OREANDA-NEWS. May 7, 2007.  OGK-5 has drawn up the results of the open tender for the right to execute the contract for provision of depositary bank services for organization of placement and/or circulation of OGK-5 securities outside of Russia, by placement and circulation of foreign securities (depositary shares) for the needs of OGK-5. The winner of the tender is the Bank of New York.

Involvement of a depositary bank by OGK-5 is part of implementation of operations aimed at the launch of the sponsored GDR programme of OGK-5 in order to improve the liquidity of the company’s securities and provide protection of the rights of non-resident shareholders.

Moreover, it should be noted that the launch of the sponsored GDR programme will allow to secure the rights of holders, who possess depositary shares of RAO UES of Russia, during the reorganisation of the energy holding. In this case it is presumed that the depositary bank will provide the issue and distribution of OGK-5’s depositary shares to entitled holders of depositary shares of RAO UES.

The sponsored depositary programme will be launched after a depositary agreement is signed between OGK-5 and the depositary bank.