Moscow, 11 August 2008. OJSC INTER RAO UES initiated the final stage of preparation for construction of the third power unit of Ekibastuzskaya GRES-2 (the Republic of Kazakhstan).

As of the present moment, the feasibility study of the project is jointly developed by JSC Stantsiya Ekibastuzskaya GRES-2 and the shareholders and agreed upon with all competent bodies; the opinion of the RGP (Republican State Enterprise) Gosekspertiza is received; the scheme of the project implementation on the basis of an EPC contract is defined; the feasibility study for holding of a tender on selection of the General Contractor in the third quarter of 2008 is being prepared.

The shareholders are working on monitoring of the market of companies, which could be potential suppliers of equipment for expansion of the station by construction of the third power unit as well as companies, which could be potential EPC contractors for this project. Main construction works will be started in the beginning of May 2009 upon execution of a contract with the General Contractor and an EPC contract.

The mandates are signed with European Bank for Reconstruction and Development (EBRD) and Eurasian Development Bank (EDB). The exact terms of the project funding will be defined by the banks jointly upon its technical, ecological, financial, and legal examination. EBRD and EDB have already commenced this work, and as for today, it is obvious that one of the most important conditions for funding will be the stations’ long-term contracts for electric power supply.

OJSC INTER RAO UES anticipates that the Kazakhstan party would actively assist in ensuring this condition, which will allow a significant reduction in credit risks and attraction of funds on more favorable terms.

The management of JSC Stantsiya Ekibastuzskaya GRES-2, supported by OJSC INTER RAO UES and JSC Samruk-Energo (the Republic of Kazakhstan), take steps to expedite implementation of the project for construction of the third power unit, which will allow increasing the installed power of the power plant up to 1,525 MW and ensure coverage of the growing power shortage in this region.