.

 

Decision:

5.1. Establish that the company's standards in the area of technical regulation are approved by an order of the Chairman of the Management Board or by a decision of the Management Board in case of the matter of the company's standard approval was passed for consideration of the Management Board by Chairman of the Management Board.

5.2. Instruct the company's Management Board to develop the standardisation programme in the area of technical regulation and submit it for approval by the company's Board of Directors before 01.06.2009.

 

Voting results:

"For" - 12 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Yu. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

 

 

Matter 6: Strategy Development Committee under the supervision of the Board of Directors.


Decision:

6.1. Approve the budget of the Audit Committee under the supervision of the company's Board of Directors (Appendix 6).

6.2. Terminate the powers of members of the Strategy Committee under the supervision of the company's Board of Directors. 

 

Rustem Zakievich Khamitov

-

Head of the Federal Agency for Water Resources

Vitaly Yuryevich Zarkhin

-

Lead Analyst in East Capital


Voting results:

"For" - 10 (D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Ya. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 2 (Yu. M. Medvedev, V. Yu. Sinyugin)

"Abstained" - 0

Decision made.

 


 

Matter 7: Investment Committee under the supervision of the Board of Directors.


Decision:

7.1. Early-terminate the powers of a member of the Investment Committee under the supervision of the company's Board of Directors Sergey Igorevich Zhuravlev.

7.2. Elect Dmitry Aleksandrovich Kozlov, deputy director of the Fuel and Energy Complex Investment Policy and Development Department attached to the Ministry of Energy of the Russian Federation, as a member of the Investment Committee under the supervision of the company's Board of Directors.


Voting results:

"For" - 12 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Yu. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 


 

Matter 8: Termination of the company's participation in JSC Zharki.


Decision:

Approve termination of the company's participation in JSC Zharki by shares carve-out on the following terms:

- balance cost of shares is 16,340,448 (sixteen million three hundred forty thousand four hundred and forty eight) rubles;

- the cost of shares determined by an independent appraiser is 18,000,000 (eighteen million) rubles;

- the company's share in the authorised capital of JSC Zharki is 25 per cent + 1 share;

- category, type, nominal value and number of carved-out shares - ordinary registered shares with nominal value of 900 (nine hundred) rubles per share to the amount of 25,940 (twenty five thousand nine hundred and forty) shares;

- carve-out method is sale at an open auction;

- the selling price - not below the cost determined by an independent appraiser;

- procedure (term) of shares payment - monetary assets prior to transfer of title to the shares, but not later than 14 days after signing a purchase and sale contract.


Voting results:

"For" - 10 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Ya. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 1 (Yu. M. Medvedev)

"Abstained" - 1 (S. Yu. Vyazalov)

Decision made.

 

 

 

Matter 9: Approving the company's transactions:


9.1. Approval of an interested party transaction with JSC Permenergosbyt.


Decision:

Approve a non-exchangeable, free bilateral purchase and sale contract for electricity and capacity concluded between the company and JSC Permenergosbut regarding the group of supply points GKAMGES1 (hereinafter referred to as Contract 1) and regarding the group of supply points GKAMGES2 (hereinafter referred to as Contract 2), being interested party transactions on the following essential terms:

Parties to Contract 1 and Contract 2:

Seller - JSC RusHydro;

The Buyer - JSC Permenergosbut.

Subject of Contract 1 and Contract 2:

The Seller undertakes to transfer (supply) electricity into the Buyer's ownership and the Buyer undertakes to accept and pay for electricity and capacity in accordance with the terms and conditions specified in Contracts 1 and 2.

The price of 1 MW of electricity under Contract 1 and Contract 2: 145,000 rub./MW.

Preliminary amount of capacity supply:

● under Contract 1: 31,221 MW;

● under Contract 2: 28,414 MW.

The price of 1 MWh of electricity under Contract 1 and Contract 2: 700 rub./MWh.

Preliminary amount of electricity supply under Contract 1 and Contract 2: 0.015 MWh under each contract.

Valid period of Contract 1 and Contract 2:

The contracts come into force from the date of their signing by the Parties and are valid until midnight of 31.12.08.

The terms of Contracts 1 and 2 apply to the Parties' relations initiated prior to their conclusion - from 00:00 August 1, 2008.


Voting results:

"For" - 7 (B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, R. Z. Khamitov, A. B. Sharonov)

"Against" - 0

"Abstained" - 3 (D. S. Akhanov, Seppo Remes, Yu. A. Udaltsov)

Decision made.

Ya. M. Urinson, member of the Board of Directors of JSC RusHydro recognized as transaction interested party, as well as V. Yu. Sinyugin, member of the Board of Directors of JSC RusHydro, who was RusHydro's Board Chairman within a year preceding a decision and who is not recognized as an independent director, did not take part in voting.


