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1.1. Issuer’s full business name
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Public Joint Stock Company “Moscow United Electric Grid Company”
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1.2. Issuer’s shortened business name
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Moscow United Electric Grid Company PJSC;
PJSC "MOESK"
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1.3. Issuer’s location
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Moscow, Russian Federation
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1.4. Issuer’s General State Registration Number
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1057746555811
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1.5. Issuer’s Tax ID
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5036065113
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1.6. Issuer’s unique code assigned by the registration authority
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65116-D
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1.7. URL of the webpage provided by one of the stock market information distributors in the information and telecommunication network Internet and URL in the Internet whose electronic address includes a domain name title whereto belongs to the issuer.
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2. Notice content
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2.1. Quorum for the issuer’s Board meeting and the voting results concerning the issues on adopting decisions:
Quorum for holding the Board meeting of PJSC MOESK is available.
Voting results:
On the first issue on the agenda:
positive decision was adopted.
On the second issue on the agenda:
positive decision was adopted.
On the third issue on the agenda positive decision was adopted.
On the fourth issue on the agenda:
positive decision was adopted.
2.2. Contents of the decisions adopted by the issuer’s Board:
On the 1st issue “On approval of the business plan, including the investment program and the information about key operational risks of PJSC Moscow United Grid Company for 2017 and the estimated figures for 2018-2021”:
1. Approve the business plan of PJSC Moscow United Grid Company, including the information about key operational risks, for 2017 and take into consideration the estimated figures for the period of 2018-2021 in accordance with the Appendix No. 1 to this decision of the Company’s Board.
2. Take into consideration the general parameters of the investment program of PJSC MOESK, included in the business plan of the Company for 2017 and the estimates for 2018-2021.
3. Draw attention to the failure of the Company’s Board to comply with the Clause 2.2 of the issue No. 7 “On consideration of the draft of the updated investment program of PJSC MOESK for the period of 2015-2021 (Minutes of October 21, 2016 No. 300).
4. Instruct the Sole executive body of the Company to:
4.1. ensure the consideration of the draft of the updated investment program of the Company for the period of 2015-2021, that was developed to meet the requirements specified in the Appendix No. 2 to this decision of the Company’s Board, at the meeting of the Company’s Board.
4.2. ensure the adjustment of the business plan of the Company for the period of 2017-2021 in the event that the parameters of the Company's business plan do not match the Company's investment program approved by the order of Minenergo of Russia, if there are appropriate sources of financing the investment program.
Term:
February 28, 2017.
4.3. ensure unconditional achievement of the target of reduction of operational expenses by at least 3% annually in accordance with the methods of calculating the key performance indicators;
4.4. ensure from 2018 the break-even condition of the activities related to the transmission of electricity for each entity of tariff regulation;
4.5. ensure the implementation of the activities planned in 2017 to manage the key operational risks of the Company, taking into account the recommended List of basic activities for managing key operational risks, paying particular attention to the risks of critical and significant seriousness in accordance with the Appendix No. 3 to this decision of the Company’s Board.
4.6. develop a comprehensive program on reduction of the losses of PJSC Moscow United Electric Grid Company with consideration of this program by the Board in the form of joint attendance until February 28, 2017.
4.7. conduct performance analysis of the investment activities for the period of 2011 – 2016, with the consideration of its results by the Board in the form of joint attendance until March 31, 2017.
On the 2nd issue “On main problems and risks in the activities related to the integration of PJSC Moscow United Electric Grip Company”:
1. Take into consideration the information on the main problems and risks in the Company’s activities related to the integration in accordance with the Appendix No. 4 to this decision of the Board.
2. Instruct the Sole executive body of the Company to:
2.1. ensure in the 1st quarter of 2017 an independent audit of the technical solutions developed in the process of preparation of the technical conditions for the integration.
2.2. develop in the first quarter of 2017 the time actioned plan of the Company to achieve the level of deficit freedom of the concluded contracts on the integration without taking into account a preferential category of applicants.
2.3. in 2017, ensure the introduction of the system of controlling the demand for integration (provision of information in the в information and telecommunications Internet networks and in the service centers for applicants on the location of the unloaded main substations).
2.4. together with PJSC Rosseti, prepare the proposals on introducing amendments to the laws and regulations in order to overcome the legal restrictions in regard to the integration with the subsequent coordination and ensuring that these proposals are sent to the bodies of legislative power in accordance with the established procedure in February, 2017.
On the 3rd issue “On the activities performed as a part of government regulation of the transmission service tariffs starting from 2017”:
1. Take into account the information on the activities performed as a part of government regulation of the transmission service tariffs starting from 2017.
2. Instruct the Sole executive body of the Company to:
2.1. While performing tariff regulation for 2017, ensure that all economically feasible expenses, providing the Company’s operation, are taken into account.
2.2. Provide the consideration of the Company’s Board the information on the results of tariff regulation of the Company for 2017.
Term – January 31, 2017.
On the 4th issue “Miscellaneous” (the issue is included into the agenda by unanimous agreement of the members of the Board of PJSC Moscow United Electric Grid Company attended the meeting):
1. Take into consideration the submitted proposals on introducing the amendments in the procedure of the financial encouragement of Director General and the Company’s top managers. Instruct the Director General to finalize the proposals and ensure their submission for consideration to the Board in January 2017 with a preliminary consideration by the Compensation and Nominating Committee of the Company’s Board.
2. Take into consideration the proposals for organizing an external audit of the investment activities of PJSC MOESK in the period of 2011-2016.
3. Amend the decision of the Board of November 18, 2016 (Minutes of November 21, 2016 No. 301) on the issue “Report on the results of the investment activities of PJSC Moscow United Electric Grid Company, stating the Clause 2.2. by the following text:
“2.2. re-submit the consideration of the Board the report on the investment activities of PJSC Moscow United Electric Grid Company, taking into account the execution of the Clauses 1.2., 2.1. of this decision with consideration of the issue in the 1st quarter of 2017”.
2.3. Date of holding the issuer’s Board meeting when the relevant decisions were adopted:
December 27, 2016.
2.4. Date of preparation and number of the minutes of the issuer’s Board meeting when the relevant decisions were adopted:
December 29, 2016, Minutes No. 304.
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3. Signature
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3.1. Corporate Secretary, acting
in accordance with Power of Attorney
№2-2883 dated 08 Jule, 2016
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______________ A.N. Svirin
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(signature)
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3.2. Date «12» January 2017 year
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