Appendix №8

MAJOR CORPORATE EVENTS IN 2007*

1 January

OAO "Far Eastern Generation Company" and OAO "Far Eastern Distribution Company" established in the course of restructuring of the energy companies operating in the Russian Far East, start their operations. The additional shares in these companies are paid with the core assets of the following reorganized companies: OAO "Amurenergo", OAO "Dalenergo", OAO "Khabarovskenergo", and OAO "Yakutskenergo".

16 January

State registration is granted to Non-profit Partnership of Guarantee Suppliers and Energy Retail Companies which unites independent energy retailers and RAO UES Energy Retail Companies.

18 January

The Novosibirsk Region Government and RAO "UES of Russia" sign an Agreement on Social and Economic Cooperation and Hydro Power Development in the Region.

Shares of OAO "TGC-14" and OAO "Buryatenergosbyt" start trading on OAO "RTS Stock Exchange".

25 January

Shares of OAO "TGC-1" and OAO "TGC-14" start trading on ZAO "MICEX Stock Exchange".

1 February

OAO "TGC-9" completes establishment of its final corporate structure following merger of OAO "Komi Regional Generation Company" with and into TGC-9.

OAO "Far Eastern Energy Company", a company established in the course of reorganization of OAO "Amurenergo", OAO "Dalenergo", OAO "Khabarovskenergo", ZAO "LuTEK", and OAO "Southern Yakutskenergo", registered with the authorities and started operations.

OAO" Ivanovo Generation Company" completes simultaneous "pilot" reorganization through spin-off of OAO "Ivanovskaya Generatsiya" and its simultaneous merger of OAO "Ivanovskie PGU".

5 February

Standard & Poor's Ratings Services raises its long-term corporate credit rating to BB from B+ on RAO "UES of Russia". At the same time, the Russia national scale rating is raised to 'ruAA' from 'ruA+'. The outlook is stable.

9 February

The Board of Directors of RAO "UES of Russia" approves the sale of the Company's 25.03% stake in OAO "WGC-5" and the terms of the additional share offering of OAO "WGC-4".

13 February

The Management Board of RAO "UES of Russia" approves the updated Investment Programme for RAO UES Energy Companies for the period until 2011.

16 February

Shares of OAO "Buryatenergosbyt" start trading on ZAO "MICEX Stock Exchange".

17 February

The Krasnodar Kray Administration and OAO RAO "UES of Russia" sign an Agreement on interaction in implementing priority power construction and modernization projects in the region for the period until 2011.

26 February

OAO "Kyzylskaya CHPP" and OAO "Tyva Transmission Grid Company", the companies spun off from OAO "Tyvaenergo", complete their state registration.

1 March

OAO "TGC-6" completes its reorganization and creation of its intended (post-reform) structure through merger of OAO "Ivanovo Generation Company", OAO "Vladimir Generation Company", OAO "Penza Generation Company", OAO "Nizhny Novgorod Generation Company", OAO "Mordovia Generation Company", and OAO "Mordovia Heat Network Company" with and into TGC-6.

2 March

The Board of Directors of RAO "UES of Russia" approves the road map for the final phase of the Company's reorganization.

6 March

OAO "Orenburg TGC" becomes part of OAO "Volzhskaya TGC" after the shares in Orenburg TGC held by OAO RAO "UES of Russia" are exchanged for shares of OAO "Volzhskaya TGC".

10 March

OAO "WGC-3" completes private placement of its additional shares in favour of OAO "Norilsk Nickel Mining and Metallurgical Company". The private placement proceeds in the amount of RUB81.7 billion will be used to finance the Company's investment programme.

15 March

OAO RAO "UES of Russia", OAO "Kuzbassenergo", and OAO "SUEK" sell 93.35 percent of OAO "Zapadno-Sibirskaya CHPP" through a public auction for RUB5.95 billion.