9.2. Transactions connected with transfer of property without compensation.

 

Draft decision proposition:

9.2.1. Approve conclusion of a donation contract between JSC RusHydro and the Committee for housing and utilities infrastructure and transport of Sayanogorsk and the Administration of Sayanagorsk, the subject of which is transfer of property (property rights) without compensation to the third parties on the following terms.

Parties to Contract:

The Donor - JSC RusHydro;

The Donee - the Committee for housing and utilities infrastructure and transport of Sayanogorsk represented by the head of the Committee for housing and utilities infrastructure and transport of Sayanogorsk.

Subject of Contract:

The Donor transfers monetary assets in the form of donation to the Donee to the sum of 47,800,000 (forty seven million eight hundred thousand) rubles in order to implement measures specified in clauses Nos 2.4, 2.8, 4.1, 4.2, 4.4, 4.5, 4.6, 4.8 "Summary list of works and expenses under a long-term development programme of JSC Sayano-Shushenskaya HPP for 2001 to 2010 specified by the Acceptance act of the Sayano-Shushenskaya hydro-power unit dated 26.10.2000, being appendix No. 1 to appendix No. 12 of the Acceptance Act of the Sayano-Shushenskaya hydro-power complex on the Enisey River dated October 26, 2000 and approved by the order of RAO UES of Russia No. 690 dated 13.12.2000 (Appendix 1).

Contract Price:

47,800,000 (forty seven million eight hundred thousand) rubles.

Effective Period of Contract:

The contract shall enter into force from the date of its signing by the Parties date and shall be valid until the Parties complete their obligations hereunder in full.

Funds utilisation conditions:

If the Donee fails to utilise the monetary funds before 01.07.2009 they shall be returned to the Donor.


Voting results:

"For" - 4 (Seppo Remes, Yu. A. Udaltsov, Ya. M. Urinson, A. B. Sharonov)

"Against" - 8 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, R. Z. Khamitov)

"Abstained" - 0

No decision made.

 

Draft decision proposition:

9.2.2. Approve conclusion of a donation contract between JSC RusHydro and the Municipal unit of Minusinsks the subject of which is transfer of property (property rights) without compensation to the third parties subject to the following conditions:

Parties to Contract:

The Donor - JSC RusHydro.

The Donee - the Municipal Unit of Minusinsks represented by the Head of the Minusinsk Town Administration.

Subject of Contract:

The Donor transfers monetary funds in the form of a donation to the Donee to the amount of 20,091,770 (twenty million ninety one thousand seven hundred and seventy) rubles in order to allow the Donee to finish the engineering protection of Minusinsk (lower dam) included in the structure of hydraulic facilities in Minusinsk and intended to protect the town from flooding.

Contract Price:

20,091,770 (twenty million ninety-one thousand seven hundred and seventy) rubles.

Effective Period of Contract:

The contract shall enter into force from the date of its signing by the Parties date and shall be valid until the Parties complete their obligations hereunder in full.

Funds Utilisation Conditions:

If the Donee fails to utilise the monetary funds before 01.07.2009 they shall be returned to the Donor.


Voting results:

"For" - 4 (Seppo Remes, Yu. A. Udaltsov, Ya. M. Urinson, A. B. Sharonov)

"Against" - 8 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, R. Z. Khamitov)

"Abstained" - 0

No decision made.

 

Draft decision proposition:

9.2.3. Approve conclusion of a donation contract between JSC RusHydro and the Republic of Tyva, the subject of which is transfer of property (property rights) without compensation to the third parties subject to the following conditions:

Parties to Contract:

The Donor - JSC RusHydro;

The Donee - the Republic of Tyva (represented by the chairman of the Government of the Republic of Tyva).

Subject of Contract:

The Donor transfers monetary funds in the form of a donation to the Donee to the amount of 15,000,000 (fifteen million) rubles.

The Donee accepts monetary funds as a donation from the Donor and undertakes to utilise these funds as compensation for electricity cost and agricultural losses as well as to finance measures aimed at improving soil fertility in the Republic of Tyva.

Contract Price:

15,000,000 (fifteen million) rubles.

Effective Period of Contract:

The contract shall enter into force from the date of its signing by the Parties date and shall be valid until the Parties complete their obligations hereunder in full.

Funds Utilisation Conditions:

If the Donee fails to utilise these monetary funds before 31.12.2008 they shall be returned to the Donor.


Voting results:

"For" - 4 (Seppo Remes, Yu. A. Udaltsov, Ya. M. Urinson, A. B. Sharonov)

"Against" - 8 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, R. Z. Khamitov)

"Abstained" - 0

No decision made.

