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FEDERAL GRID COMPANY OF UNIFIED ENERGY SYSTEM ANNUAL REPORT WorldReginfo - b29cb2af-cbc8-402d-b3a6-fffe86634d00 ANNUAL REPORT 2008 WorldReginfo - b29cb2af-cbc8-402d-b3a6-fffe86634d00 Address to Shareholders Operating Corporate Operating Development of the Human Resources Environmental policy. Attachments of Chairmen of Board Results (13) Governance (23) Activity (51) Corporate Information management and Corporate Social (127) of Directors and Management System Social policy. Responsibility (117) Management Board (5) (CIMS) and Telecom- Social Partnership (103) munication Network (91) History of Establishing Scientific and Technical Contact information Most Important and Core Types Economics and work and Innovative for Shareholders Events in 2008 (9) of Activity (17) Securities (43) Finance (71) Investments (81) Procurement (99) Technologies (111) and Investors (123) WorldReginfo - b29cb2af-cbc8-402d-b3a6-fffe86634d00 CHAPTER 1. ADDRESS TO SHAREHOLDERS OF CHAIRMEN OF BOARD OF DIRECTORS AND MANAGEMENT BOARD 4 5 WorldReginfo - b29cb2af-cbc8-402d-b3a6-fffe86634d00 FGC UES Annual Report 2008 Chapter 1 Address to Shareholders of Chairmen of Board of Directors and Management Board Address to shareholders of Chairmen of Board of Directors and Management Board During 2008 the Company continued realization of its large-scale investment program. JSC FGC UES invested RUR 136.221 billion into modernization of assets within the Unified national energy grid (UNEG) enabling to put into service 1,047 km of electric energy transmis- sion facilities; 10,314 MVA of transformer capacity; 1,285 MVA of reactor capacity, back up commissioning of future periods. Key UNEG facilities were commissioned during 2008. In particular, modernization of substations 500 kV Beskudnikovo and 500 kV Otchakovo was completed and substation 500 kV Zapadnaya was built within the Moscow energy system that increased reliability, transmission capacity of the backbone grid and provided for con- necting new customers in Moscow and Moscow region. 279 km of transmission line 500 kV Kurgan – Kozyrevo were put into operation providing for reliable power supply for Omsk from Ural and additional electric energy transmission from Siberia to Ural in the amount up to 400 MW. Commissioning of Yemelino substation had resolved the problem of acute power shortage in Pervouralskiy district and Yekaterinburg of Sverdlovsk region and provided for growth of energy consumption of developing electric furnace complexes at metallurgical plants. For the reporting period actual winded up electric energy supply from the UNEG networks amounted to 471,958.12 million kW that is 1.7 % higher as compared to 2007. Electric energy losses amounted to 21,865.74 million kW. The Company’s earnings amounted to RUR 68.5 Dear shareholders! billion, net profit under Russian accounting standards amounted to RUR 4.5 billion. Key objectives of the Company management for 2008 were as follows: carrying out of meas- Certain measures were realized for the purpose of ensuring reliable operations of the Company ures to establish targeted structure of Federal Grid Company due to completion of restructur- in instable economic environment. In particular, cost reduction achieved is 15 % higher as ing of JSC RAO UES of Russia; developing and realizing anti-recessionary measures, providing compared with planned amount. In the result of open competition in procurement procedures for efficient operation of JSC FGC UES amidst instable economic circumstances. (comprising 90.22 % out of total amount of purchases) cost saving amounted to RUR 7.6 billion as compared to declared starting prices. On July 1st, 2008 the following companies were merged into JSC FGC UES: JSC RAO UES of Russia, JSC State Holding, JSC Minority Holding of FGC UES, 54 Backbone grid companies The Company management see the following priority directions of operations in 2009: ensuring (MSKs) and 7 Interregional backbone grid companies (MMSKs). Authorized capital of JSC FGC reliable and continuous operation of backbone grids, realizing of investment plans, providing UES amounted to RUR 576.8 billion (1,153,514,196,362 ordinary registered uncertificated for the Company business solvency within the existing economic conditions, increasing shares). In the result of restructuring the stake of the Russian Federation in JSC FGC UES shareholder value of the Company. In addition, from the point of view of strategic development amounted to 77.66 %; the rest 22.34 % are owned by over 450 thousand of minority of backbone grid facilities it is important to transfer JSC FGC UES to tariff regulation on the shareholders of the companies merged into JSC FGC UES. basis of regulatory asset base method (RAB-based regulation). The Company has implemented a number of