The Annual Shareholders Meeting of JSC Murmanskaya CHPP

13 June 2012

On June 13, 2012, the annual general shareholders meeting of JSC Murmanskaya CHPP, held in Murmansk, approved the company's annual report and annual financial statements for 2011.

For the first time in the past few years, JSC Murmanskaya CHPP's operation resulted in a net profit, which amounted to 337 thousand rubles. The company was able to arrive at this positive financial result due to 581.47 million rubles of the 2011 budgetary subsidies that helped cover the difference in the cost of purchased heating oil. Earlier, in 2009 - 2010, the company did not receive any subsidies. JSC Murmanskaya CHPP's uncovered loss, accumulated over five years, at the end of 2011, amounted to 2,593.21 million rubles.

After accessing the company's financial situation, the shareholders decided not to pay dividends on the company's common and preferred shares for 2011.

In his speech at the meeting, Alexander Antipov, General Director of JSC Murmanskaya CHPP, said that "despite the difficult financial situation, during the past heating season, the company managed to ensure an uninterrupted heat supply to consumers and execute its scheduled maintenance campaign. Apart from tariff imbalances, one of the company's biggest problems is consumer debt, primarily those of the municipal utility companies.  He also stressed that "the reliability of heat supply remains a priority for the Murmanskaya CHPP, but it can only be achieved with the support of all stakeholders: shareholders, consumers, and, of course, the authorities.

The annual general shareholders meeting elected a new Board of Directors of JSC Murmanskaya CHPP.

1. Alexander Antipov, Deputy General Director, Director of the Kolsky branch of JSC TGC-1

2. Maria Zavrieva, Deputy Head of Economics and Marketing Department of Gazprom Energoholding, LLC

3. Irina Grave, Vice President of Mergers and Acquisitions, Fortum Corporation, Russia

4. Sergey Laputko, Deputy Director General - Chief Engineer of JSC TGC-1, Director of the Nevsky branch 

5 Sergey Redkin, Director of Sales and Marketing Department of JSC TGC-1

6. Alena Mikhailova, Head of Legal Department of JSC TGC-1

7. Andrey Sokolov, Director of Logistics of JSC TGC-1

8. Eugeny Zemlyanoy, Head of Electricity Sector Development and  Marketing Office of Gazprom Energoholding, LLC

9. Kirill Lykov, Director of Economics and Finance of JSC TGC-1

 Audit Commission was elected as follows:

1. Nadezhda Baranova, Deputy Chief Accountant of Kolsky branch of JSC TGC-1

2. Elena Vysotskaya, Accountant of Tax Accounting Group of the Kolsky branch of JSC TGC-1

3. Igor Brik, Head of the Finance Department of JSC TGC-1

4. Svetlana Kurdenkova, Senior Specialist of Economic Security Department of the Kolsky branch of JSC TGC-1

5. Natalia Skachenko, Head of the Business Planning Department of JSC TGC-1

 The CJSC PricewaterhouseCoopers Audit was approved as the company's auditor.