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RAO "UES of Russia" Publishes Results of TGC-10 Share Sale

Moscow, 28 February 2008. Today, RAO "UES of Russia" has reviewed the bids for the 55.29% stake in TGC-10* owned by RAO "UES of Russia", which is attributable to the government stake (without shares of additional emission**).

The highest bid was submitted by energy corporation Fortum: $4.62, or RUB111.8 per share. This price is approximately 18% higher than the market prices of TGC-10 shares (RUB94.37 per share, the MICEX closing price as of 27 February); which corresponds to $767 per kilowatt of installed capacity.

The proceeds from the sale of this stake will amount to RUB28.6 billion, or more than $1,180 million of private investments.

* On 1 December 2006 TGC-10 was formed as a single operation company. It comprises generation and heat network assets of Tyumen Regional Generation Company, Chelyabinsk Generation Company, and Kurgan Generation Company.

** The Board of Directors of RAO "UES of Russia" approved the additional share offering of TGC-10 at its meeting of 26 October 2007. TGC-10 is entitled to issue up to 633 million ordinary shares, RUB1.66 par value per share. On 31 August 2007 the Board of Directors resolved that the sale of the "government stake" in TGC-10 will be carried out simultaneously with the issuance of additional shares by TGC-10 at the same price per share.


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