 

9.3. Approval of interested-party transactions with NPFs (non-state pension funds) in the electricity industry.

 

Decision:

9.3.1. Determine that the price of supplementary agreements to the below mentioned contracts (contribution amount to the electricity industry NPF) concluded between the company and a non-state pension fund operating in the electricity industry (hereinafter referred to as the electricity industry NPF) equals:

 

Item No.

Number and date of the contract;

Price of a supplementary agreement, rub.

1

No. 311 dated 27.03.2007

66,187,800

2

No. 05184/144 dated 18.03.2005

6,281,156

3

No. 05185/145 dated 18.03.2005

20,769,496

4

No. 6 dated 14.01.1999

3,392,000

5

No. 13 dated 27.06.2002

10,691,000

6

No. 01/52/-Ю dated 29.12.2003

11,540,000

7

No. 01/53/-Ю dated 29.12.2003

2,400,000

8

No. 3 dated 01.07.2005

6,484,810

9

No. 15П007 dated 10.05.2007

1,155,000

10

No. 6 dated 10.05.2007

1,766,100

11

No. 002-26/Ю dated 27.06.2002

10,707,900

12

No. 01/56-Ю dated 29.12.2003

3,600,000

13

No. 241 dated 20.03.2006

12,399,000

14

No. 66 dated 31.07.2002

28,410,900

15

No. 16 dated 20.10.2006

664,508

16

No. 01/54/-Ю dated 29.12.2003

8,929,223

17

No. 01/55/-Ю dated 29.12.2003

2,000,000

18

No. 102 dated 06.01.2003

6,154,700

19

No. 01/50-Ю dated 19.09.2003

4,731,300

20

No. 01/51-Ю dated 19.09.2003

3,577,100

21

No. 9/14б/006/13/2005 dated 25.04.2005

9,761,200

22

No. 01/62/Ю dated 16.04.2004

5,001,500

23

No. 01/63/Ю dated 16.04.2004

1,585,000

24

No. 017-13-СПС dated 25.09.2007

8,072,424

25

No. 01/60/Ю dated 16.04.2004

8,583,400

26

No. 01/61/Ю dated 16.04.2004

2,725,000

27

No. 115/2004-608/136 dated 26.11.2004

36,938,379

28

No. 17 dated 08.06.2007

1,055,700

29

No. 01/77/Ю dated 03.06.2005

6,988,965

30

No. 01/79/Ю dated 03.06.2005

4,437,434


9.3.2. Determine that the price of contract No.9 (contribution amount to the electricity industry NPF for 2008) concluded between the company and a non-state pension fund operating in the electricity industry equals 805,800 rubles.

9.3.3. To approve conclusion of the following supplementary agreements between the company and the electricity industry NPF, which are interested-party transactions: 

