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RAO UES Holds Auction to Sell its Shares in Mosenergosbyt

Moscow, 28 May 2008. Today, RAO "UES of Russia" held an auction to sell its 50.9 percent stake in OAO "Mosenergosbyt".

The public auction was arranged by the Company's Accredited Agent, OAO "Alfa-Bank". Bids for the auction were accepted from 28 April through 22 May 2008.

The reserve price was equal to the fair market value of RUB11.305 billion determined based on the report prepared by a consortium of independent appraisers.

There were two bidders for the 50.9 percent stake in Mosenergosbyt.

The auction winner, OOO "IK Corporate-Trust Projects", purchased the shares at RUB11.305 billion. This price represents a premium for the controlling interest of nearly RUB2.5 billion over the current weighted average price of the shareholding as of 27 May 2008.

After the auction, RAO "UES of Russia" and OOO "IK Corporate-Trust Projects", the auction winner, signed the Auction Protocol and the Share Purchase Agreement in respect of the stake in OAO "Mosenergosbyt".

OAO "Mosenergosbyt" is Russia's largest energy retail company which supplies 8 percent of electricity generated in the country (78.5 kWh billion annually). The company has the status of a guarantee supplier in the Moscow Region.

Currently, OAO "Mosenergosbyt" supplies electricity to over 183,000 industrial users and over 5.8 million residential users in Moscow and the Moscow Region.


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Stas Degtyarev
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+7 (495) 710-6239

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