Moscow. 8 June 2005. On 7 June 2005, the Federal Service for the Financial Markets of Russia (FSFM) registered the share issue and share placement report of OAO "Oryol Generation Company" spun off as a result of reorganization of OAO "Oryolenergo".

In accordance with the Resolution on share issuance and the share placement report, OAO "Oryol Generation Company" issued:

- 192,549,316 uncertificated registered ordinary shares, par value of RUB0.0075 per share, for a total value of RUB1,444,119.87. The state registration number assigned to the share issue is 1-01-50123-A.

- 44,588,520 uncertificated registered preferred shares, par value RUB0.0075 per share, for a total value of RUB334,413.9. The state registration number assigned to the share issue is 2-01-50123-A.

The new company was registered with the authorities on 1 April 2005. The share register of the company is administered by OAO Moscow Central Depository.

Previously, the FSFM of Russia registered the share issues of the companies spun off from OAO "Kalugaenergo", OAO "Bryanskenergo", OAO "Belgorodenergo", OAO "Voronezhenergo", OAO "Chuvashenergo", OAO "Vladimirenergo", OAO "Marienergo", OAO "Penzaenergo", OAO "Udmurtenergo", OAO "Karelenergo", OAO "Ryazanenergo", OAO "Kostromaenergo", OAO "Ivenergo", OAO "Yarenergo", OAO "Rostovenergo", OAO "Tverenergo", OAO "Chelyabenergo", OAO "Mordovenergo", OAO "Kurskenergo", OAO "Nizhnovenergo", OAO "Smolenskenergo", OAO "Tambovenergo", OAO "Astrakhanenergo", OAO "Volgogradenergo", OAO "Lipetskenergo", OAO "Mosenergo", OAO "Tulenergo", OAO "Sverdlovenergo", OAO "Novgorodenergo", OAO "Stavropolenergo", OAO "Oryolenergo".

Information for the attention of stock market participants:

Shares in the spin-off companies were distributed among the existing shareholders of the company reorganized through spin-off.

Shareholders in the reorganized regional energo received, for each share of the relevant category (class) held by them, shares of the same category (class) in each of the newly established companies, at the ratio determined in the resolution on the reorganization of the regional energo concerned.

The date on which the shares in the spin-off companies are placed is the date of state registration of the companies established as a result of regional energos' reorganization. The new shares are to be credited to the securityholder accounts with registrars and to the securities safekeeping accounts with securities depositories in accordance with the records in the share register of the regional energo as at such date.

The new shares are to be credited to the securityholder accounts by the Registrar maintaining the share registers of the newly established companies.