Board of Directors Meeting at Muellheim (Germany)

A regular meeting of the Board of Directors of Power Machines was held in Muellheim (Germany). The meeting was chaired by Sergei Batekhin, Deputy Director General of Interros.

The Board of Directors was informed on the report on Power Machines’ budget implementation for the first six months of 2006, report on the consolidated Company’s and Branches 2006 budget. The BoD commissioned Boris Vainzikher, CEO of Power Machines, to work out a program in order to improve financial status of the Company.

The BoD commissioned Boris Vainzikher to form within a month a gas turbine division, through which Siemens will continue providing Power Machines with advanced gas- and steam-gas turbine production technology.

The Board of Directors decided to create a Strategy Committee at the BoD with Igor Klochko, Boris Vainzikher and Juergen Wio. Igor Klochko was appointed Head of the Committee, Yelena Zolotaryova secretary of the Committee.

As part of the experience exchange the members of the Board of Directors visited operating department of the steam turbine and steam-generators manufacturing plant of Siemens Power Generation and surveyed presentation about main Siemens PG data activities.