A new cogeneration steam turbine is commissioned at the Yaroslavskaya CHPP-2 of OAO "TGC-2". The new turbine has an installed capacity of 115 MW of electricity and 180 Gcal/h of heat.

19 March

The Group of RAO "UES of Russia" publishes its IFRS interim consolidated financial statements for the first 9 months of 2006. The operating income of the Group of RAO "UES of Russia" increases by 19 percent to RUB654,316 million, with the profit growing by RUB24,524 million to RUB68,629 million.

23 March

The Board of Directors of RAO "UES of Russia" approves the procedure for consolidation of the UNEG facilities, including the merger of the transmission companies (TCs) and interregional transmission companies (ITCs) with and into OAO "FGC UES" as a single step transaction, provided that the Government maintains at least 75 percent plus 1 share in OAO "FGC UES".

23 March

RAO "UES of Russia" and the Federal Agency for Technical Regulation and Metrology of the Russian Federation sign a Cooperation Agreement aimed at assuring uniformity of measurements in the electricity industry and expanding cooperation in the area of metrology with the major international organizations.

27 March

Shares of OAO "Yeniseyskaya TGC (TGC-13)" start trading on OAO "RTS Stock Exchange".

29 March

RAO "UES of Russia", OAO "Kuzbassenergo", and OAO "SUEK" sell the 93.35 percent stake in OAO "Yuzhno-Kuzbasskaya TPP" through a public auction for RUB6.9 billion.

30 March

The Board of Directors of RAO "UES of Russia" approves the formation of the intended corporate structure of OAO "TGC-2" through merger of OAO "Arkhangelsk Generation Company" with TGC-2.

The Board of Directors considers and notes the draft of the investment programme of RAO "UES of Russia" for 2008.

RAO "UES of Russia" releases its 2006 financial statements under the Russian Accounting Standards. The Company posts a net income of RUB745 billion.

4 April

Shares of OAO "TGC-10" start trading on OAO "RTS Stock Exchange".

19 April

At the EGM of OAO "TGC-5", its shareholders approve the reorganization of TGC-5 through merger of OAO "TGC-5 Holding" with and into TGC-5 as part of the first phase of the RAO UES Reorganization, and approve the Merger Agreement.

25 April

RAO "UES of Russia" and OAO "Urals Industrial - Urals Polar Corporation" sign an Agreement on cooperation in implementing investment programmes in the electricity sector of the Urals Region.

27 April

The Board of Directors of RAO "UES of Russia" approves the mechanisms designed to determine the best quantity of additional shares to be issued by WGCs and TGCs so as to ensure financing of their respective investment programmes.

The Board of Directors of RAO "UES of Russia" approves programmes for the preparation and issuance of additional shares by OAO "WGC-1", OAO "WGC-2", OAO "WGC-6", OAO "TGC-4", OAO "Southern Generation Company - TGC-8", and OAO "Kuzbassenergo" (TGC-12).

The Board of Directors of RAO "UES of Russia" approves the accelerated procedure for consolidation of OAO "HydroWGC" in order to achieve its intended (post-reform) corporate structure.

The Board of Directors of RAO "UES of Russia" approves a new configuration for the Interregional Distribution Companies (IDCs). As resolved by the Board of Directors, the number of IDCs is to increase from 4 to 11 (not including the IDCs in the Russian Far East).

The project to build a combined-cycle power unit at the CHPP-26 of OAO "Mosenergo" with a capacity of 420 MW of electricity and 265 Gcal/h of heat.

3 May

OAO "TGC-2" completes the creation of its intended (post-reform) corporate structure after the merger of OAO "Arkhangelsk Generation Company" with TGC-2.

11 May

The Kurgan Region Administration and RAO "UES of Russia" sign an Agreement on Cooperation in implementing priority investment projects to build and refurbish the region's electric power facilities for the period until 2011.

The Company's Registrar makes a list of persons entitled to take part in the AGM of RAO "UES of Russia" scheduled for 26 June 2007.

