OREANDA-NEWS. On 05 May 2009 was announced, that a meeting of the Board of Directors of JSC “Irkutsk Electric Networks” was held. Based on the results of the meeting, the following decisions were made:

• Extraordinary General Shareholders Meeting of JSC “Irkutsk Electric Networks” is to be held on 17 July 2009. The agenda of the up-coming Extraordinary General Shareholders Meeting of JSC “Irkutsk Electric Networks” includes the following items: reorganization of Joint-Stock Company “Irkutsk Electric Networks” in the form of mergiwith Joint-Stock Company "Irkutsk Electric Grid Company " established as a result of reorganization in the form of transformation of "Irkutsk Electric Grid Company" Limited Liability Company; election of the Board of Directors of Joint-Stock Company “Irkutsk Electric Networks”; election of the auditing commission of Joint-Stock Company “Irkutsk Electric Networks”; approval of the auditor of Joint-Stock Company “Irkutsk Electric Networks”, etc. The Board of Directors approved draft decisions of the extraordinary general shareholders meeting of JSC “Irkutsk Electric Networks” and draft proposal to the Extraordinary General Shareholders Meeting of JSC “Irkutsk Electric Networks” to vote "for" the proposed draft decision on reorganization of JSC “Irkutsk Electric Networks”. The date of the register closing defined by the Board of Directors is 27 April 2009.

• The decision to reorganize "Irkutsk Electric Grid Company" Limited Liability Company in the form of its transformation into Joint-Stock Company "Irkutsk Electric Grid Company" was taken. The decision specifies procedure and terms of transformation, procedure of exchange of shares in the authorized capital of "IEGC" Ltd. for shares of the created JSC "IEGC"; the Charter and internal documents of JSC "IEGC" are approved, the transfer certificate was approved.

• The report on results of execution of the annual business plan, including "IEGC" Ltd. budget, for 2008, annual report and annual balance sheet of "IEGC" Ltd. for 2008 were approved.

• The decision was taken to allocate the received net profit following the results of the 2nd quarter 2008 in the amount of RUR 138,418 thousand to "IEGC" Ltd. for the investment activities – for production purposes.

• The information on the course of negotiations with the Government of the Irkutsk region and heads of entities of municipal formations of the region on redemption of distribution grids. The members of the Board of Directors approved the policy of the company management in this direction.