Annual General Meeting of Shareholders of Power Machines OJSC

On June 24, 2010 the Annual General Meeting of Shareholders of Power Machines Open Joint Stock Company was held, including ZTL, LMZ, Elektrosila, and Energomachexport (Power Machines OJSC).

Power Machines’ shareholders approved the annual report and accounting statement of the company, including the profit and loss account, for 2009.

The company’s Board of Directors consisting of eight members was elected. All the members from the previous Board have been re-elected, namely: Alexey Mordashov (Director General, Severstal OJSC), Alexey Yegorov (Deputy Director General, Severstal OJSC), Vladimir Lukin (Deputy Director General for Legal Affairs, Severstal OJSC), Michael Zuss (Head of Fossil Fuel Energy Sector, Siemens Aktiengesellschaft), Hans-Jurgen Vio (Vice President, Siemens Russia and Central Asia), Igor Kostin (Director General, Power Machines OJSC), Vadim Chechnyov (Director for Economics and Finance, Power Machines OJSC), and Igor Voskresensky (Director General, Universal Invest LLC).

The Meeting of Power Machines’ Shareholders elected the company’s audit committee comprised of seven members. KPMG CJSC was elected as the auditor.

Shareholders approved transactions that are of interest for Power Machines and might be effected in future as part of the routine economic activity of the joint stock company.

Shareholders also approved a new edition of the company’s Articles of Association. The Meeting of Power Machines’s Shareholders made a decision not to distribute the profit of 2009 and not to pay dividends due to the implementation of the investment programme aimed at expanding production capacities of the company.