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General Meeting of Shareholders

The General Shareholders’ Meeting is the Company’s supreme governing body. General Shareholders’ Meetings are convened by the Board of Directors at least once a year. One of the main objectives of the Company at the General Meeting of Shareholders is to ensure the legitimate rights and interests of shareholders in connection with their attendance at the meeting. Shareholders are provided with information about the Company, including the agendas of general meetings as determined by Russian law and the Company’s charter.

The competence of the general shareholders meeting includes such basic issues as amendments and additions to the Company’s Ńharter, the Company’s reorganization or liquidation, changes to the share capital of the Company, approval of certain transactions, the election of the Board of Directors and Watchdog Committee, and early termination of their power, approval of the Company’s Auditor, annual reports, annual financial statements as well as profit distribution, payment of dividends and other issues, set in the Federal Law «On Joint-Stock Companies».

The general meeting of shareholders may be conducted either in the form of annual or special meeting.