15 May

The FSFM of Russia registers the report on the results of the issuance of additional shares filed by OAO "FGC UES". The additional shares will be issued in return for shares in 42 regional transmission (trunk grid) companies (TCs) spun off from the energos' and the cash contributed by OAO RAO "UES of Russia.

21 May

RAO "UES of Russia" sells its 49% stake in OAO "Kuban Energy Retail Company" through a public auction.

22 May

Shares of OAO "WGC-4" start trading on ZAO "MICEX Stock Exchange".

RAO "UES of Russia" sells its 49 percent stakes in OAO "Nizhny Novgorod Energy Retail Company", OAO "Sverdlovenergosbyt", and OAO "Kuzbass Energy Retail Company" and the 100 percent stake in OAO "Orenburgenergosbyt" through a public auction.

23 May

RAO "UES of Russia" sells its 49 percent stakes in OAO "Belgorod Energy Retail Company" and OAO "Vologda Energy Retail Company" through a public auction.

24 May

OAO "Mosenergo" completes the private placement of additional shares to OAO "Gazprom". The placement proceeds in the amount of RUB60.72 billion will be used to finance its investment programme.

OAO "WGC-6" launches a project to build Power Unit No. 9 with the capacity of 330 MW at the Novocherkasskaya TPP.

The Board of Directors of RAO "UES of Russia" approves the programme for the preparation and issuance of additional shares by OAO "Volzhskaya TGC".

The Board of Directors of RAO "UES of Russia" approves the amended Programme for the preparation and issuance of additional shares of OAO "WGC-4".

25 May

The EGM of OAO "HydroWGC", whose functions are performed by the general meeting of RAO "UES of Russia", approved the terms for the issue of 110,000,000 new shares. The shares will be placed through closed subscription in favour of RAO "UES of Russia" and the Russian Federation.

28 May

OAO "TGC-5" completes the private placement of its new shares to OOO "KES-Holding", raising RUB11.6 billion in funds needed to finance its investment programme.

30 May

OAO "TGC-1" completes the establishment of its intended (post-reform) corporate structure, after the additional shares in OAO "TGC-1" are exchanged for shares in OAO "Murmanskaya CHPP".

1 June

Shareholders of OAO "WGC-5" approve the plan to reorganize the company as part of the first phase of RAO UES reorganization.

OAO "Volzhskaya TGC" completes its reorganization and formation of its intended (post-reform) corporate structure after OAO "Samara Territorial Generation Company", OAO "Saratov Territorial Generation Company", and OAO "Ulyanovsk Territorial Generation Company" merge with and into Volzhskaya TGC.

OAO "Volzhskaya IDC" completes its reorganization and formation of its intended (post-reform) corporate structure, after OAO "Samara Distribution Company", OAO "Saratov Distribution Company", and OAO "Ulyanovsk Distribution Company" merge with and into Volzhskaya IDC.

6 June

RAO "UES of Russia" sells its 25.03 percent stake in OAO "WGC-5" through a public auction for RU39.2 billion.

9 June

The Leningrad Region Administration and RAO "UES of Russia" sign an Agreement on Cooperation in implementing capital investment projects to build and refurbish electric power facilities in the region's energy system for the period until 2011.

RAO "UES of Russia" and NPO "Saturn" sign a Cooperation Agreement designed to facilitate broad use of the GTE-110 modern gas turbine units and their serial production by NPO "Saturn".

22 June

The Board of Directors of RAO "UES of Russia" approve the principal terms and conditions of the Share Purchase Agreements in respect of the "government stake" shares in OAO "WGC-4" owned by OAO RAO "UES of Russia".

The Board of Directors of RAO "UES of Russia" approves the programme for the preparation and issuance of additional shares by OAO "TGC-10".

The Board of Directors of RAO "UES of Russia" approves the plan to complete the creation of the intended (post-reform) structure of OAO "TGC-10" and OAO "TGC-11".

