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MOSENERGO (TGC-3)

February 28, 2005

The general shareholders’ meetings of the thirteen spun-off companies

Moscow

The organizational general shareholders’ meetings of the following thirteen new companies (the «Newcos») were held on February 28, 2005. The Newcos are being established pursuant to the resolution on the reorganization of OAO Mosenergo («Mosenergo» or the «Company») by the spin-off and establishment of new companies, adopted at the annual general shareholders’ meeting of Mosenergo (Minutes No. 1 dated June 29, 2004), and to the decision by the Board of Directors of Mosenergo dated December 25, 2004.

  • OAO Energy Management Company;
  • OAO Trunk Grid Company;
  • OAO Moscow City Electricity Network Company;
  • OAO Moscow Heating Network Company;
  • OAO Moscow Region Electricity Network Company;
  • OAO Mosenergosbyt;
  • OAO Specialized Design Bureau for Repair and Modernization;
  • OAO Mosteplosetenergoremont;
  • OAO Mosenergosetstroi;
  • OAO GRES-4;
  • OAO GRES-5;
  • ??? GRES-24; and
  • ??? Zagorskaya GAES.

Each of the general shareholders’ meetings had the following agenda:

  1. Approval of the Charter of the newly formed Company.
  2. Election of the General Director of the newly formed Company.
  3. Election of members of the Audit Commission of the newly formed Company.
  4. Election of members of the Board of Directors of the newly formed Company.

The general shareholders’ meetings have taken the decisions:

  1. To approve the Charter of each of the Newcos mentioned above.
  2. To elect Arkady Vyacheslavovich YEVSTAFYEV, the General Director of Mosenergo, as the General Director of each of the Newcos.
  3. To elect the Audit Commission for each of the Newcos consisting of 5 members:

    The Audit Commission of OAO Energy Management Company:

    1. Zenyukov Igor Alikovich
    2. Ivanova Irina Konstantinovna
    3. Sidorov Sergey Borisovich
    4. Telitsyna Anna Sergeevna
    5. Yakovlev Grigoriy Aleksandrovich

    The Audit Commission of OAO Trunk Grid Company:

    1. Baitov Anatoliy Valerievich
    2. Zenyukov Igor Alikovich
    3. Lelekova Marina Alekseevna
    4. Sidorov Sergey Borisovich
    5. Chetvertkova Nina Aleksandrovna

    The Audit Commission of OAO Moscow City Electricity Network Company:

    1. Baitov Anatoliy Valerievich
    2. Volkov Maxim Leonidovich
    3. Lelekova Marina Alekseevna
    4. Matyunina Lyudmila Romanovna
    5. Surikov Oleg Vyacheslavovich

    The Audit Commission of OAO Moscow Heating Network Company:

    1. Volkov Maxim Leonidovich
    2. Matyunina Lyudmila Romanovna
    3. Neganov Leonid Valerievich
    4. Rozhkov Dmitriy Ernstovich
    5. Surikov Oleg Vyacheslavovich

    The Audit Commission of OAO Moscow Region Electricity Network Company:

    1. Baitov Anatoly Valerievich
    2. Dronova Tatiana Petrovna
    3. Zenyukov Igor Alikovich
    4. Lelekova Marina Alekseevna
    5. Matyunina Lyudmila Romanovna

    The Audit Commission of OAO Mosenergosbyt:

    1. Bogomaz Andrei Stanislavovich
    2. Volkov Maxim Leonidovich
    3. Gurianov Denis Lvovich
    4. Naumenko Sergey Nikolaevich
    5. Sidorov Sergey Borisovich

    The Audit Commission of OAO Specialized Design Bureau for Repair and Modernization:

    1. Zavalko Maxim Valentinovich
    2. Zagorodnikh Vladimir Anatolievich
    3. Kolesnikova Lyudmila Nikolaevna
    4. Mizikin Andrei Mikhailovich
    5. Khasanagich Nadezhda Nikolaevna

