Moscow, 4 July 2008. On July 1, 2008 the second stage of OJSC INTER RAO UES reorganization was completed. The entry was made in the Uniform State Register of Legal Entities on the merger of OJSC Inter RAO UES Holding which was spun off from RAO UES of Russia and OJSC Kaliningradskaya TETs-2 with and into OJSC INTER RAO UES. 

The company’s reorganization took place amid the final stage of RAO UES of Russia reorganization, which is being performed in accordance with the state program of reforming the electric power industry.

The configuration of the reorganized company fully complies with the target scheme established for OJSC INTER RAO UES by the Board of Directors of RAO UES of Russia in the fall of 2007.

On May 1, 2008 the following companies were merged into OJSC INTER RAO UES: CJSC INTER RAO UES, OJSC Severo-Zapadnaya TETs, and OJSC Ivanovskie PGU.

As a result of the reorganization, a unified operational, diversified company was established on the backbone of OJSC INTER RAO UES. The new company will be active in various regions of the Russian Federation and abroad with direct participation in its authorized capital of RAO UES of Russia shareholders, as well as the shareholders of all the adjoined companies.

The total of 2.27 trillion common shares with nominal value of 10 kopeks each was floated as a result of the reorganization of OJSC INTER RAO UES. The free-float share of the company may amount up to 38.5% of its authorized capital. Part of the securities of the company will be floated as depositary receipts for distribution among foreign investors.