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Unified Energy System

June 6, 2008

RAO UES shares stop trading on stock exchanges

Moscow. 6 June 2008. Today was the last day on which RAO UES shares, one of Russia's most liquid securities, stopped trading on the stock exchanges at 18:00 hours Moscow time.

Stock exchange brokers called shares of RAO "UES of Russia" "Rayechka". Ever since the launch of trading, RAO UES shares accounted for the bulk of the trading volume of the entire stock market. In some years, the Company's shares made up to 80 percent of stock exchange trading in Russia. Last year, RAO "UES of Russia" was included in the RTS Index Book of Records as the Most Liquid Security over the 12 years of existence of the RTS Index.

Today, 6 June, was the record date for determining the RAO UES shareholders. The holders of the Company's shares of record as at 18:00 hours Moscow time on 6 June, will receive in the first half of July shares in 23 major energy companies engaged in electricity generation and transmission*.

It is not recommended to purchase RAO UES shares on the OTC market after 6 June, because shareholders and investors who purchase RAO UES shares on the OTC market run the risk of purchasing shares at a price significantly different from their actual market price.

The most important is the following: the persons who purchase shares in RAO "UES of Russia" after 6 June and continue to hold them until the reorganization completion date (1 July 2008) will only be entitled to shares in Federal Grid Company and not the entire set of shares in the companies to be spun off from RAO "UES of Russia". RAO "UES of Russia", the FSFM of Russia, and stock exchanges have warned all stock market participants about that in advance.

At the same time, in order to support liquidity of the energy companies' shares after RAO UES shares stop trading on the stock exchange on 6 June, FORTS, the RTS futures and options trading floor, introduced a futures contract "Shares of Electricity Industry Companies" with settlement due on 15 December 2008. The specifications for these futures contracts, and the options for such futures were registered with the FSFM of Russia on 13 May 2008. At the time of admission of the futures contract to trading, the contract size was 1,000 ordinary shares in RAO "UES of Russia" (underlying asset).

On 1 July 2008, when the reorganization of RAO "UES of Russia" is completed, the stock exchange will take a decision on changing the underlying asset and contract size in accordance with the distribution of shares to shareholders who voted "for" the reorganization of RAO "UES of Russia" at the EGM on 26 October 2007. That is why, beginning in July, the underlying asset for the futures contract will be a basket of 23 shares in the companies spun off from RAO "UES of Russia".

* Shares in five thermal WGCs, 13 TGCs, FGC, HydroWGC, INTER RAO UES, IDC Holding, and OAO "RAO Energy Systems of the East".




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