    The Audit Commission of OAO Mosteplosetenergoremont:

    1. Ershov Aleksei Anatolievich
    2. Zabrodin Oleg Viktorovich
    3. Zavalko Maxim Valentinovich
    4. Zagorodnikh Vladimir Anatolievich
    5. Sharkov Aleksei Gennadievich

    The Audit Commission of OAO Mosenergosetstroi:

    1. Ershov Aleksei Anatolievich
    2. Zavalko Maxim Valentinovich
    3. Zagorodnikh Vladimir Anatolievich
    4. Zarypov Sait Myasumovich
    5. Sharkov Aleksei Gennadievich

    The Audit Commission of OAO GRES-4:

    1. Gabrielyan Olga Vasilyevna
    2. Dolgopol Olga Semyonovna
    3. Evseenkova Elena Vladimirovna
    4. Kundin Andrei Vladimirovich
    5. Sorokin Roman Yurievich

    The Audit Commission of OAO GRES-5:

    1. Dolgopol Olga Semyonovna
    2. Druzhina Elena Anatolyevna
    3. Ovchinnikova Marina Fedorovna
    4. Smirnova Elena Evgenievna
    5. Sorokin Roman Yurievich

    The Audit Commission of ??? GRES-24:

    1. Dolgopol Olga Semyonovna
    2. Druzhina Elena Anatolyevna
    3. Dubinsky Evgeny Sergeevich
    4. Krivoguzov Andrei Vladimirovich
    5. Smirnova Polina Vyacheslavovna

    The Audit Commission of ??? Zagorskaya GAES:

    1. Gataulin Denis Vladislavovich
    2. Dolgopol Olga Semyonovna
    3. Petrova Yulia Vladimirovna
    4. Smirnova Polina Vyacheslavovna
    5. Tarakanov Aleksei Gennadievich

  4. To elect the Board of Directors of each of the Newcos consisting of 13 members:

    The Board of Directors of OAO Energy Management Company:

    1. Silkin Vladimir Nikolaevich
    2. Kuznetsov Artyom Vladislavovich
    3. Gavrilenko Anatoly Anatolievich
    4. Matveev Aleksei Anatolievich
    5. Sobol Aleksandr Ivanovich
    6. Yevstafyev Arkady Vyacheslavovich
    7. Smirnov Pavel Stepanovich
    8. Sleptsova Ludmila Anatolievna
    9. Udaltsov Yuri Arkadievich
    10. Parkhomuk Olga Viktorovna
    11. Neveyko Aleksandr Anatolievich
    12. Chaburin Aleksandr Aleksandrovich
    13. Yaroshevich Vladislav Anatolievich

    The Board of Directors of OAO Trunk Grid Company:

    1. Romanovsky Sergey Petrovich
    2. Ovsyannikova Irina Leonidovna
    3. Syomin Nikolai Alekseevich
    4. Skribot Wolfgang
    5. Yudina Tatiana Nikolaevna
    6. Zhukov Andrei Sergeevich
    7. Shamis Yulia Lvovna
    8. Lychagin Svyatoslav Anatolievich
    9. Kartoshkin Viktor Nikolaevich
    10. Sinenko Aleksandr Yurievich
    11. Orlov Aleksandr Konstantinovich
    12. Shulin Maxim Igorevich
    13. Yefstafyev Arkady Vyacheslavovich

    The Board of Directors of OAO Moscow City Electricity Network Company:

    1. Presnyakov Igor Vitalievich
    2. Kuznetsov Artyom Vladislavovich
    3. Gavrilenko Anatoly Anatolyevich
    4. Kravtsov Andrei Nikolaevich
    5. Matveev Aleksei Anatolyevich
    6. Yefstafyev Arkady Vyacheslavovich
    7. Gusev Andrei Leonidovich
    8. Smirnov Pavel Stepanovich
    9. Udaltsov Yuri Arkadievich
    10. Chikunov Aleksandr Vasilyevich
    11. Chistyakov Aleksandr Nikolaevich
    12. Zenyukov Igor Alikovich
    13. Orlov Aleksandr Konstantinovich