26 June

At the AGM of RAO "UES of Russia", the shareholders approve the Company's Annual Report, the acquisition by RAO "UES of Russia" of additional shares in OAO "FGC UES", elect members of the Board of Directors, the Auditing Commission, and appoint the Auditors. The shareholders resolved not to pay dividends in connection with the revaluation of its financial investments in 2006 and a significant amount "paper profit" posted by the Company.

28 and 29 June

The three new IDCs—OAO "Center and Privolzhye IDC", OAO "South IDC", and OAO "Volga IDC"—are registered with the authorities.

5 July

The fifth hydropower unit of 335 MW is brought on line at the Bureyskaya HPP.

10 July

OAO "HydroWGC" launches a project to build the Zagorskaya PSPP-2, a 840 MW pumped-storage power plant.

20 July

The Group of RAO "UES of Russia" releases its IFRS consolidated financial statements for 2006. The Group's operating income grow by 17% and amount to RUB894,896 million, while its net income increases by RUB209,655 million to RUB282,269 million.

27 July

The Board of Directors of RAO "UES of Russia" approve an increase in the TGC-4 Investment Programme and makes adjustments to the Programme for the preparation and issuance of new shares by OAO "TGC-4".

The Board of Directors of RAO "UES of Russia" approves the Agreement on joint actions to be taken by RAO "UES of Russia", the Moscow City Government, and Gazprom Group in order to consolidate and manage the power grid assets in the city of Moscow and the Moscow Region.

31 July

OAO "WGC-4" launches a project to build a 400 MW power unit at the Shaturskaya TPP.

1 August

Shares of OAO "Volzhskaya TGC" start trading on ZAO "MICEX Stock Exchange" and OAO "RTS Stock Exchange".

2 August

RAO "UES of Russia" releases its IFRS financial statements for 2006.

23 August

The Company's Registrar makes a list of persons entitled to take part in the EGM scheduled for 26 October 2007 to consider the matters relating to the final phase of the Company's reorganization.

24 August

Shareholders of OAO "Tomskenergo" and OAO "Omsk Generation Company" approve their companies' merger with and into OAO "TGC-11".

29 August

Shares of OAO "WGC-1" start trading on OAO "RTS Stock Exchange".

31 August

The Board of Directors of RAO "UES of Russia" approves the programme for the additional share offering by OAO "Kaluga Retail Company" in order to raise funds needed to finance the construction of a gas-turbine CHPP in Obninsk.

The Board of Directors of RAO "UES of Russia" approves the sale of the "government stake" shares in OAO "Volzhskaya TGC" held by RAO "UES of Russia".

The Board of Directors of RAO "UES of Russia" approves the sale of the "government stake" shares in OAO "TGC-10" held by RAO "UES of Russia", simultaneously with the issuance of additional shares by OAO "TGC-10".

The Board of Directors of RAO "UES of Russia" approves the programme for the preparation and issuance of new shares by OAO "Yeniseyskaya TGC (TGC-13)".

The Board of Directors of RAO "UES of Russia" approves the Agreement on joint actions to be taken by RAO "UES of Russia" and the Moscow City Government to consolidate the heating network assets located in the city of Moscow.

The Board of Directors of RAO "UES of Russia" approves the merger of OAO "Novomoskovskaya TPP" with and into OAO "TGC-4".

Shareholders of OAO "TGC-10" approve the issuance of additional shares to be exchanged for the shares in OAO "Kurgan Generation Company" owned by RAO "UES of Russia".

3 September

The first phase of the Parent Company's reorganization is completed, with two generation companies, OAO "WGC-5 Holding" and OAO "TGC-5 Holding", spun off from RAO "UES of Russia" and simultaneously merging with and into WGC-5 and TGC-5, respectively. These companies are among the first private generation companies in Russia to be established in the course of the electricity reform and separated from RAO "UES of Russia".

5 September

The Kamchatka Kray Administration and RAO "UES of Russia" sign an Agreement on Cooperation in Development of the Kamchatka Peninsula Electricity Sector.

