Minutes of 24.10.2008 №65

MINUTES No. 65

OF THE BOARD OF DIRECTORS MEETING


Date and time of the Board of Directors meeting

(date and time of vote counting):                                       October 24, 2008, 6:00 p.m.

                                                                                     (Moscow time)

Minutes Dated:                                                                 October 27, 2008

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

                                                                                      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. Issues related to convening, preparation and running of an extraordinary general shareholders' meeting to be held on 17.11.2008.


RESULTS OF VOTING ON AGENDA:

 

Matter 1: Issues related to convening, preparation and running of an extraordinary general shareholders' meeting to be held on 17.11.2008.


Decision:

1. Amend clause 2.2 of decision on issue No. 2 of the Board of Directors on 07.10.2008 (minutes No. 63 dated 08.10.2008 ) to read as follows:

"2.2. Recommend that the General Shareholder's Meeting makes the following decision regarding the subject of "Increase of authorised capital of the company by means of placing additional shares":

2.2.1. Increase the company's authorised capital by placing additional ordinary registered shares to the number of 10,000,000,000 (ten billion) shares with nominal value of 1 (one) ruble to the total amount by nominal value of 10,000,000,000 (ten billion) rubles;

- Method of placement - public offering;

- The offering price of additional shares (including that for the persons put in the list of persons having the pre-emptive right to purchase additional shares) - at a price determined by the Board of Directors of the company in accordance with articles 36, 77 of the Federal Law On Joint Stock Companies;

- The form of shares payment - monetary assets;

- Share payment procedure - the shares shall be paid at their placement in full.

2.2.2. Increase the company's authorised capital by placing additional ordinary registered shares to the number of 16,000,000,000 (sixteen billion) shares with nominal value of 1 (one) ruble to the total amount by nominal value of 16,000,000,000 (sixteen billion) rubles;

- Method of placement - public offering;

- The offering price of additional shares (including that for the persons put in the list of persons having the pre-emptive right to purchase additional shares) - at a price determined by the Board of Directors of the company in accordance with articles 36, 77 of the Federal Law on Joint Stock Companies;

- The form of shares payment - monetary assets;

- Share payment procedure - the shares shall be paid at their placement in full.

2.1. Revoke clause 1.10 of decision on issue No. 1 of the Board of Directors on 07.10.2008 (minutes No. 63 dated 08.10.2008) to read as follows.

2.2. Approve the form and the text of voting ballots at the Annual General Shareholders' Meeting (Appendix 1).


Voting results:

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

"Against" - 0

"Abstained" - 0

Decision made.

A written opinion on this meeting agenda was provided (attached) by a member of the Board of Directors, Yu. A. Udaltsov.



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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