OREANDA-NEWS. On 9 September 2009 was announced, that the meeting of the Board of Directors of Joint Stock Company “Irkutsk Electric Networks” took place in Moscow. It studied the issues of the Company’s activity. The meeting made the following decisions:

To elect Vladimir Mikhailovich Azbukin, Deputy Minister of the Energy Industry of the Russian Federation, as Chairman of the Board of Directors of JSC “Irkutsk Electric Networks”.

To elect Ruslan Anatolievich Yakovlev, Director for Legal Issues of EuroSibEnergo ltd, as Deputy Chairman of the Board of Directors.

To approve the report on the results of requirements to the shareholders about repurchase of shares of JSC “Irkutsk Electric Networks” owned by them. The sum of shares for repurchase was RUR 182,217,423.36.

Due to the fact that Joint Stock Company “Irkutsk Electric Networks” is the sole shareholder of Joint Stock Company “Irkutsk Electric Grid Company”, to approve under section 47 of the federal law “On joint-stock companies” the following resolution on the issue referred to the competence of the general meeting of shareholders of JSC “Irkutsk Electric Grid Company”:

-         to terminate ahead of schedule the powers in the Board of Directors of Joint Stock Company “Irkutsk Electric Grid Company” of Vladimir Mikhailovich Azbukin, Igor Sergeyevich Ageichev, Vassily Nikolayevich Kiselyov, Efim Sergeyevich Kuimov, Mikhail Mikhailovich Kulikov, Alexander Sergeyevich Yugov and Ruslan Anatolievich Yakovlev.

-         To elect to the Board of Directors of Joint Stock Company “Irkutsk Electric Grid Company” the following members: Vladimir Mikhailovich Azbukin – Deputy of the Ministry of Energy Industry of the Russian Federation; Vassily Nikolayevich Kiselyov –Chairman of the Management Board of Non-for-Profit Partnership of Guaranteeing Suppliers and Energy Sale Companies; Efim Sergeyevich Kuimov – Head of the Economic Department of JSC “Irkutskenergo”; Mikhail Mikhailovich Kulikov – Director for Strategic Planning and Investments of “EuroSibEnergo” ltd; Alexander Sergeyevich Yugov – Head of the Department of Management of Russian Property; Ruslan Anatolievich Yakovlev – Deputy General Director of “EuroSibEnergo” ltd.

-         To distribute profit of JSC “Irkutsk Electric Grid Company” received by the restructured “Irkutsk Electric Grid Company” ltd on the basis of the results of the first half of 2009 in the sum of RUR 195,305k for the following goals: regional social activities – RUR 47,966,482k; investment activities – RUR 147,338.518k, including on industrial goals – RUR 147,338.518k.

·        The sole shareholder of JSC “Irkutsk Electric Grid Company” decided to restructure the company in the form of merger with it of JSC “Irkutsk Electric Networks”, approved the contract of merger. The resolution about restructuring reflects the terms and conditions of the merger, the order of conversion of shares of JSC “Irkutsk Electric Networks” in the shares of JSC “Irkutsk Electric Grid Company” of the additional issue contained in the contract about merger.

The sole shareholder of JSC “Irkutsk Electric Grid Company” made the resolution to increase the authorised capital of JSC “Irkutsk Electric Grid Company” by placing of additional ordinary nominal shares for conversion in them of the shares of JSC “Irkutsk Electric Networks” at merger.