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Unified Energy System

April 7, 2005

Board of Directors of OAO "TGC-1" holds its first meeting

Moscow, 7 April 2005. The Board of Directors of OAO "Territorial Generation Company 1" (OAO "TGC-1")* held its first meeting today.

The Board of Directors of OAO "TGC-1" elected Alexander Chikunov, member of the Management Board and Head of the Center for Implementation of Reform Projects at the Reform Management Center at RAO "UES of Russia", as Board Chairman. Kuula Tapio, President of Fortum Power and Heat Oy was elected Deputy Chairman of the Board of Directors.

The Board of Directors of OAO "TGC-1" approved the resolution and report on the results of the issuance of 1 billion ordinary shares of OAO "TGC-1", par value RUB0.01 each, which shares had been distributed among the co-founders of the Company.

The Board of Directors of OAO "TGC-1" approved the appointment of OAO "Moscow Central Depository" (OAO "MCD") as the Company Registrar, and the terms and conditions of the Agreement for Administration and Safekeeping of the Company's Share Register concluded with OAO "MCD".

The Board approved the Regulation on the Auditing Commission of the Company and some other corporate regulations. These documents will be submitted for shareholder approval at the General Meeting of OAO "TGC-1" scheduled for 23 May 2005.


* The state registration of OAO "TGC-1" was granted on 25 March 2005 by the Interdistrict Inspectorate of the Federal Tax Service of Russia for the city of St.-Petersburg. The co-founders' meeting approved the appointment of Andrey Likhachev (currently CEO of OAO "Lenenergo") as Director General of OAO "TGC-1".

The co-founding of OAO "TGC-1" as an operating company by OAO "Kolenergo", OAO "Lenenergo", and OAO "Karelenergogeneratsiya" using lease arrangements was approved by the Board of Directors of RAO "UES of Russia" at the Board meeting held 26 November 2004.

According to the preliminary schedule, TGC-1 will start working as an operating company on 1 July 2005. The establishment of TGC-1 will be completed in the first quarter of 2007 after the three Regional Generating Companies (RGCs) merge with and into TGC-1.




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