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Unified Energy System

December 7, 2005

RAO UESR acquires a 22.43% stake in OAO "Power Machines" pursuant to Board resolution of 4 October 2005

Moscow, 7 December 2005. Pursuant to resolution of the Board of Directors of 4 October 2005, RAO "UES of Russia" has acquired a 22.43% stake in OAO "Power Machines". The price tag of the deal is USD101.4 with the upper end of the market value of USD107 as determined by an independent appraiser, ZAO "KPMG" and approved by the Board of Directors. The purchase of the stake was financed with borrowed funds.

As a result, taking into account the stake in OAO "Power Machines" held by OAO "Lenenergo", RAO "UES of Russia" Holding Company has built up a blocking stake (25 percent plus one share) in Power Machines.

In addition, RAO "UES of Russia" will be authorized by a power of attorney to vote 30.41% shares in Power Machines until 2007. The procedure and conditions for the grant of the power of attorney are regulated by an individual agreement between the parties. During the period of managing the shareholding, RAO "UES of Russia", jointly with OAO "Interros Holding Company", will develop and start implementing a new business development strategy for OAO "Power Machines".

 

 

 

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