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MOSENERGO (TGC-3)

September 29, 2006

RAO UES of Russia Board of Directors approves additional Mosenergo share issue in favor of strategic investor

Today, September 29 – The Board of Directors of RAO UES of Russia have approved Mosenergo’s additional share issue in favor of strategic investor.

The additional share issue will bring into Mosenergo not less than USD 2.1 billion of new investments.

A simple partnership of RAO UES of Russia, AO MOSENERGO and the strategic investor will be formed in order to control the implementation of Mosenergo investment projects financed by the Company’s additional share issue.

The Board of Directors of RAO UES of Russia has instructed Company representatives at the AO MOSENERGO shareholders’ meeting to vote for a limited ordinary company share issue of 11.5 billion shares with a nominal value of 1 ruble per share and to approve a corresponding increase in the Company’s authorized capital.

The Board of Directors of RAO UES of Russia has also instructed its representatives at the AO MOSENERGO Board of Directors and shareholders’ meeting to support the taking of the decisions required to carry out an additional issue of company shares.

Preliminary evaluations estimate the maximum possible reduction in RAO UES of Russia’s stake in Mosenergo’s authorized capital, resulting from the additional share issue, to be not less than the blocking stake (25% + 1 share).

AO MOSENERGO’s additional ordinary shares will be floated as a private offering in favor of strategic investor. The share flotation price will be the average weighted trading value on RTS and MICEX floors over the six months prior to the date of the AO MOSENERGO shareholders’ meeting, but will not be less than 5 rubles. The shareholders’ meeting is planned for December of this year and the flotation will take place at the beginning of 2007.

 

 

 

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