Dzerzhinsky

On February 28, 2005, in the town of Dzerzhinsky (near Moscow) AO MOSENERGO shareholders held general meetings of companies that are to be spun off from AO MOSENERGO in the course of the restructuring.

Shareholders elected boards of directors and audit commissions for all 13 new companies:

At GSMs, Arkady Yevstafyev was elected general director for each new company by majority of votes.

Most shareholders also approved the charters for the new companies. Shareholders of OAO Moscow Regional Electric Grid Company voted on two different versions of the charter. The first version included the provision on authorized shares for 200% of the charter capital and did not win the majority of votes. During the second vote shareholders approved the second version of the charter that did not include the authorized shares clause.

In the course of the restructuring 13 new companies will be separated from AO MOSENERGO including OAO Management Energy Company, OAO High-Voltage Grid Company, OAO Moscow Municipal Electric Grid Company, OAO Mosocw Municipal Heating Grid Company, OAO Moscow Regional Electric Grid Company, OAO Mosenergosbyt, OAO Specialized Design Bureau for Repair and Upgrade, OAO Mosteplosyetenergoremont, OAO Mosenergosyetstroy, OAO GRES-4, OAO GRES-5, OAO GRES-24, OAO Zagorsk GAES.

The state registration of companies that are created on the basis of AO MOSENERGO is scheduled for the first half of April, 2005.