6 September

RAO "UES of Russia" completes the sale of the "government stake" shares in OAO "WGC-3" held by RAO "UES of Russia". The proceeds from the sale in the amount of RUB23.8 billion were used to finance the Company's investment programme.

Shares in RAO "UES of Russia" are included on the RTS Index Book of Records as the "Most Liquid Security of the Index".

7 September

In the process of consolidation of the UNEG facilities, the shares held by RAO "UES of Russia" in eight transmission (trunk grid) companies spun off from the regional energos in the course of restructuring were exchanged for additional shares in OAO "FGC UES".

10 September

The Chairman of the Management Board of RAO "UES of Russia" issues an order providing for the launch of new GDR programmes for shares in the companies comprising the intended (post-reform) sector in accordance with the schedule for implementing the final phase of the Company's reorganization.

14 September

The Perm Kray Administration and RAO "UES of Russia" sign an Agreement aimed at improving the reliability of power supply to region's customers and implementing power construction and modernization projects for the period until 2012.

15 September

RAO "UES of Russia" completes the sale of the "government stake" shares in OAO "WGC-4" held by RAO "UES of Russia" for RUB 146.5 billion which will be used to finance its investment programme.

RAO "UES of Russia" completes the sale of the "government stake" shares in OAO "TGC-1" held by RAO "UES of Russia" for RUB 71.1 billion, which will be used to finance its investment programme.

18 September

RAO "UES of Russia" holds a public auction to sell its 49% stake in OAO "Kurgan Energy Retail Company".

19 September

RAO "UES of Russia sells through public auctions its 100 percent stake in OAO "Karelia Energy Retail Company", 49.01 percent stake in OAO "Voronezh Energy Retail Company", and 49 percent stake in OAO "Tver Energy Retail Company".

Shares of OAO "Volzhskaya IDC" are admitted to trading on ZAO "MICEX Stock Exchange" and OAO "RTS Stock Exchange".

20 September

The Moscow Region Administration and RAO "UES of Russia" sign an Agreement on cooperation in development of the region's energy system and reliable electricity supply to customers for the period until 2012.

27 September

The Management Board of RAO "UES of Russia" approves the Customer Service Standard for electricity companies. This measure is designed to improve efficiency and quality of services provided to electricity users.

5 October

Shareholders of OAO "WGC-4" approve the merger of OAO "WGC-4 Holding", the entity spun off from RAO "UES of Russia", with and into it OAO "WGC-4", as part of the Parent Company reorganization. They also approve the agreement with NP "ATS" and ZAO "Center for Financial Settlements" providing for the supply of new generation capacity to the wholesale market.

11 October

Shares of OAO "Kuzbassenergo - Regional Electricity Grid Company" are admitted to trading on ZAO "MICEX Stock Exchange" and OAO "RTS Stock Exchange".

12 October

At the EGM of OAO "HydroWGC", the shareholders approve the merger of 22 subsidiaries, dependent companies and OAO "HydroWGC Minority Holding", and OAO "HydroWGC State Holding" (the entities spun off from OAO RAO "UES of Russia" in the course of the Parent Company's reorganization) with and into OAO "HydroWGC".

Shareholders of OAO "Southern Generation Company - TGC-8" approve the merger of OAO "SGC TGC-8 Holding", the entity spun off form RAO "UES of Russia" in the course of the Parent Company's reorganization, with and into OAO Southern Generation Company - TGC-8". They also approves the agreement with NP "ATS" and ZAO "Center for Financial Settlements" providing for the supply of new capacity to the wholesale market.

16 October

Shareholders of 22 subsidiaries and dependent companies of OAO "HydroWGC" approve their companies' merger with and into HydroWGC.

The programme is completed to sell GDRs representing shares in OAO "WGC-5".

18 October

RAO "UES of Russia" completes the sale of the "government stake" shares in OAO "Southern Generation Company - TGC-8" and issuance of the TGC's new shares. The proceeds from the share sale and offering in the amount of RUB41 billion will be used to finance the Company's investment programme.

