Moscow, 15 August 2008. The Company’s report, prepared in accordance with the Russian accounting standards, states the net profit of OJSC INTER RAO UES for the first half of 2008 in the amount of RUB 549.8 million. At the same time, since OJSC INTER RAO UES started its operating activity just after the reorganization, which was completed in May, the report, in fact, reflects the performance of the incorporated Company from May through June of 2008. 

The amount availed by OJSC INTER RAO UES within this period is equal to RUB 5,965 million. Profit before tax makes RUB 731.7 million. The revenue from electric power export sale made RUB 3,286.3 million, while that from electric power sale on the internal market made RUB 2,596.1 million.

Due to the fact that the Company’s reorganization was completed on the 1st of May of the current year, when Severo-Zapadnaya TETs, Ivanovskiye PGU, and JSC INTER RAO UES merged with and into OJSC INTER RAO UES (Sochinskaya TES before it was renamed), the comparative data for the same period of the past year can’t reflect the exact trend of the company’s financial performance.

The results of Kaliningradskaya TETs-2 activity, which merged with and into OJSC INTER RAO UES on the 1st of July, will be shown in the Company’s report for nine months of 2008.

Contacts:

Dmitriy Palunin

Deputy Financial Director for Corporate Finance

+7 (495) 967 0527 (ext. 2229)