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HydroWGC Shares Float on the Stock Market

Moscow, 11 February 2008. Today, ordinary shares of OAO "HydroWGC" simultaneously started trading on the MICEX Stock Exchange and RTS Stock Exchange as non-quoted securities.

The HydroWGC shares were assigned a ticker HYDR and an ISIN RU000A0JPKH7 on MICEX, and a ticker HYDR on the RTS Classical Market and HYDRG on the RTS Exchange Market.

HydroWGC plans to have its shares gradually move up on the stock exchanges' quotation lists as and when it is ready to meet the exchanges' listing requirements. In May 2008, they are expected to be included in the Quotation List "B", and in August-September 2008, in the Quotation List "A".

In June-July 2008, the company plans to establish a Depositary Receipts program. The Depositary Bank for the DR program will be selected in February-March 2008.

According to the HydroWGC strategy, the priority set for the company's managers is boosting the company's value, and its share prices will be used to gauge the progress towards that goal.

The intended structure of OAO "HydroWGC" will include an operating company which will manage its branches based on the existing HPPs, and perform the corporate governance functions in the subsidiaries created to implement investment projects, such as construction of hydropower, tidal, wind, and geothermal power plants, as well as R&D institutes. Such intended structure is to be completed by July 2008. By that time, the companies created during the final phase of RAO UES reorganization—OAO "HydroWGC State HoldCo", and OAO "HydroWGC Minority HoldCo"—will merge with and into HydroWGC.

OAO "HydroWGC" is Russia' largest generation company and the world's second largest hydropower company in terms of installed capacity (24.14 GW). The company accounts for about 15 percent of Russia' electricity market.

Its authorized capital is RUB195,860,496,735 and is divided into 195,860,496,735 ordinary shares of RUB1 each. The company's major shareholder is RAO "UES of Russia".


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