OREANDA-NEWS. The Board of Directors of RAO "UES of Russia" supported the motion by the Management Board that the 25% plus one share in OAO "WGC-5" held by RAO "UES of Russia" be subject to a lock-up period of 180 days after the additional share issue of OAO "WGC-5".

The Board broadly approved the time frame for the sale of WGC-5 shares and spin off of WGC-5 from RAO "UES of Russia", as proposed by the Management Board.

The Board also gave the Management Board a task to submit to the Board, no later than March 2007, a memorandum prepared with the involvement of an investment advisor, concerning the best course of actions to sell the WGC-5 shares and decide on the reorganization of WGC-5 (spin off from RAO "UES of Russia" during the first phase of the Company's reorganization) with a view to maximizing return from the sale of the WGC-5 shares.