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Moscow, 7 October 2005. The first meeting of the new Board of Directors of OAO "Russian Communal Systems"* (OAO "RCS") held today elected Yakov Urinson, Deputy Chairman of the Management Board and Head of the Corporate Center of RAO "UES of Russia", as Chairman of RCS Board of Directors. The Board also elected Danila Nikitin, Advisor to Director General of ZAO "Kuzbassrazrezugol Management Company", as Deputy Chairman of the RCS Board of Directors**.
Mikhail Slobodin was elected RCS President. The position of President was introduced pursuant to the resolution of the EGM of shareholders held 3 October 2005 instead of the position of Chairman of the Management Board of OAO "RCS".
The Board of Directors of OAO "RCS" elected new members of the Management Board of the Company, which includes the top executives of OAO "RCS".
The Board meeting also resolved to establish the Strategy, Development and Investment Committee; Budget and Finance Committee; Committee for Management System Optimization, Personnel, and Remunerations; and Audit Committee under the Board of Directors of OAO "RCS".
On 10 October 2005, Deputy Chairman of the Management Board of RAO "UES of Russia" and Chairman of the Board of Directors of OAO "RCS" Yakov Urinson will head the official delegation taking part in the ceremony to commission a boiler house in Tambov and the meeting with Tambov Region Governor Oleg Betin.
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* OAO "Russian Communal Systems" was registered on 29 May 2003. The authorized capital of OAO "RCS" is RUB1 billion. RAO "UES of Russia" was among the founders of the Company (25% stake).
OAO "RCS" was established with an objective of improving the quality of communal services provided to households and creating competition on the housing & utilities market. As a measure to achieve that objective, a network of regional subsidiaries and dependent companies of OAO "RCS" has been formed. These companies cooperate closely with local authorities in order the accomplish the common goals. As agreed with the municipal and regional authorities, these companies are granted the right to provide communal services; they lease or take custody of the facilities from the existing housing and utilities enterprises. The management of OAO "RCS" views reducing the administrative and technological costs at the enterprises administered by them and raising efficiency of the communal sector as their key priority.
** The new Board of Directors of OAO "RCS" was elected at the EGM held 3 October 2005. The following representatives of RAO "UES of Russia" Holding Company were elected to the new Board of Directors of OAO "RCS": Yakov Urinson, Deputy Chairman of the Management Board and Head of Corporate Center of RAO "UES of Russia"; Nikolay Brusnikin, Head of Project Group for Monitoring of Housing and Communal Sector at the Corporate Center of RAO "UES of Russia"; and Alexander Chistyakov, First Deputy Chairman of the Management Board of OAO "UES FGC".
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