19 October

The programme is completed to sell GDRs representing shares in OAO "TGC-5".

20 October

The last (sixth) 335 MW hydropower unit is brought on line at the Bureyskaya HPP.

25 October

Shareholders in OAO 'TGC-9" approve the merger of OAO "TGC-9 Holding", the entity spun off from RAO "UES of Russia", with and into OAO "TGC-9" as part of the Parent Company's reorganization.

26 October

At the EGM of RAO "UES of Russia", the shareholders approve the implementation of the final phase of the Company's reorganization. The resolution is supported by more than 95.43% shareholders taking part in the vote.

The Board of Directors of RAO "UES of Russia" approves the issuance of additional shares by OAO "TGC-11" and the programme for the new share offering.

The Board of Directors of RAO "UES of Russia" approves the sale of the "government stake" shares in OAO "Mosenergo" held by RAO "UES of Russia".

Shares of OAO "Far Eastern Energy Company" are admitted to trading on ZAO "MICEX Stock Exchange" and OAO "RTS Stock Exchange".

29 October

Shareholders in OAO "TGC-1" approve the merger of OAO "TGC-1 Holding", the entity spun off from OAO RAO "UES of Russia", with and into OAO "TGC-1" as part of the Parent Company's reorganization.

Shareholders in OAO "TGC-4" approve the merger of OAO "TGC-4 Holding", the entity spun off from OAO RAO "UES of Russia", with and into OAO "TGC-4" as part of the Parent Company's reorganization. They also approved the agreement with NP "ATS" and ZAO "Center for Financial Settlements" providing for the supply of new capacity to the wholesale market.

30 October

Shareholders in OAO "TGC-10" approve the merger of OAO "TGC-10 Holding", the entity spun off from OAO RAO "UES of Russia", with and into OAO "TGC-10" as part of the Parent Company's reorganization.

Shareholders in OAO "Yeniseyskaya TGC (TGC-13)" approve the merger of OAO "Yeniseyskaya TGC Holding", the entity spun off from OAO RAO "UES of Russia", with and into OAO "Yeniseyskaya TGC (TGC-13)" as part of the Parent Company's reorganization.

OAO "WGC-2" launches the construction of two combined-cycle generating units with an aggregate capacity of 800 MW at the Stavropolskaya TPP.

31 October

Shareholders of OAO "Kuzbassenergo" approve the merger of OAO "Kuzbassenergo Holding", the entity spun off from RAO "UES of Russia", with and into OAO "Kuzbassenergo" in the course of the Parent Company's reorganization.

Shareholders in OAO "WGC-2" approve the merger of OAO "WGC-2 Holding", the entity spun off from OAO RAO "UES of Russia", with and into OAO "WGC-2" as part of the Parent Company's reorganization.

1 November

OAO "TGC-11" completes the formation of its intended (post-reform) corporate structure after OAO "Tomskenergo" and OAO "Omsk Generation Company" merge with and into OAO "TGC-11".

The FSFM of Russia registers the report on the results of the additional share issue filed by OAO "HydroWGC".

The Murmansk Region Administration and RAO "UES of Russia" sign an Agreement on cooperation in the development of the region's electricity sector.

OAO "WGC-2" launches the construction of two power units 660 MW each at the Troitskaya TPP.

9 November

Shareholders in OAO "WGC-6" approve the merger of OAO "WGC-6 Holding", the entity spun off from RAO "UES of Russia", with and into OAO "WGC-6", as part of the Parent Company's reorganization. They also approved the agreement with NP "ATS" and ZAO "Center for Financial Settlements" providing for the supply of new capacity to the wholesale market.

10 November

OAO "Southern Generation Company TGC-8" starts a project to modernize the Astrakhanskaya TPP providing for the construction of a new 110 MW combined-cycle gas turbine.

