Moscow 8 July 2008. A survey of RAO UES depositary receipt holders has been
completed. The Company's DR holders were asked to elect a form in which they wish to
acquire assets of the companies spun off from RAO "UES of Russia" – i.e.
shares, depositary receipts representing shares in the RAO UES successor companies or
proceeds from the sale of shares in the spin off companies they are entitled to.
The Election Packages were circulated by the RAO UES' depositary banks—Deutsche Bank
Trust Company and The Bank of New York—and the clearing systems to the ADR and GDR
holders of RAO "UES of Russia" immediately after the record date, 6 June 2008.
In order to be able to receive DRs or shares in the companies spun off from RAO
"UES of Russia", the investors were requested to submit the relevant statements
and their account details.
RAO UES DR holders who fail to submit the required information in due time will receive
the cash proceeds from the sale of shares in the spin off companies on the stock exchange
they are entitled to (the so-called "cash-out").
It is expected that investors will receive their shares and DRs of most of the spin off
energy companies by the end of July 2008. The cash-out procedure may take three to six
It is planned that the shares in OAO "IDC Holding" and OAO "RAO Energy
Systems of the East" established after 1 July 2008 will be received by foreign
investors in October-November 2008, and the DRs representing shares in these companies –
in December 2008 or January 2009. This is due to the statutory periods set for the
registration of shares in the above companies, prospectuses, and listing procedures.