Dear Shareholders,

2009 was a difficult year for the entire Russian economy. In the wake of the recession in the industrial production sector, electricity consumption fell by 5%. As a result, the generation of electricity at JSC “OGK-6” plants likewise fell.

In these conditions, the Company’s management carefully studied the changes which had taken place and tried to use all available opportunities to increase work efficiency. With the reduction in energy consumption came a reduction in prices on the non-regulated segment of the market. At the same time, changes in market conditions allowed the Company to generate income. Reducing the loading of our plants reduced generation of electricity however this was accompanied by a significant drop in costs in the purchase of fuel.

JSC “OGK-6” performance in cost management was remarkable. In 2009, production costs fell by 10%. This was possible thanks not only to cost reductions due to the decrease in generation but also to the introduction of modern technologies. For example, when implementing a fuel strategy, the Company introduced mathematical modelling methods in order to formulate medium-term energy consumption forecasts. This prevented the build up of surplus fuel reserves in warehouses and reduced the amount of “frozen” current assets. Furthermore, by creating a competitive environment and entering into long-term agreements, the Company was able to reduce the 2008 prices of several types of coal.

As a result, in 2009, the Company performed well both financially and economically. Through reducing electricity generation, revenue remained close to 2008 levels while profit grew 3.5 times to 2,813 million roubles. The main financial and economic performance data (such as liquidity and financial soundness indicators, level of accounts payable and accounts receivable) serves as evidence of Company stability. The low debt level reflects the Company’s solvency and purchasing power.

While striving to improve financial and economic indicators, the JSC “OGK-6” team has not neglected its central task – to provide reliable and uninterrupted generation of electricity. In order to achieve this, overhaul and mid-life repairs of equipment with capacities of 2,093 MW and steaming capacities of 7,680 tons per hour were carried out. The management of repair processes which took into consideration the priority of measures, raising the requirements for contractors and suppliers of equipment, the regulation of planning processes and the progress of repairs allowed the past year to remain accident-free.

In conclusion, 2010 will be a year for testing the capabilities of the entire Company team: energy consumption is increasing once more as well as the share of the non-regulated market; the CCGTU-420 investment project at Ryazanskaya GRES will be completed and CCGTU-800 at Kirishskaya GRES will enter its final stage. We are prepared to do whatever is necessary in order to achieve our primary goals: reliable and uninterrupted generation of electricity and capacity and securing profits for our shareholders.

JSC “OGK-6” General Director Aleksey Mityushov