    The Board of Directors of OAO Moscow Heating Network Company:

    1. Lukin Igor Stepanovich
    2. Kuznetsov Artem Vladislavovich
    3. Gavrilenko Anatoly Anatolyevich
    4. Matveev Aleksei Anatolyevich
    5. Skribot Wolfgang
    6. Yefstafyev Arkady Vyacheslavovich
    7. Bykhanov Evgeny Nikolaevich
    8. Zagretdinov Ilyas Shamilevich
    9. Smirnov Pavel Stepanovich
    10. Sidorov Sergey Borisovich
    11. Udaltsov Yuri Arkadievich
    12. Eremeev Maxim Aleksandrovich
    13. Soshnikov Vladislav Vladimirovich

    The Board of Directors of OAO Moscow Region Electricity Network Company:

    1. Romanovsky Sergey Petrovich
    2. Gavrilenko Anatoly Anatolyevich
    3. Matveev Aleksei Anatolievich
    4. Skribot Wolfgang
    5. Yevstafyev Arkady Vyacheslavovich
    6. Kolesnikov Andrei Vladimirovich
    7. Nepsha Valery Vasilyevich
    8. Rappoport Andrei Natanovich
    9. Makarov Evgeny Fedorovich
    10. Kostyuk Mikhail Dmitrievich
    11. Chistyakov Aleksandr Nikolaevich
    12. Shtykov Dmitry Viktorovich
    13. Smirnov Pavel Stepanovich

    The Board of Directors of OAO Mosenergosbyt:

    1. Salnikov Andrei Valerievich
    2. Matveev Aleksei Anatolievich
    3. Kravtsov Andrei Nikolaevich
    4. Logovinsky Evgeny Ilyich
    5. Zhigarev Vladimir Aleksandrovich
    6. Dolgikh Vyacheslav Mikhailovich
    7. Udaltsov Yuri Arkadievich
    8. Smirnov Pavel Stepanovich
    9. Gatsunaev Andrei Nikolaevich
    10. Kimerin Vladimir Anatolievich
    11. Orlov Aleksandr Konstantinovich
    12. Dubnov Oleg Markovich
    13. Yevstafiev Arkady Vyacheslavovich

    The Board of Directors of OAO Specialized Design Bureau for Repair and Modernization:

    1. Brylkov Vladislav Viktorovich
    2. Afonin Dmitry Viktorovich
    3. Syomin Nikolai Alekseevich
    4. Skribot Wolfgang
    5. Goryunov Igor Timofeevich
    6. Negasheva Yulia Nikolaevna
    7. Ershov Aleksei Anatolyevich
    8. Bobylev Aleksandr Viktorovich
    9. Livinsky Anatoly Pavlovich
    10. Chaburin Aleksandr Aleksandrovich
    11. Kostyuk Mikhail Dmitrievich
    12. Khalmeev Tahir Kayumovich
    13. Tsvirko Evgeny Mikhailovich

    The Board of Directors of OAO Mosteplosetenergoremont:

    1. Brylkov Vladislav Viktorovich
    2. Afonin Dmitry Viktorovich
    3. Syomin Nikolai Alekseevich
    4. Skribot Wolfgang
    5. Evseenkov Oleg Vladimirovich
    6. Yevstifeev Vladimir Georgievich
    7. Bakhchivanzhi Viktor Ivanovich
    8. Solodova Anna Anatolyevna
    9. Nefedyev Andrei Georgievich
    10. Nepsha Valery Vasilyevich
    11. Flegontov Vladimir Danilovich
    12. Orlov Aleksandr Konstantinovich
    13. Goryunov Igor Timofeevich

    The Board of Directors of OAO Mosenergosetstroi:

    1. Orlov Aleksandr Konstantinovich
    2. Brylkov Vladislav Viktorovich
    3. Afonin Dmitry Viktorovich
    4. Syomin Nikolai Alekseevich
    5. Skribot Wolfgang
    6. Kuzmin Aleksei Vyacheslavovich
    7. Matyunina Ludmila Romanovna
    8. Ryabikin Aleksandr Vasilyevich
    9. Bakhchivanzhi Viktor Ivanovich
    10. Galka Vadim Vadimovich
    11. Obraztsov Aleksandr Kirillovich
    12. Yaroshevich Vladislav Anatolyevich
    13. Goryunov Igor Timofeevich

    The Board of Directors of OAO GRES-4:

    1. Flegontov Vladimir Danilovich
    2. Logovinsky Evgeny Ilyich
    3. Salnikov Andrei Valerievich
    4. Stolyarov Andrei Viktorovich
    5. Skribot Wolfgang
    6. Grechenkov Nikolai Valerievich
    7. Dubnov Oleg Markovich
    8. Ulanovskaya Elena Nikolaevna
    9. Makushin Yuri Pavlovich
    10. Chikunov Aleksandr Vasilievich
    11. Skulevich Aleksandr Nikolaevich
    12. Karpushkin Aleksandr Viktorovich
    13. Vasiliev Dmitry Valerievich

    The Board of Directors of OAO GRES-5:

    1. Flegontov Vladimir Danilovich
    2. Brylkov Vladislav Viktorovich
    3. Salnikov Andrei Valerievich
    4. Stolyarov Andrei Viktorovich
    5. Skribot Wolfgang
    6. Ischenko Aleksei Vladimirovich
    7. Bochka Irina Sergeevna
    8. Ermakov Valery Maratovich
    9. Knestyapina Yulia Borisovna
    10. Yukhnevich Yuri Bronislavovich
    11. Vagner Andrei Aleksandrovich
    12. Bykhanov Evgeny Nikolaevich
    13. Vasilyev Dmitry Valeryevich

    The Board of Directors of ??? GRES-24:

    1. Shtykov Dmitry Viktorovich
    2. Logovinsky Evgeny Ilyich
    3. Skribot Wolfgang
    4. Syomin Nikolai Alekseevich
    5. Salnikov Andrei Valerievich
    6. Govorina Olesya Viktorovna
    7. Dubnov Oleg Markovich
    8. Zagretdinov Ilyas Shamilevich
    9. Burnashev Dmitry Aleksandrovich
    10. Senokol Andrei Dmitrievich
    11. Shelyakin Evgeny Grigorievich
    12. Orlov Aleksandr Konstantinovich
    13. Vasiliev Dmitry Valerievich

    The Board of Directors of ??? Zagorskaya GAES:

    1. Nepsha Valery Vasilyevich
    2. Logovinsky Evgeny Ilyich
    3. Salnikov Andrei Valerievich
    4. Skribot Wolfgang
    5. Syomin Nikolai Alekseevich
    6. Gabov Andrei Vladimirovich
    7. Kreneva Nadezhda Anatolyevna
    8. Smirnova Yulia Vsevolodovna
    9. Ablazov Boris Gennadyevich
    10. Dikov Evgeny Aleksandrovich
    11. Eremeev Maxim Aleksandrovich
    12. Bykhanov Evgeny Nikolaevich
    13. Vasilyev Dmitry Valeryevich

 

Background

In March 2003, the Russian Duma adopted certain legislation setting forth a framework for the restructuring of the Russian power sector. One of the central features of the legislation, in relation to Mosenergo and all other Russian regional power utilities, is a legislative mandate to divide these vertically integrated entities along existing lines of business (e.g., generation, transmission, distribution, supply, construction and repair, and others).

