OREANDA-NEWS. On 09 July 2008 was announced, that the Annual Meeting of the Shareholders of “The Second Generating Company on the Wholesale Energy Market” OJSC took place.

Agenda of the day:

1. Approval of the annual report, annual reporting, including the Company profit and loss reports as well as the distribution report of the Company profits (including dividend payments) and losses according to the results of 2007.

2. Election of the members to the Company Board of Directors.

3. Election of the Company’s Audit Committee members.

4. Appointment of the Company Auditor.

5. Remunerations and compensation payments to the members of the Company’s Board of Directors.

6. Remuneration and compensation payments to the members of the Company’s Audit Committee.

The following decisions have been approved at the Annual Meeting of the Company Shareholders:

Decision on the agenda issue № 1:

1. To approve the annual report, annual financial statements, including the Company profit and losses statement according to the result of 2007.

2. To approve the Company’s profits (losses) distribution according to the results of 2007 as the following:

(thousand RUR)

Retained profit (loss) of the accounting period:

- 1,118

Assigned to the Reserve Fund

Dividends

Investments

Covering of losses for previous years

3. Not to pay dividends on the Company’s common shares according to the results of 2007.

Decision on the agenda issue № 2:

Elect the following members to the Company Board of Directors:

1. 

Sharonov, Andrey Vladimirovich

2. 

Lisiansky, Mikhail Eduardovich

3. 

Opadchiy, Fedor Yuryevich

4. 

Medvedeva, Elena Alekseevna

5. 

Kulikov, Denis Viktorovich

6. 

Fedorov, Denis Vladimirovich

7. 

Mityushov, Aleksey Aleksandrovich

8. 

Neveynitsyn, Stanislav Vitalyevich

9. 

Gavrilenko, Anatoliy Anatoliyevich

10. 

Lipsky, Igor Yosiphovich

11. 

Khodursky, Mikhail Leonidovich

Decision on the agenda issue № 3:

To elect the following members to the Company’s Audit Committee:

1. 

Mitrophanenkov, Roman Anatoliyevich

2. 

Sorokin, Mikhail Vladimirovich

3. 

Mironova, Margarita Ivanovna

4. 

Zemlianoy, Yevgeniy Nikolayevich

5. 

Smirnova, Elena Yevgenyevna

Decision to the agenda issue № 4:

To approve “Pricewaterhousecoopers Audit” CJSC to be the auditor of the Company (License № Е 000376 issued on May 20 2002).

Decision to the agenda issue № 5:

1. To approve the new edition of the Regulations on Remuneration and Compensation Payments to the Company Board of Director Members (hereinafter referred to as Regulations).

2. To determine the Regulations to come into force from the moment of their approval.

3. To determine that for the calculation of additional remuneration for the Company’s net profit for 2007 as well as additional remuneration in case the Company market capitalization for the period of the Regulations pre-approval, norms of the previous edition of the Regulations on Remuneration and Compensations to the Members of the Company Board of Directors should be applied”.

Decision on the agenda issue № 6:

1. To approve the new edition of the Regulations on Remuneration and Compensation Payments to the Company’s Audit Committee Members (hereinafter referred to as Regulations).

2. To determine the Regulations to come into force from the moment of their approval.

3. To determine that the Regulations should be applied also for remuneration calculations for the Audit Committee members, who took part in the audit of the Company’s finances and business operations over the period of 2007".