measures aimed at securing the rights of minority We believe that despite instable economic environment targeted measures will provide shareholders and increasing quality of corporate governance. In 2008 the Board of Directors for reliable power supply and will be successfully realized in 2009. of JSC FGC UES approved regulations “On internal control system”, “On insider information”, “On dividend policy”. The following committees were established under the Board of Directors: Reliability Committee, HR and Remuneration Committee, Revision (Audit) Commission, Strategy Committee, Investments Committee. For the purpose of securing the rights of minority shareholders and increasing liquidity of the companies’ securities, on July 16th, 2008 shares of JSC FGC UES were launched on domestic Sergey Shmatko, Chairman of Board of Directors stock exchanges — RTS and MICEX. Shares of the Companies were assigned with trade code “FEES”. Also, in June Depository receipts program of JSC FGC UES (GDP) was launched. In August–September 2008 ordinary stock of JSC FGC UES were included in MICEX PWR Index (MICEX stock index calculated for power sector), TRS Index and RTS Electric Power Industry Andrey Rappoport, Chairman of the Management Board Index computations. Pro-active stand of JSC FGC UES management in the area of information disclosure, investor relations and stock liquidity support in the second half of 2008 resulted in including of JSC FGC UES shares into international stock indices MSCI Russia and MSCI Emerging Markets in early 2009. 6 7 WorldReginfo - b29cb2af-cbc8-402d-b3a6-fffe86634d00 CHAPTER 2. MOST IMPORTANT EVENTS IN 2008 8 9 WorldReginfo - b29cb2af-cbc8-402d-b3a6-fffe86634d00 FGC UES Annual Report 2008 Chapter 2 Most Important Events in 2008 Most Important Events in 2008 17.03.2008 FGC UES completed placement of the second additional shares issue. 14.07.2008 a solemn ceremony of putting into operation of a new substation of 500 kV Zapadnaya The issue was registered on August 23, 2007. In fact, 114,965,254,235 shares with par value in Kransogorskiy district of Moscow region. Commencing of new capacities significantly of RUR 0.50 or 95.8 % of the total number of offered securities were placed. Offering price increased reliability of electric energy supply in northern and north-western districts amounted to RUR 0.59. Shares were placed via private offering to the advantage of RAO UES of Moscow region, in particular, Krasnogorskiy district as well as North-western administrative of Russia and the Russian Federation district of Moscow. The substation commissioning opened opportunities for technological connecting new customers and energizing centers to FGC UES power networks 26.03.2008 a solemn ceremony of powering on a new 500 kV electric energy transmission line Zarya – Barabinsk – Tavricheskaya interconnecting Omskaya and Novosibirskaya energy networks via 16.07.2008 stock exchanges MICEX and RTS started trading shares of FGC UES Siberia territory was held at the substation 500 kV Tavrichaskaya of Omskoye entity of back- bone electric grids that is FGC UES branch 14.08.2008 the State Concern Rostechnologies and FGC UES concluded Cooperation agreement. The Agreement provided for developing cooperation between the two companies for the purpose 02.04.2008 six MRSKs were established (MRSK of North-West, MRSK of Volga, MRSK of Center, of securing reliable power supply for Russian companies incorporated in Rostechnologies and as MRSK of Siberia, MRSK of South and MRSK of Northern Caucasus). Distribution network well as providing grid companies with equipment required for realization of their investment companies (RSKs) within their structure were merged into MRSKs programs 15.05.2008 the Board of Directors of FGC UES approved five-year investment program for 2008–2012 27.08.2008 MICEX included FGC UES shares into MICEX PWR index computation base 24.05.2008 within the first stage of substation modernization process new equipment was commissioned at 30.10.2008 Board of Directors of FGC UES resolved to increase the authorized capital of FGC UES via one of the largest facility of Moscow energy supply circle — substation of 500 kW Beskudnikovo placement of additional ordinary registered shares in the amount of 146,500,000,000 shares with par value of RUR 0.50 each for the total amount of RUR 73,250,000,000 18.06.2008 Government of the Russian Federation approved amendments to the Resolution “On price for- mation in respect of electric and heat power in the Russian Federation”. Major changes related 19.11.2008 FGC UES confirmed readiness reliability for operations during 2008–2009 autumn-winter sea- to applying regulatory asset base method to tariff calculation — RAB-based rate method son 19.06.2008 shares of FGC UES were listed
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