OREANDA-NEWS. January 09, 2007. RAO "UES of Russia" will sell its shares bought back from shareholders in accordance with Board of Directors resolution as of 14 December 2007. The decision was taken by RAO UES Board of Directors by absentee vote on 27 December 2007, reported the press-centre of RAO "UES of Russia".

The buyback shares are to be sold on over-the-counter (OTC) market.

Requests to buy back shares were made by a number of shareholders who had an entry in the RAO UES shareholder register as of 23 August 2007 and voted against the proposed final reorganization of RAO UES at EGM on 26 October 2007 or didn't take part in voting. The deadline for buyback requests was 10 December 2007.

Under the Federal Law, RAO UES is to buy back shares by 9 January 2008. The buyback price stands at RUB32,15 per ordinary share and RUB29,44 per preferred share.

In accordance with Board of Directors decision, RAO UES will put up for sale 2,797,296,335 ordinary and 404,885,193 preferred shares what totally make 7,43% of RAO UES stock.

The buyback shares are to be sold through purchase and sale agreements at a price equal to a weighted average price of a RAO UES share at Moscow Interbank Currency Exchange (MICEX) for three weeks before signing of an agreement but not below the buyback price. 10 million shares is a minimum lot for a single bidder to buy. Shares pass into an investor ownership only after they are fully paid for with cash assets.

Call for bids and signing of agreements start on 9 January 2008. Potential investors in RAO UES buyback shares may turn to Investor Request Processing Center in the RAO UES headquarters: 119526, Moscow, prospekt Verdnadskogo 101, bldg. 3, room D-208. Tel.: +7-495-7104873.

RAO UES Board of Directors instructed the Management Board to submit not later than March 2008 for Board of Directors consideration the question of further disposal of undigested shares in case RAO UES holds the latter.