Moscow, 24 May 2005. Today, the Federal Service for the Financial Markets (FSFM) of Russia registered the issue of ordinary shares and the share placement report filed by OAO "First Generation Company of the Wholesale Electricity Market" (OAO "WGC-1"), — the last of the seven Wholesale Generation Companies scheduled to be established. The shares of OAO "WGC-1" have been placed to the Company's only shareholder, RAO "UES of Russia".

Thus, by now the FSFM of Russia registered the first issues of shares and the share placement reports of all seven WGCs.

According to the Resolution on the share issuance filed with the FSFM of Russia, OAO "WGC-1" issued 17,252,039,909 ordinary shares of RUB1 par value. The state registration number assigned to the issue is 1-01-65107-D.

OAO "WGC-1" was registered on 23 March 2005 with Inspectorate No. 3 of the Federal Tax Service of Russia for Tyumen Region. The Director General of the Company is Vladimir Khlebnikov.

The establishment by RAO "UES of Russia" of OAO "WGC-1" as a wholly-owned subsidiary was approved by the Board of Directors of RAO "UES of Russia" at the Board meeting held 24 December 2004.

OAO "WGC-1" comprises the Verkhnetagilskaya TPP, OAO "Nizhnevartovskaya TPP", OAO "Urengoyskaya TPP", OAO "Iriklinskaya TPP", OAO "Permskaya TPP", and OAO "GRES-4" ("TPP-4").