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First Pilot Project to Consolidate Distribution Companies Completed

Moscow, 3 March 2008. The process to establish Center and Privolzhye Interregional Distribution Company (IDC) as a single operating company has been completed through merger of all distribution companies (DCs) comprising its configuration with and into the IDC.

On 29 February 2008, the shares of the merged companies were converted into additional ordinary shares of Center and Privolzhye IDC. Thus all DC shareholders have become shareholders of the operating company. RAO "UES of Russia" will preserve its controlling interest in the new company.

The Russian Government's Order of 19 December 2007 provides for a new configuration of the IDCs: their number will increase to 11 from 4 (excluding OAO "Far Eastern Distribution Company"). The new IDCs will be created based on the principle of territorial adjacency and the comparable size of assets of the distribution companies within the IDCs.

According to the order, the intended structure for the IDCs is the formation of a single operating company through merger of the distribution companies which make up its configuration. The new IDCs as single operating companies will have a greater investment attractiveness and financial and technological reliability.

The key parameters of the first three "pilot" IDCs – OAO "Center and Privolzhye IDC", OAO "North-West IDC", and OAO "Siberia IDC" – were approved by the RAO UES Board of Directors on 26 October 2007.

The shareholders approved the merger of the DCs with and into Center and Privolzhye IDC, the Merger Agreement and the Transfer Deeds at the companies' EGMs held on 11 December and 14 December 2007.

The shares of Center and Privolzhye IDC will start trading on the MICEX and RTS stock exchanges in April 2008.

It is planned that the DCs' merger with the two pilot Center and Privolzhye IDC and Siberia IDC will be completed by 1 April 2008. Center and Privolzhye IDC shares will be floated on the stock market in Q2-Q3 2008.

OAO "Center and Privolzhye IDC" was registered in Nizhny Novgorod on 28 June 2007. The configuration of the IDC includes OAO "Vladimirenergo", OAO "Ivenergo", OAO "Kalugaenergo", OAO "Kirovenergo", OAO "Marienergo", OAO "Nizhnovenergo", OAO "Ryazanenergo", OAO "Tulenergo", and OAO "Udmurtenergo". The overall length of the transmission lines of OAO "Center and Privolzhye IDC" is 265,998 km. The installed transformer capacity of the substation with voltage of 35 kV and more is 27,450 MVA.


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