OREANDA-NEWS. June 26, 2008. RAO "UES of Russia" submitted to the tax authorities the documents necessary for completion of the reorganization.

Under the current regulations within 5 working days after submission of the documents the tax authorities are to register the 28 holding companies to be spun off from RAO "UES of Russia". 22 of these holding companies will be simultaneously merged with target companies and the remaining 5 companies will continue their operation as holding companies. Upon spinning off the holding companies RAO "UES of Russia" will be merged with the Federal Grid Company and will cease to exist as a legal entity. That day, the 1 of July, will become the date of completion of the parent Company RAO "UES of Russia" reorganization.

RAO "UES of Russia" shareholders of record as of 6 June 2008 will receive in the first half of July shares of the key electricity companies engaged into generation and distribution of electricity.

When trading in shares of RAO "UES of Russia" on the OTC market after the 6-th of June shareholders and investors run the risk of buying the shares for a price significantly different from the real market value. Besides, such shareholders/investors on the 1 of July will only receive the FGC shares and they will not be entitled to any shares in any of the companies to be spun off from RAO "UES of Russia". RAO "UES of Russia", FSFM of Russia and stock exchanges have informed all the securities market participants of these conditions well in advance.