Resolutions of the annual General Meeting of Shareholders and the Board of Directors meeting of JSC “Power Machines”

On June 29, 2007 the annual General Meeting of Shareholders and the Board of Directors meeting of Open Joint-Stock Company “Power Machines” were held.

Resolutions on all of the issues of the agenda were passed. In particular, the shareholders of OJSC “Power Machines” approved the annual report and the financial statements of the company for the year 2006 and elected the Board of Directors consisting of 8 members.

All of the following 8 members of the previous Board of Directors became re-elected: Sergey Leonidovich Batekhin (ZAO “HC Interros”), Boris Feliksovich Vainzikher (OJSC “Power Machines”), Hans-Yurgen Vio (Siemens), Vyacheslav Pavlovich Voronin (RAO “UES of Russia”), Michael Zuss (Siemens), Aleksandr Anatolievich Chuvaev (OJSC “Power Machines”), Ekaterina Mikhailovna Salnikova (ZAO “HC Interros”) and John Sliman (independent director).

The auditing commission of the company consisting of 7 members was elected.

Shareholders approved the interested party transactions with OAO AKB “ROSBANK,” OAO “TGK-4” and Siemens.

The General Meeting resolved not to pay out the dividend based on the results of the year 2006.

OOO “Rosekspertiza” was elected the auditor of the company for the year 2007.

In accordance with the resolution of the Board of Directors of OJSC “Power Machines” Sergey Leonidovich Batekhin was elected Chairman of the Board of Directors and Vyacheslav Pavlovich Voronin – Deputy Chairman of the Board of Directors.

The Board of Directors resolved to form the Human Resources and Remunerations, the Audit and the Strategy Committees of the Board of Directors.