Quorum of the General Meetings of Shareholders

The average quorum of the Meetings over the last four years preceding the reporting year was 84.5%, which, considering the share of the controlling shareholder (Public Joint Stock Company Rosseti, which owned 80.13% of the Company’s voting sharesPublic Joint Stock Company Rosseti was the controlling shareholder of the Company until 9 January 2023.) and quasi‑treasury shares (1.07%), means that approximately 14.25% of the total number of minority shareholders participated in the Meetings.

Starting from the Extraordinary General Meeting of Shareholders held on 21 March 2023, the share of the controlling shareholder decreased (the Russian Federation holds 75.000048% of the Company’s voting sharesThe Russian Federation is the controlling shareholder of the Company since 9 January 2023.). Given the changes during the reporting period, the average quorum at the end of the two Meetings was ~80.8%, slightly less than the average for the previous four years. A reduced rate of attendance by minority shareholders that are connected with unfriendly states could be another reason behind the 2023 average quorum decline.