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RAO UES Completes Share Buyback from Shareholders

Moscow. 9 January 2008. RAO "UES of Russia" has completely and timely fulfilled its obligations towards the shareholders who have tendered their shares for repurchase by the Company.*

According to the report regarding the shares tendered for repurchase approved by the RAO UES Board on 14 December 2007, the shareholders tendered for repurchase a total of 2,797,296,335 ordinary shares and 404,885,193 preferred shares. RAO UES was to pay for the shares by 9 January 2008, i.e. within 30 days after 10 December 2007, the closing date for submission of share repurchase requests).

The share repurchase prices (RUB32.15 per ordinary share and RUB29.44 per preferred share) were set by the RAO UES Board on 27 July 2007 based on the appraisal report prepared by an independent appraiser, Deloitte & Touche.

As 32 shareholders provided incorrect bank account details, the RUB16,701,731.75 owed to them for the repurchased shares were deposited with the Moscow City Notary A.V. Fedorchenko. Each of the shareholders was given notice of the deposit of funds by telegram.

Also, the process has been launched today to sell the repurchased shares. As resolved by the RAO UES Board on 27 December 2007, the shares will be sold on the OTC market at a price equal to the weighted average price of RAO UES shares on the MICEX stock exchange for the past 3 calendar weeks, but not lower than the share buyback price. The minimum quantity of shares to be sold to one buyer will be 10 million shares. The investor will not become the owner of the shares purchased by it until the shares are fully paid for in cash.

* The shares could be tendered for repurchase by the RAO UES shareholders entitled to participate in the EGM held on 26 October to consider the final phase of the Company's reorganization who voted against the proposed reorganization or did not take part in the voting.

This announcement was disclosed as material information in the Interfax newswire at 18:19 hours Moscow time on 9 January 2008 in compliance with the requirements of the Federal Service for Financial Markets (FSFM) of Russia.


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Stas Degtyarev
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+7 (495) 710-6239

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