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Unified Energy System

November 2, 2005

Share issue of OAO "Volzhskaya TGC" registered with the FSFM of Russia

Moscow, 2 November 2005. On 1 November 2005, the Federal Service for the Financial Markets (FSFM) of Russia registered the issue of ordinary shares and the share placement report of OAO "Volzhskaya Territorial Generation Company" (OAO "Volzhskaya TGC"). The shares were distributed among the Company's shareholders, OAO "Samaraenergo", OAO "Saratovenergo", and OAO "Ulyanovskenergo".

According the resolution on share issuance and share placement report, OAO "Volzhskaya TGC" issued 22.83 billion ordinary shares, par value RUB1, for a total value of RUB22.83 billion. The state registration number assigned to the share issue is 1-01-55113-?.

OAO "Volzhskaya TGC" was registered on 1 August 2005 with the Inspectorate of the Federal Tax Service of Russia for Leninsky District, city of Samara. The Director General of OAO "Volzhskaya TGC" is Vasily Nikonov.

It is planned that OAO "Volzhskaya TGC" will start operations on 1 January 2006. By that time, the Company will complete the formation of its property complex.

______________________________

Note: On 3 September 2004, the Board of Directors of RAO "UES of Russia" approved the restructuring plans for OAO "Samaraenergo", OAO "Saratovenergo", OAO "Ulyanovskenergo", and OAO "Orenburenergo".

Among other things, the restructuring plans provide that OAO "Samaraenergo", OAO "Saratovenergo", OAO "Ulyanovskenergo" will co-found OAO "Volzhskaya TGC" and contribute their generating assets and heating grid assets to the authorized capital of OAO "Volzhskaya TGC".

OAO "Samaraenergo", OAO "Saratovenergo", and OAO "Ulyanovskenergo" are to spin off holding companies—OAO "Samara Generation Company", OAO "Saratov Generation Company", and OAO "Ulyanovsk Generation Company"—whose principal asset will be shares in OAO "Volzhskaya TGC".

As a result of reorganization of OAO "Orenburgenergo", OAO "Orenburg Heating and Generation Company" was set up on 1 July 2005. The newly established company owns the generation and heating grid assets of OAO "Orenburgenergo", except for the assets of the Iriklinskaya TPP branch. Shares of OAO "Orenburg Heating and Generation Company", which is wholly owned by RAO "UES of Russia", will be contributed to the authorized capital of OAO "Volzhskaya TGC".

In the future, it is expected that the holding companies—OAO "Samara Generation Company", OAO "Saratov Generation Company", and OAO "Ulyanovsk Generation Company"—will merge with and into OAO "Volzhskaya TGC".

 

 

 

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