OREANDA-NEWS. On 16 July 2009 was announced, that the powers of the sole executive body of JSC OGK-1 had been transferred to the managing organization – JSC INTER RAO UES. The corresponding agreement was signed today by OGK-1 and INTER RAO UES.

We should mention that shareholders of OGK-1 at the annual meeting held on June 26, 2009 decided to transfer the power of the sole executive body of the Company to the managing organization – JSC INTER RAO UES. The Board of Directors decided in favor of early termination of the powers of CEO of OGK-1, Vladimir Khlebnikov. The powers will be terminated upon mutual consent starting on July 7, 2009.

The transfer of powers is a part of the business integration process between OGK-1 and INTER RAO UES. The purpose of the integration process is to finance a large-scale investment programme of OGK-1.

As the sole executive body of OGK-1, INTER RAO UES will focus on implementing a coordinated investment policy, stable financial development, increasing the profitability and investment potential of OGK-1.

We should mention that in March 2009 INTER RAO UES obtained the trust management of the rights under 61.9% of the ordinary shares of OGK-1, which were in possession of OAO FGC UES and JSC RusHydro. The duration of the trust management is 5 years and may be extended for the same period of time.