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Unified Energy System

April 7, 2008

Yeniseyskaya TGC sets offering price for its shares

Moscow, 7 April 2008. The Board of Directors of OAO "Yeniseyskaya TGC" (TGC-13) set the price for the offering of the company's additional shares at RUB0.21 per share. The offering price was set taking into account the recommendations given by the banks acting as financial advisors and the result of review of the book of orders.

The Board of Directors of RAO "UES of Russia" resolved on 31 August 2007 that the "government stake" shares in Yeniseyskaya TGC are to be sold at the same price.

Importantly, for the first time in the course of offerings and sales of shares in thermal generation companies, the "government stake" shares in Yeniseyskaya TGC will be offered for sale to a broad range of financial investors simultaneously with the issue of the additional shares.

Yeniseyskaya TGC will offer, both in Russia and outside the USA**, 30,204,428,000 additional shares having a par value RUB0.01 each, which makes 18.95 percent of the company's authorized capital after the offering.

RAO "UES of Russia" will offer for sale 22,718,462,034 existing shares in Yeniseyskaya TGC, or 14.25 percent of the authorized capital after the offering.

The price of the new and existing shares is approximately 8 percent higher the prices of the company's shares (based on the MICEX prices at the close of business on the previous trading day).

As a result of sale of the "government stake" shares in the company, RAO UES will raise RUB4.77 billion, or more than $202 million, in funds from private investors. The proceeds from the share offering which may be received by Yeniseyskaya TGC will make RUB6.34 billion, or $269 million.

Thus, the total amount of funds expected to be raised from the additional share issue and the sale of the "government stake" shares in Yeniseyskaya TGC will make about RUB11.11 billion, or more than $471 million.

Yeniseyskaya TGC will use the proceeds from the share offering to finance the construction of new generation capacity and modernize and replace the existing capacity, and the proceeds from the sale of the "government stake" shares will be used to cover the shortfall in the HydroWGC's investment programme.

After the new share offering and the sale of the "government stake" shares, the interest held by RAO "UES of Russia" in Yeniseyskaya TGC-13 will decline from 56.47 percent to at least 31.51 percent. In the course of the final phase of the RAO UES reorganization, its remaining shares in Yeniseyskaya TGC will be distributed among the minority shareholders of RAO "UES of Russia".


* OAO "Yeniseyskaya TGC (TGC-13)" was established in 2006 as a result of consolidation of the generation assets in the Krasnoyarsk Kray and the Republic of Khakassia. The company's total installed capacity is 2548 MW of electricity and 7117 Gcal/h of heat. Today, Yeniseyskaya TGC is one of the major producers of electricity and heat in the region. Shares of Yeniseyskaya TGC are traded on the RTS and MICEX stock exchanges.

** In accordance with Regulation S under the U.S. Securities Act of 1933.

 

 

 

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