OREANDA-NEWS. On 23 May 2008 was announced, that the Board of Directors of JSC OGK-5 adopted a resolution to ratify Gazprombank (OAO) and ZAO KB Citibank as the arrangers of the issues of the Company’s exchange bonds.

We would like to remind that at the meeting held on February 6th, the Board of Directors of JSC OGK-5 agreed with the possibility to let the company place in 2008 short-term non-convertible documentary interest-bearing bearer exchange bonds with mandatory centralized custody on MICEX SE by public subscription.

The selection of the two banks responsible for the issue arrangement will give OGK-5 an opportunity to use as large investor base as possible due to a larger attraction of foreign investors. It will help to achieve an optimal result for the placement of the Company’s exchange bonds.

It should be also noted that the activity aimed at attracting borrowed funds in the nearest three years will be one of the main vectors of OGK-5’s financial actions. The use of these modern borrowing instruments is part of the financial strategy aimed at helping the company to optimize the financial sources addressed to cover the investment programme as well as the working capital.

The Company’s management and the banks responsible for the issue arrangement will determine together the precise parameters and terms of the bond issue.