On January 30, 2004, principles for the restructuring of Mosenergo were approved by the Board of Directors of RAO UES, the Company’s principal shareholder. On March 4, 2004, the Board of Directors of Mosenergo approved general principles for restructuring the Company. In accordance with the overall restructuring plan for the Russian power sector, the restructuring of the Company aims to separate monopolistic and competitive lines of business and improve operating efficiencies. Mosenergo’s Board of Directors also approved an indicative timetable for implementing the proposed restructuring. The decision of Mosenergo’s Board of Directors also approved the spin-offs from Mosenergo of the Newcos (the «Spin-offs»).

Each of the Newcos will be formed as a separate joint stock company under Russian law as of the date of its state registration. These dates of state registration («Formation Dates») may occur on different dates and are currently not expected to occur until April 2005. As of each Formation Date, the shares of the Newco registered on that date will be considered to have been issued to Mosenergo shareholders, although such Newco shares will not be tradable in Russia until the date such shares are registered with the Federal Services for the Financial Markets (the «Trading Dates»), which will not occur until at least 30 days after the Formation Date for that Newco. On the Trading Date for each Newco, its shares will become tradable over the counter in Russia and may become tradable on an off-list basis subject to the approval of the relevant Russian exchanges. It is currently anticipated that some of the Newcos will apply at a later date for listing on the RTS and MICEX stock exchanges (on which Mosenergo shares are now traded). Initially, there will be no American Depositary Shares («ADSs») for any of the Newcos.

As of each Formation Date, each holder of Mosenergo shares will be considered to own a number of common shares of the relevant Newco equal to the number of Mosenergo common shares held by such holder and will continue to own the same number of Mosenergo common shares as before. At the same time, each holder of Mosenergo ADSs will become entitled to receive 100 shares of the relevant Newco for each Mosenergo ADS held by such holder, and will continue to own the same number of Mosenergo ADSs as before. As a result, following each Formation Date, Mosenergo shares and Mosenergo ADSs will no longer represent the value of the Newco that was registered in the state register of legal entities on such Formation Date. Holders of Mosenergo ADSs will, after each Formation Date, be required to elect whether to receive shares in the relevant Newco into a Russian securities account or to have The Bank of New York, as the Depositary Bank, sell such shares and receive the cash proceeds.

 

Transactions Contemplated to follow the Spin-offs

In accordance with Russian legislation on the reform of the power sector and pursuant to resolutions of the Boards of Directors of RAO UES and of Mosenergo, and also based on agreements with the City of Moscow and Moscow Region, various transactions are contemplated to follow the Spin-offs, including the following:

  • Sale of Maintenance and Repair Companies. Mosenergo will form ten maintenance and repair subsidiaries, seven of which will become subsidiaries of Mosenergo and three of which will become subsidiaries of OAO Moscow Region Electricity Network Company. Following the registration of these maintenance and repair companies, it is expected that the Board of Directors of Mosenergo and the board of directors of OAO Moscow Region Electricity Network Company will consider the sale of these companies to third parties. It is expected that the valuation of any companies sold will be conducted by an independent appraiser not affiliated with Mosenergo or any of its affiliates.
  • Transfer of Certain Generating Assets. In accordance with a Russian regulation, OAO GRES-4, OAO GRES-5 and OAO GRES-24 will be integrated into the Wholesale Generating Companies No. 1, No. 4 and No. 6, respectively. It has been proposed that Zagorskaya GAES be integrated into the Wholesale Generating Company No. 7.
  • Integration of OAO Trunk Grid Company into the Federal Grid Company. In accordance with the overall plan for the restructuring of the Russian power sector, the trunk transmission lines throughout the entire Russian Federation will comprise the Unified National Grid. The Federal Grid Company will manage and own substantially all of the assets of the Unified National Grid. OAO Trunk Grid Company will be integrated into the Federal Grid Company.
  • Increase of Moscow City’s Shareholdings in OAO Moscow Heating Network Company and OAO Moscow City Electricity Network Company. The Cooperation Agreement to which Moscow City is a party provides that, following the Spin-offs, Moscow City may acquire, through new issuances of shares by each of OAO Moscow Heating Network Company and OAO Moscow City Electricity Network Company, an increased percentage of the shares (including, potentially, a majority of the shares) of these Newcos. Moscow City may, under this Cooperation Agreement, subscribe for such new shares in exchange, wholly or partly, for a contribution of heat and electricity network assets owned by Moscow City. Any transaction would be subject to the approval of the board of directors and shareholders of these two Newcos and to the appraisal by an internationally recognized appraiser in accordance with internationally recognized standards of any assets contributed.
  • Increase of Moscow Region’s Shareholdings in OAO Moscow Region Electricity Network Company. The Cooperation Agreement to which the Moscow Region is a party provides that, following the Spin-offs, the Moscow Region may acquire, through a new issuance of shares by OAO Moscow Region Electricity Network Company, an increased percentage of the shares (including, potentially, a majority of the shares) of OAO Moscow Region Electricity Network Company. The Moscow Region may, under the Cooperation Agreement to which it is a party, subscribe for new shares in exchange, wholly or partly, for electricity network assets owned by the Moscow Region. Any transaction would be subject to the approval of the board of directors and shareholders of OAO Moscow Region Electricity Network Company and to the appraisal of any contributed assets by an internationally-recognized appraiser in accordance with internationally recognized standards.
  • Distribution by RAO UES of Shares of Mosenergo, OAO Moscow Region Electricity Network Company, OAO Mosenergosetstroi,OAO Mosteplosetenergoremont and OAO Specialized Design Bureau for Repair and Modernization. Following the consummation of the Spin-offs and the transactions described above, it is expected that RAO UES will distribute the shares it holds in Mosenergo, OAO Moscow Region Electricity Network Company, OAO Mosenergosetstroi, OAO Mosteplosetenergoremont and OAO Specialized Design Bureau for Repair and Modernization to its shareholders.

 

Summary Indicative Timetable

The following timetable identifies best estimates of the key dates and time periods for the implementation of the steps following the organizational general shareholders’ meetings of the Newcos held on February 28, 2005. The dates in the timetable are indicative only. There can be no assurance that these events will occur or that the timing of these events will be as described below. There have already been significant delays in the implementation of the restructuring steps preceding the organizational general shareholders’ meetings of the Newcos, which were originally expected to be held in November 2004. Further delays may be caused by the necessity for regulatory consents, actions by third persons, unforeseen changes to Russian law or due to other circumstances.

April 2005 State registration of each of the Newcos (the «Formation Dates») and the transfer of certain assets and liabilities of Mosenergo to each Newco.
June-July 2005 The Federal Service for the Financial Markets registers the shares of each Newco and the shares become tradable.
July 2005 Certain Newcos apply for listing on the RTS and MICEX.
September-November 2005 RTS and MICEX list the shares of Newcos that are approved for listings.

 

Further Information

Further information regarding Mosenergo, its business and operations, the proposed restructuring, and Mosenergo’s Board of Directors resolutions can be found on the Company’s website at http://www.mosenergo.ru. Additional information can be found in Mosenergo’s May 14, 2004 Information Statement, which is also available on the Company’s website.

Investor Enquiries:

Alexey Zharikov
Head of Securities Department
Telephone #: (+7 095) 957-34-17
e-mail: zharikov@ocb.gd.mosenergo.elektra.ru

Press Enquiries:

Mikhail Korotkov
Head of Government and Mass Media Relations Department
Telephone #: (+7 095) 957-33-95
e-mail: korotkov@mosenergo.elektra.ru

This press statement is not an offer of securities for sale in the United States and is not, and should not be construed as, an inducement or encouragement to buy or sell any securities of Mosenergo or of any Newco. Securities may not be offered or sold in the United States absent registration or an exemption from registration; any public offering of securities to be made in the United States will only be made by means of a prospectus that may be obtained from the issuer or the selling security holder and that contains detailed information about the company and management, as well as financial statements.

 

First Deputy General Director D. V. Vasilyev

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