12 November

RAO "UES of Russia" sells its 22.9 percent shares (the "government stake") in OAO "Moscow Heat Distribution Company" to OAO "United Energy Company".

15 November

Standard & Poor's ranks RAO "UES of Russia" fifth on the list of Russia's five most transparent companies.

RAO "UES of Russia" completes deployment of ten mobile gas-turbine power stations with an aggregate capacity of 225 MW in the Moscow Region.

17 November

Shareholders in OAO "TGC-11" approve the merger of OAO "TGC-11 Holding", the entity spun off from RAO "UES of Russia", with and into OAO "TGC-11", as part of the Parent Company's reorganization.

20 November

Shareholders in OAO "Volzhskaya TGC" approve the merger of OAO "Volzhskaya TGC Holding", the entity spun off from OAO RAO "UES of Russia", with and into OAO "Volzhskaya TGC" as part of the Parent Company's reorganization.

Shareholders in OAO "TGC-14" approve the merger of OAO "TGC-14 Holding", the entity spun off from RAO "UES of Russia", with and into OAO "TGC-14", as part of the Parent Company's reorganization.

22 November

OAO "Mosenergo" brings on line a new power unit at the CHPP-27. The installed capacity of the power unit is 450 MW of electricity and 300 Gcal/h of heat.

23 November

OAO "SGC TGC-8" starts the construction of a new 410 MW combined-cycle generation unit at the Krasnodarskaya CHPP.

Shareholders in OAO "WGC-1" approve the merger of OAO "WGC-1 Holding", the entity spun off from OAO RAO "UES of Russia", with and into OAO "WGC-1", as part of the Parent Company's reorganization.

27 November

RAO "UES of Russia" sells through a public auction its 49% stakes in OAO "Vladimir Energy Retail Company", OAO "Lipetsk Energy Retail Company", and OAO "Tula Retail Company".

28 November

RAO "UES of Russia" sell through public auctions its 64.44 percent stake in OAO "Marienergosbyt", 46.8 percent stake in OAO "Buryatenergosbyt", 49 percent stake in OAO "Omsk Energy Retail Company", and 52.03 percent stake in OAO "Tomsk Energy Retail Company".

OAO "TGC-4" brings on line a gas turbine unit at the Belgorodskaya CHPP, with the plant's capacity increasing to 91.6 MW of electricity and 445 Gcal/h of heat.

RAO "UES of Russia" sells through public auctions its 100 percent stake in OAO "Khakasenergosbyt" and 49 percent stake in OAO "Udmurt Energy Retail Company".

30 November

Shareholders in OAO "TGC-6" approve the merger of OAO "TGC-6 Holding", the entity spun off from RAO "UES of Russia", with and into OAO "TGC-6", as part of the Parent Company's reorganization. They also approved the agreement with NP "ATS" and ZAO "Center for Financial Settlements" providing for the supply of new capacity to the wholesale market.

Shareholders in OAO "WGC-3" approve the merger of OAO "WGC-3 Holding", the entity spun off from RAO "UES of Russia", with and into OAO "WGC-3", as part of the Parent Company's reorganization.

The Board of Directors of RAO "UES of Russia" approves the revised programme for the preparation and issuance of new shares by OAO "TGC-6."

1 December

The Kaliningrad Region Government and RAO "UES of Russia" sign an Agreement on cooperation in development of the region's electricity sector and implementation of the reform in the region's energy system.

3 December

RAO "UES of Russia" completes the sale of its 25 percent plus one share in OAO "Power Machines".

4 December

RAO "UES of Russia" sells through public auctions its 49 percent stake in OAO "Perm Energy Retail Company", and 48.2 percent stake in OAO "Kirovenergosbyt".

5 December

Shareholders in OAO "TGC-2" approve the merger of OAO "TGC-2 Holding", the entity spun off from RAO "UES of Russia", with and into OAO "TGC-2", as part of the Parent Company's reorganization. They also approve the agreement with NP "ATS" and ZAO "Center for Financial Settlements" providing for the supply of new capacity to the wholesale market.

