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Unified Energy System

May 6, 2005

Statement by member of RAO UES Management Board Andrey Trapeznikov in connection with restructuring of OAO "Ulyanovskenergo"

Moscow, 6 May 2005. Andrey Trapeznikov, member of the Management Board of RAO "UES of Russia" and Chairman of the Board of Directors of OAO "Ulyanovskenergo", said that at the meeting of RAO UES officers with the Ulyanovsk Region Governor Sergey Morozov held on 4 May, the Governor was informed in detail about the progress in restructuring OAO "Ulyanovskenergo". During the meeting, Sergey Morozov voiced support to efforts by RAO "UES of Russia" seeking to normalize the operation of the Ulyanovsk energy system and implement the company's restructuring.

At the EGM of OAO "Ulyanovskenergo" scheduled for 23 May 2004, the shareholders will consider the company's reorganization. Andrey Trapeznikov said he hoped that the minority shareholders of OAO "Ulyanovskenergo" approve the company's restructuring plan. The plan submitted for shareholder approval at the EGM of OAO "Ulyanovskenergo" was approved by the Board of Directors of RAO "UES of Russia" on 3 September 2004.

The plan provides for integration of assets of OAO "Ulyanovskenergo", OAO "Saratovenergo", OAO "Samaraenergo", and OAO "Orenburgenergo" into interregional 'single-line' companies. As a result, the assets of OAO "Ulyanovskenergo", which is in a prolonged crisis, will be transferred to interregional groups of companies. Trapeznikov said that OAO RAO "UES of Russia" will not take part in the vote on the approval of the restructuring plan of OAO "Ulyanovskenergo" at the company's EGM, as this resolution is classified as an interested party transaction for RAO "UES of Russia". Implementation of the restructuring plan of OAO "Ulyanovskenergo" approved by the Board of Directors of RAO "UES of Russia" guarantees that the shares in the Ulyanovsk energy system will be converted into shares of the large interregional production companies which have a strong financial stability, which will protect, in the first place, the interests of minority shareholders of OAO "Ulyanovskenergo".

Trapeznikov emphasized that the Board of Directors of RAO "UES of Russia" considered the possibility of reorganizing OAO "Ulyanovskenergo" using the basic plan for regional energos' restructuring. He noted that the decision by the Board of Directors of RAO "UES of Russia" not to use the basic restructuring plan was due to the fact that, if such plan is implemented, OAO "Ulyanovskenergo" will be broken up into a few relatively small enterprises in a very unstable financial position. Today, the accounts payable of OAO "Ulyanovskenergo" are in excess of RUB4 billion, RAO "UES of Russia" being the largest creditor. "If the resolution is taken to reorganize OAO "Ulyanovskenergo" using the basic restructuring plan, RAO "UES of Russia" will insist on introducing external management at OAO "Ulyanovskenergo" so as to remove the risk of loss of assets," said Trapeznikov.

 

 

 

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