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Inter RAO UES

April 7, 2008

The Board of Directors of RAO UES of Russia commissioned representatives of the holding to Management Bodies of JSC INTER RAO UES to approve the cessation of the company’s participation in Severo-Zapadnaya TETs

Moscow, 7 April 2008. The Board of Directors of RAO UES of Russia at its meeting held on April 4, 2008 commissioned RAO UES of Russia representatives to management bodies of JSC INTER RAO UES to approve the cessation of the company’s participation in Severo-Zapadnaya TETs.

At the same time JSC INTER RAO UES shall sell a shareholding of 25%+1 share in Severo-Zapadnaya TETs to its subsidiary JSC INTER RAO UES Baltic.

This scheme of share disposal shall allow to avoid the redemption of a treasury stock shareholding, which originates from the merger of JSC INTER RAO UES and Severo-Zapadnaya TETs into OJSC INTER RAO UES*. As a result the subsidiary of OJSC INTER RAO UES shall become holder of a minority stake in the Company. Subsequently this stake may be sold and the proceeds from this sale used to fund the investment program of the INTER RAO UES Group.

The Board of Directors also gave out an order to submit for review of the Appraisal Committee the report of an independent appraiser on the market value of the 25%+1 share stake in Severo-Zapadnaya TETs, as well as the development strategy of INTER RAO UES - at one of the next meetings of the Committee of Strategy and Development of the RAO UES of Russia Board of Directors.

Apart from that, the Management Board of RAO UES of Russia must also address the issue on the expediency and technology of alienation of shares owned by JSC INTER RAO UES Baltic in Severo-Zapadnaya TETs (after the completion of the merger – shares in OJSC INTER RAO UES) at a Board meeting by July 1.

* During the final stage of the reorganization of RAO UES of Russia Sochinskaya TES shall be renamed into OJSC INTER RAO UES. Then JSC INTER RAO UES, Severo-Zapadnaya TETs, Kaliningradskaya TETS-2, Sochinskaya TES, Ivanovskiye PGU, and Sangtudinskaya GES-1 shall be merged into it together with other assets pursuant to the separation balance sheet.

 

 

 

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