7 December

RAO "UES of Russia" is named the winner of the Russian Corporate Governance Leaders Annual Awards in three categories—"The Best System of Corporate Governance", "The Best System of Investor Relations", and "The Greatest Influence on Corporate Governance".

10 December

RAO "UES of Russia" completes the sale of the "government stake" shares in OAO "TGC-9" held by it and the issuance of TGC-9's new shares. As a result RUB 32.5 billion were raised to implement investment projects.

11 December

Shares of OAO "TGC-11" are admitted to trading on ZAO "MICEX Stock Exchange" and OAO "RTS Stock Exchange". As of 11 December, all fourteen TGCs and six thermal WGCs are traded on the stock market.

13 December

OAO "WGC-6" completes its additional share offering. As a result RUB 21 billion were raised to implement investment projects.

OAO "Yeniseyskaya TGC (TGC-13)" completes the formation of its intended (post-reform) corporate structure. The FSFM of Russia registers the report on the results of issuances of additional shares filed by OAO "Yeniseyskaya TGC (TGC-13)"which were placed in exchange for shares in OAO "Kyzylskaya CHPP".

14 December

The Board of Directors of RAO "UES of Russia" approves the Report on the results of shareholders tendering their shares for repurchase. Payments to shareholders for the repurchased shares are completed on 9 January 2008.

At the EGM of OAO "FGC UES", the shareholders approve the merger of 7 interregional transmission (trunk grid) companies (ITCs) and 55 transmission companies (TCs) with and into FGC.

17 December

Shareholders of 7 interregional transmission (trunk grid) companies (ITCs) and 53 transmission companies (TCs) approve their companies' merger with and into OAO "FGC UES".

17-20 December

As part of the process to create the intended (post-reform) corporate structure of OAO "INTER RAO UES", shareholders of ZAO "INTER RAO UES", OAO "Severo-Zapadnaya CHPP", OAO "Kaliningradskaya CHPP-2", and OAO "Ivanovskie PGU" approve their companies' merger with and into OAO "Sochinskaya TPP".

18 December

OAO "Kuzbassenergo" (TGC-12) completes its additional share offering. The offering proceeds totalling RUB7.5 billion are to be used to finance the Company's investment projects.

19 December

The Russian Federation Government adopts Resolution No. 1857 to amend Order No. 77 of the Russian Government No. 77-p dated 26 January 2006 regarding the approval of a new configuration and the model for the establishment of IDCs.

RAO "UES of Russia" is named Winner of the Russian Leaders in Corporate Governance - 2007 Awards.

The FSFM of Russia registers the report on the results of issuance of additional shares filed by OAO "TGC-10". The new shares were issued in exchange for the shares in OAO "Kurgan Generation Company" held by RAO "UES of Russia". This marks the completion of consolidation in the last remaining TGC.

Shareholders of OAO "WGC-5" approve the agreement with NP "ATS" and ZAO "Center for Financial Settlements" providing for the supply of new capacity to the wholesale market.

28 December

Shareholders in OAO "Mosenergo" approve the merger of OAO "Mosenergo Holding", the entity spun off from RAO "UES of Russia", with and into OAO "Mosenergo", as part of the Parent Company's reorganization.

Shareholders of OAO "WGC-1" approve the agreement with NP "ATS" and ZAO "Center for Financial Settlements" providing for the supply of new capacity to the wholesale market.

RAO "UES of Russia" sells the 21.16 percent shares ("government stake") in OAO "Mosenergo" held by RAO "UES of Russia" to the Moscow City Government pursuant to the previously signed Share Purchase Agreement.

RAO "UES of Russia" sells its "government stake" shares in OAO "TGC-9" to OOO "KES - Holding" pursuant to the previously signed Share Purchase Agreement.

* - complete information on the news and corporate events in RAO "UES of Russia" can be viewed on the website of OAO RAO "UES of Russia", in the Company News Section, www.rao-ees.ru