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Unified Energy System

April 7, 2008

RAO UES of Russia determines preliminary results of sale of TGC-4 shares

Moscow, 7 April 2008. Today, the RAO UES Tender Commission determined the price for the sale of shares in OAO "TGC-4"* owned by RAO "UES of Russia", which are attributable to the government stake.

Upon review of the bids, the Tender Commission determined the winning bid, which was submitted by UNEXIM Holdings Limited.

UNEXIM Holdings Ltd. offered RUB0.0270 per ordinary share, or US$598 per kW of installed capacity (taking into account the company's net debt).

The TGC-4 Board of Directors will need to determine the price for the additional offering of the company's shares. As provided by the resolutions previously adopted by the Board of Directors of RAO "UES of Russia"**, the TGC-4's share offering and sale of the "government-stake" shares will be carried out using the same price.

The final quantity of additional shares in TGC-4 to be issued to UNEXIM Holdings Ltd. will be determined after the TGC-4 shareholders exercise their pre-emption right on the additional shares.

As a result of sale of the "government stake" shares in TGC-4, RAO UES will raise about RUB12 billion in funds, or more than $500 million.

After the sale of the "government stake" and the offering of 586 billion shares of TGC-4, RAO UES will hold 11% of TGC-4. This stake will be distributed among the RAO UES minority shareholders during the final phase of the Company's reorganization.

The funds raised by TGC-4 as a result of the share offering will be used to expand its generation capacity in accordance with the company's investment programme for the period until 2012. The list of the company's key projects to be implemented includes construction and revamping of power units at the Lipetskaya CHPP-2, Dyagilevskaya CHPP, Novomoskovskaya TPP, Voronezhskaya CHPP-2, Kurskaya CHPP-2, and Livenskaya CHPP. The proceeds from the sale of the "government stake" shares in TGC-4 will be used to finance the investment programme of Federal Grid Company.

***

To date, additional share offerings have been completed at 15 WGCs and TGCs. These are WGC-2, WGC-3, WGC-4, WGC-5, WGC-6, TGC-1, TGC-2, Mosenergo (TGC-3), TGC-5, Volzhskaya TGC (TGC-7), SGC TGC-8, TGC-9, TGC-10 and Kuzbassenergo (TGC-12). The total amount of funds raised through the share offerings made RUB411.64 billion. These funds will be used to finance the generation companies' investment projects.

Another RUB337.06 billion in private investments was raised as a result of sale of the "government stake" shares in 9 generation companies—WGC-3, WGC-4, TGC-1, TGC-2, Mosenergo (TGC-3), TGC-4, SGC TGC-8, TGC-9 and TGC-10, as well as the "blocking stake" (25 percent plus one share) in WGC-5. The proceeds from the sale of "government stake" shares will be used to finance the investment programmes of FGC and HydroWGC.

Thus, taking into account the sale of the "government stake" and the forthcoming additional share offering of TGC-4, as well as the preliminary results of the share offering and sale of the "government stake" in TGC-13, the total amount of private investments raised for the Russian electricity sector will reach nearly RUB790 billion.


*OAO "TGC-4" was registered on 20 April 2005. The company's authorized capital is RUB13.96 billion, of which 47.32 percent is held by RAO "UES of Russia" (voting shares: 50.01 percent). The 10 branches of OAO "TGC-4"— 25 power plants with the aggregate installed capacity of 3,377.8 MW of electricity and 17,741.4 Gcal/h of heat; 664 boiler plants, with the heating networks 5,332.7 km long.

**On 27 July 2007, the Board of Directors of RAO "UES of Russia" approved the revised plan for the preparation and offering of TGC-4 shares. The maximum number of ordinary shares authorized for issuance is 586,000,000 shares, RUB0.01 par value each (which makes 42 percent of the authorized capital of OAO "TGC-4" prior to the offering, and 29.6 percent after the offering).

 

 

 

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