OREANDA-NEWS. September 10, 2007. On September 10, the shares of JSC “The Fifth Power Generation Company” (OGK-5) were included into a Morgan Stanley Capital International (MSCI) index. This decision was adopted in connection with the spin-off of OGK-5 from RAO UES of Russia, which took place on September 3.

MSCI indices are global equity indices which reflect fund asset flow tendencies on global markets. The MSCI Emerging Markets (MSCI EM) index, which includes MSCI Russia, is calculated by a division of the Morgan Stanley investment bank. The weight of an issuer in the index depends on its capitalisation, number of outstanding shares and their accessibility. Many investment funds form portfolios only in accordance with the structure of this index. Certain funds are not entitled to invest their funds into the shares which are not included into the MSCI indices.

Nikolai Morilov, Director for Strategic Development of JSC OGK-5, gave the following comments to this event: “Inclusion of OGK-5 shares into the MSCI index is a good indicator that reflects investors’ view of the development of our company and the profitability of the industry as a whole. Today the capitalisation of the company is about $5.5b, and its growth will contribute to the growth of the MSCI index weight, which will positively affect the investment appeal of the Russian power industry”.