The meeting of the Board of Directors of JSC “MOESK” was held in the form of absentee voting on 29 October 2010. Its agenda was as follows:

1. On consideration of the report on the actions as regards adoption of the regulation of tariffs for electric power transmission services using the method of return on investments (RAB).

2. On consideration of the Report on Management by Subsidiaries and Dependent Entities of JSC “Moscow United Electric Gird Company” for the 1st quarter of 2010 and the 1st half of the year 2010.

3. On consideration of the Report on Insurance Coverage Provision of JSC “Moscow United Electric Gird Company” in the 3rd quarter of 2010.

4. On consideration of the Report on Observance of Information Policy Regulation of JSC “Moscow United Electric Gird Company” for the 3rd quarter of 2010.

5. On consideration of the Report on Compliance with the cash flow benchmarks of JSC “Moscow United Electric Gird Company” for the 3rd quarter of 2010.

6. On approval of the cash flow benchmarks of JSC “Moscow United Electric Gird Company” for the 4th quarter of 2010.

7. On approval of the new version of the Non-core Assets Register of JSC “Moscow United Electric Gird Company”.

8. On holding of more than one office by a member of the Management Board of JSC “Moscow United Electric Gird Company” in management bodies of other entities.

9. On approval of the budget of the Reliability Committee of the Board of Directors of JSC “Moscow United Electric Gird Company” for the 2nd half of the year 2010.

10. On approval of the agreement for performance of works related to actualization of the Moscow Region electric grids development plan between JSC “Moscow United Electric Gird Company” and JSC “Institute "ENERGOSET’PROEKT"” as an interested-party transaction.

11. On approval of the agreement for rendering transformer oil processing services between JSC “Moscow United Electric Gird Company” (the Branch - Central Electric Grids) and JSC “RETO Plant” as an interested-party transaction.

12. On approval of the agreement for rendering services of transformer oil taking and placement between JSC “Moscow United Electric Gird Company” (the Branch - Central Electric Grids) and JSC “RETO Plant” as an interested-party transaction.

13. On approval of the Transportation Policy Regulation of the Company.

Positive resolutions were passed in respect of all of the meeting agenda issues.

The report on the actions as regards adoption of the regulation of tariffs for electric power transmission services using the method of return on investments (RAB) approved by the Board of Directors of JSC “MOESK” should be emphasized among the passed resolutions. The following was done in accordance with this report:

Calculation of the amount of JSC “MOESK’s” invested capital was prepared together with the valuation company CJSC “Deloitte and Touche CIS” for the purposes of the tariff regulation using the method of return on investments (RAB) since 01.01. 2011;

Calculation of regulated tariffs for electric power transmission services of JSC “MOESK” using the method of return on investments (RAB) was generated for the years 2011-2015 according to the Methodical Instructions for Calculation of Regulated Tariffs approved by Order #231-e of the FTS dated 26.06.2008;

Respective applications for setting tariffs for electric power transmission services of JSC “MOESK” using the method of return on investments (RAB) for 2011-2015 were submitted to the regulating authorities of Moscow and the Moscow Area

The long-term investment programs for Moscow and the Moscow Area were agreed upon by Moscow Regional Energy Commission, Moscow Area Fuel and Energy Committee and approved by order #471 of Ministry for Energy Industry of Russia.