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Unified Energy System

May 30, 2007

TGC-1 achieves its intended corporate structure

Moscow, 30 May 2007. OAO "TGC-1" has completed all corporate procedures to consolidate its assets. The Federal Service for the Financial Markets of Russia (FSFM) registered the report on the results of the new share issue filed by OAO "TGC-1". The new shares were issued for the purpose of exchange for shares in OAO "Murmanskaya CHPP".

After the share exchange, the holders of shares in OAO "Murmanskaya CHPP" became shareholders in OAO "TGC-1", and OAO "Murmanskaya CHPP" became a subsidiary of OAO "TGC-1".

Previously, on 1 November 2006, OAO "Petersburg Generation Company", OAO "Kolskaya Generation Company", OAO "Apatitskaya CHPP", and OAO "Karelenergogeneratsiya" merged with OAO "TGC-1".

Thus, OAO "TGC-1" has now completed the creation of its intended corporate structure.

After the relevant amendments are made to the Charter of OAO "TGC-1", RAO "UES of Russia", Finland's Fortum, and OAO "Interros Holding Company" will hold 55.7%, 25.5%, and 7.4%, respectively.

The consolidation of the financial and generation assets located in the Leningrad Region, Murmansk Region, and Karelia Republic will make OAO "TGC-1" more attractive for investors.

___________________________________________

OAO "TGC-1" was registered on 25 March 2005 in St.-Petersburg. The aggregate installed generation capacity controlled by TGC-1 is 6,248.8 MW of electricity and 14,265 Gcal/h of heat.

At its meeting of 29 September 2006, the Board of Directors of RAO "UES of Russia" included TGC-1 in the list of pilot WGCs and TGCs to issue new shares to raise funds needed to expand thermal generation capacity. Pursuant to the decision of the Board of Directors of 9 February 2007 and the EGM of OAO "TGC-1", TGC-1 is authorized to issue at 1,875,228,129,448 ordinary shares, par value RUB0.01 each (39.9% of the authorized capital of OAO "TGC-1" after the offering) to private investors. The new shares are expected to be issued in Q3 2007.

 

 

 

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