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RAO UES Holds an Auction to Sell its 21.27 % Stake in Bashkirenergo

Moscow 23 May 2008. Today, RAO "UES of Russia" held an open auction to sell its 21.27 percent stake in OAO "Bashkirenergo".

The public auction was arranged by the Company's Accredited Agents, OAO "Urals Energy Management Company" and Troika Dialog. Bids were accepted from 12 May to 22 May 2008.

The auction winner, OOO "UNITRADE", purchased the shares at the reserve price of RUB11 billion. The auction reserve price for the stake was at a RUB2.2 billion premium compared to the market value taking into account the valuation report prepared by a consortium of independent appraisers and approved by the Appraisal Committee under the Board of Directors of RAO "UES of Russia". The sale price is RUB2 billion higher than the current weighted average price as of 22 May 2008.

After the auction, RAO "UES of Russia" and OOO "UNITRADE", the auction winner, signed the Auction Protocol and the Share Purchase Agreement in respect of the 21.27 percent stake in OAO "Bashkirenergo".

The funds raised through the sale of Bashkirenergo shares (less all taxes and other required charges, as well as the auction costs) will be used to finance reorganization of RAO "UES of Russia", repay the debts raised by RAO UES to finance a number of its investment projects.

* The sale of the 21.27% shareholding in OAO "Bashkirenergo" was approved by the Board of Directors of RAO "UES of Russia" at its meeting held 25 May 2007.


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