Board of Directors Meeting

A regular meeting of the Board of Directors of Power Machines chaired by Sergei Batekhin, Deputy Director General of Interros, was held on October 25, 2006.

The BoD made a decision to hold an extraordinary General Meeting of the Shareholders of Power Machines on December 13, 2006 (by absentee voting) and confirmed the agenda including such issues as approval of a number of the interested-party transactions.

The BoD elected Alexander Chuvaev Managing Director of Power Machines, a member of the Management Board and approved the Management Board of 9 people.

The BoD terminated the powers of Sergei Batekhin as a member of the Auditing and Remuneration Committees according to his application. Igor Klochko was elected a member of the AuditingCommittee.

The Board of Directors decided to close down the Representative office of the company in Estonia (Tallinn) because of termination of the ‘Esti’ and ‘Balti’ TPP modernization projects.