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Unified Energy System

August 26, 2005

State registration of new companies spun off from regional energos of RAO "UES of Russia" expected on September 1st

Moscow, 26 August 2005. On 1 September 2005, in accordance with the schedule for regional energos' restructuring schedule, 29 transmission grid companies to be spun off from OAO "Arkhenergo", OAO "Astrakhanenergo", OAO "Bryanskenergo", OAO "Vladimirenergo", OAO "Volgogradenergo", OAO "Voronezhenergo", OAO "Dagenergo", OAO "Ivenergo", OAO "Karelenergo", OAO "Kirovenergo", OAO "Kostromaenergo", OAO "Kurskenergo", OAO "Lipetskenergo", OAO "Marienergo", OAO "Mordovenergo", OAO "Nizhnovenergo", OAO "Omskenergo", OAO "Penzaenergo", OAO "Rostovenergo, OAO "Ryazanenergo", OAO "Smolenskenergo", OAO "?ambovenergo", OAO "?verenergo", OAO "?ulenergo", OAO "?yumenenergo", OAO "Udmurtenergo", OAO "Chelyabenergo", OAO "Chuvashenergo", and OAO "Yarenergo" are expected to complete registration with the authorities. The above companies will be spun off from the regional energos in accordance with the "basic" restructuring plan.

Besides, planned that state registration will be granted on 1 September 2005 to OAO "Volzhskaya Interregional Distribution Company", co-founded by OAO "Samaraenergo", OAO "Saratovenergo", and OAO "Ulyanovskenergo" (these companies are being restructured in accordance with the "non-basic" scenario).

As of today, the regulatory authorities have granted registration to 166 new companies established as a result of reorganization of 45 subsidiaries and dependent companies (SDCs) of RAO "UES of Russia". The ownership structure of the newly established companies mirrors that of the respective regional energo reorganized in accordance with the basic restructuring plan.

Information for the attention of stock market participants:

Shares in a spin-off company are distributed among shareholders of the company reorganized through spin-off.

The shares will be distributed to the regional energos' shareholders at a ratio established in the resolution of the reorganization of the company.

Shareholders who voted AGAINST the resolution to reorganize the regional energo or did not take part in the voting on that item of business will receive shares in the newly established companies of the corresponding class in the amount equal to the number of shares of that class in the reorganized regional energo held by them as at the date of the share placement.

The date on which the shares in the spin-off companies are placed is the date of state registration of the companies established as a result of regional energos' reorganization. The new shares are to be credited to the securityholder accounts with registrars and to the securities safekeeping accounts with securities depositories in accordance with the records in the share register of the regional energo as at such date.

The shares will be credited to the securityholder accounts by the Registrar to be appointed by the Boards of Directors of the newly established companies.

Share issues of the spin-off companies are expected to be registered with the regulators within one and a half months after the date of the companies' state registration. Transactions in such shares may be effected after the state registration of the security issues.




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