Moscow, 24 October 2008. Yesterday there took place an extraordinary General Meeting of the shareholders of OJSC INTER RAO UES, which removed from office the members of the Company's former Board of Directors and elected its new membership.

In accordance with the voting results, the Board of Directors of OJSC INTER RAO UES comprises:

- Nikolai Aleksandrovich Anoshko – General Director [CEO], Russische Kommerzial Bank AG;  

- Evgeny Vyacheslavovich Dod – Chairman of the Management Board, OJSC INTER RAO UES;  

- Sergei Vladilenovich Kiriyenko – General Director [CEO], Rosatom State Nuclear Energy Corporation;  

- Vyacheslav Mikhailovich Kravchenko – General Director [CEO], Rosneft-Energo;

- Grigory Markovich Kurtser – Head, Resource Management, VTB;

- Alexander Markovich Lokshin – Deputy General Director in charge of nuclear energy complex, Rosatom State Nuclear Energy Corporation;  

- Sergei Vladimirovich Maslov – President, JSC Transneftprodukt;   

- Yuri Aleksandrovich Petrov – Head, Federal Agency for State Property Management;  

- Kirill Gennadyevich Seleznyov – Management Board Member and Head of Department of Marketing and Processing of Gas and Hydrocarbon Liquids, Gazprom; General Director [CEO], Mezhregiongaz;   

- Igor Ivanovich Sechin – Deputy Chairman, Russian Federation Government;  

- Sergei Ivanovich Shmatko – Minister of Energy of the Russian Federation.

The positions of the members of the Board of Directors are valid as of the date of nomination.

The meeting passed resolutions on issues bearing on the activities of OJSC INTER RAO UES in the Russian bond market.

Specifically, the shareholders approved the execution of suretyship contracts between OJSC INTER RAO UES and the owners of bonds of LLC RAO UES INTERNATIONAL FINANCE, a wholly-owned subsidiary of OJSC INTER RAO UES. The execution of the said contracts will be effected with a view to securing such liabilities of LLC RAO UES INTERNATIONAL FINANCE as may be incurred as a result of the bond issue planned for the following year.

It is expected that LLC RAO UES INTERNATIONAL FINANCE will issue 10 mln series 02 nonconvertible interest-bearing documentary bearer bonds with obligatory centralized custody and a maturity of up to 10 years, worth a total of 10 bln roubles. The face value of one bond will be 1 000 roubles. The bonds will be publicly offered.

The bonds will be redeemed using the OJSC INTER RAO UES cash flow generated by the operating, financial and investment activities of the Company.

The receipts from the bond issue will be made available by LLC RAO UES INTERNATIONAL FINANCE to OJSC INTER RAO UES under a loan agreement, the execution of which has also been approved by the General Meeting. It has been specified that the loan agreement interest rate shall not exceed the annual coupon yield on the bonds to be issued by LLC RAO UES INTERNATIONAL FINANCE. The loan agreement will be made for a term of up to 10 years to match the maturity of the bonds issued by LLC RAO UES INTERNATIONAL FINANCE.