Moscow, 19 December 2007. The Board of Directors of OAO "WGC-6"* has released results of the bidding for its additional shares. The bids from potential investors were accepted from 13 December through 18 December 2007.

The maximum number of shares authorized for issuance by WGC-6 is 11,850 billion ordinary shares, RUB0.48 par value each (which makes 44.33 percent of the company's capital before the offering and 30.71 percent of its capital after the offering).

WGC-6 determined the offering price per ordinary share taking into account the recommendations given by the banks acting as financial advisors and upon review of the bids received from the potential strategic investors. The share price was set at RUB3.8 per share, or USD0.1555. This price is approximately 19% higher than the market price of the company's shares (RUB3.2 per share on the MICEX), which corresponds to $497 per kilowatt of the WGC-6 installed capacity.

The existing shareholders in WGC-6 willing to exercise their pre-emptive right will purchase the shares at the offering price. The payment for the shares will be made by wire transfer to the WGC-6 account between 20 December and 26 December 2007. WGC-6 will issue the new shares to potential investors on 20 December through 29 December 2007, and will then release the offering results.

WGC-6 will use the offering proceeds to finance the construction of combined-cycle generators (PGU) at the existing power unit of the Kirishskaya TPP, capacity expansion of the Novocherkasskaya TPP (construction of a coal-fired power unit), expansion of the power unit by installing a gas turbine at the CHPP-24, and construction of the first start-up complex of the second phase of the Cherepovetskaya TPP project. By 2011, the company plans to bring on line 1,270 MW of additional capacity.

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To date, additional share offerings have been completed by four wholesale generation companies (WGC-2, WGC-3, WGC-4, and WGC-5) and five territorial generation companies (TGC-1, Mosenergo (TGC-3), TGC-5, SGC TGC-8, and Kuzbassenergo (TGC-12). The aggregate amount of funds raised by these generation companies through the share offerings is in excess of RUB293 billion, or about $12 billion.

Another RUB234 billion, or nearly $9.5 billion, in funds will be raised from the sale of the "government stake" shares in WGC-3, WGC-5, WGC-4, TGC-1, SGC TGC-8, and TGC-9 owned by RAO "UES of Russia". Taking into account the sale of the "government stake" shares in Mosenergo (TGC-3) approved by the Board of Directors of RAO "UES of Russia" on 30 November 2007, and the TGC-9 share sale and additional share offering, the total amount of private investments in the electricity industry will make almost RUB605 billion, or $25 billion.

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* WGC-6 was registered with the authorities on 17 March 2005 in the city of Rostov-na-Donu. The aggregate installed generation capacity of WGC-6 is 9,052 MW. WGC-6 shares are traded on ZAO "MICEX Stock Exchange", OAO "RTS Stock Exchange", and NP "RTS Stock Exchange".

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