9.3.1. To contract No. 311 dated 27.03.2007 in accordance with Appendix 7;

9.3.2. To contract No. 05184/144 dated 18.03.2005 in accordance with Appendix 8;

9.3.3. To contract No. 05185/145 dated 18.03.2005 in accordance with Appendix 9;

9.3.4. To contract No. 6 dated 14.01.1999 in accordance with Appendix 10;

9.3.5. To contract No. 13 dated 27.06.2002 in accordance with Appendix 11;

9.3.6. To contract No. 01/52/-Ю dated 29.12.2003 in accordance with Appendix 12;

9.3.7. To contract No. 01/53/-Ю dated 29.12.2003 in accordance with Appendix 13;

9.3.8. To contract No. 3 dated 01.07.2005 in accordance with Appendix 14;

9.3.9. To contract No. 15П007 dated 10.05.2007 in accordance with Appendix 15;

9.3.10. To contract No. 6 dated 10.05.2007 in accordance with Appendix 16;

9.3.11. To contract No. 002-26/Ю dated 27.06.2002 in accordance with Appendix 17;

9.3.12. To contract No. 01/56/-Ю dated 29.12.2003 in accordance with Appendix 18;

9.3.13. To contract No. 241 dated 20.03.2006 in accordance with Appendix 19;

9.3.14. To contract No. 66 dated 31.07.2002 in accordance with Appendix 20;

9.3.15. To contract No. 16 dated 20.10.2006 in accordance with Appendix 21;

9.3.16. To contract No. 01/54/-Ю dated 29.12.2003 in accordance with Appendix 22;

9.3.17. To contract No. 01/55/-Ю dated 29.12.2003 in accordance with Appendix 23;

9.3.18. To contract No. 102 dated 06.01.2003 in accordance with Appendix 24;

9.3.19. To contract No. 01/50/-Ю dated 19.09.2003 in accordance with Appendix 25;

9.3.20. To contract No. 01/51/-Ю dated 19.09.2003 in accordance with Appendix 26;

9.3.21. To contract No. 9/14б/006/13/2005 dated 25.04.2005 in accordance with Appendix 27;

9.3.22. To contract No. 01/63/Ю dated 16.04.2004 in accordance with Appendix 28;

9.3.23. To contract No. 01/62/Ю dated 16.04.2004 in accordance with Appendix 29;

9.3.24. To contract No. 017-13-СПС dated 25.09.2007 in accordance with Appendix 30;

9.3.25. To contract No. 01/60/Ю dated 16.04.2004 in accordance with Appendix 31;

9.3.26. To contract No. 01/61/Ю dated 16.04.2004 in accordance with Appendix 32;

9.3.27. To contract No. 115/2004-608/136 dated 26.11.2004 in accordance with Appendix 33;

9.3.28. To contract No. 17 dated 08.06.2007 in accordance with Appendix 34;

9.3.29. To contract No. 01/77/Ю dated 03.06.2005 in accordance with Appendix 35;

9.3.30. To contract No. 01/79/Ю dated 03.06.2005 in accordance with Appendix 36;

9.3.4. To approve conclusion of contract No. 9 between the company and the electricity industry NPF according to Appendix 37.


Voting results:

"For" - 10 (D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M Medvedev., D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

Ya. M. Urinson, member of the Board of Directors of JSC RusHydro recognized as transaction interested party, as well as V. Y. Sinyugin, member of the Board of Directors of JSC RusHydro, who was RusHydro's Board Chairman within a year preceding a decision and who is not recognized as an independent director, did not take part in voting.




Matter 10: Defining the company's (representatives of the company) position concerning points of the agendas of the meetings of Boards of Directors and general shareholder meetings of subsidiaries and affiliates of the company:


10.1. Determine agenda issues for the general stockholders' meetings of the company's SA.


Decision:

10.1.1. Instruct the company's representatives in the Boards of Directors of the company's SA to vote "FOR" inclusion of the following matter into the agenda of the General Shareholders' Meetings of the company's SA:

- Remunerations and compensations to members of the Board of Directors and Audit Commission of the company's SA.


Voting results:

"For" - 12 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Yu. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

Decision:

10.1.2. Instruct the company's representatives in the Board of Directors of JSC Lenhydroproject, JSC New Binary Power Plant, JSC Sulakskiy HydroCascade, LLC Index of Energy - HydroOGK to vote "FOR" inclusion of the following matter into the agenda of the General Shareholders' Meetings of the company's SA:

- On approval of the company's auditor appointment.


Voting results:

"For" - 12 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, S. Yu. Vyazalov, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Yu. A. Udaltsov, Yu. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 0

"Abstained" - 0

Decision made.

 

10.2. Participation of JSC South Yakutia HGC in other organisations.


Decision:

10.2. Instruct JSC RusHydro's representatives in the Board of Directors of JSC South Yakutia HGC to vote "FOR" the following decisions:

10.2.1. Approve participation of JSC South Yakutia HGC in Open Joint-Stock Company Kankunskaya HPP (JSC Kankunskaya HPP) by way establishing it on the following terms:

10.2.1.1. Authorised capital of JSC Kankunskaya HPP is 722,200,000 (seven hundred and twenty two million and two hundred thousand) rubles.

10.2.1.2. The founders:

- The Russian Federation represented by an authorised state body - 100 per cent minus 1 share;

- JSC South Yakutia HGC - 1 share;

10.2.1.3. category, type, nominal value and number of shares being placed in the course of establishment - ordinary registered shares with nominal value of 1 (one) rubles per share to the amount of 722,200,000 (seven hundred and twenty two million and two hundred thousand) shares;

10.2.1.4. The method of payment of the authorised capital - monetary assets;

10.2.1.5. The order of payment of the authorised capital - at least 50 per cent of shares of JSC Kankunskaya HPP shall be paid within three months from the date of state registration of JSC Kankunskaya HPP. The remaining 50 per cent of shares of JSC Kankunskaya HPP shall be paid within six months from the date of state registration of JSC Kankunskaya HPP.


Voting results:

"For" - 10 (V. Yu. Sinyugin, D. S. Akhanov, B. I. Ayuev, Yu. M. Medvedev, D. V. Ponomarev, A. N. Rappoport, Seppo Remes, Ya. M. Urinson, R. Z. Khamitov, A. V. Sharonov)

"Against" - 1 (S. Yu. Vyazalov)

"Abstained" - 1 (Yu. A. Udaltsov)

Decision made.



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




Chairman of the Board of Directors                                                               V. Yu. Sinyugin


Secretary of the Board of Directors                                                               M. M. Davydov

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