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Contents

Contents. I. II. III. Information about the Company. Activities. Development prospects. Information about the Company. INTER RAO UES — transnational energy holding. Incorporates 29 companies in 1 5 countries of Europe and Asia

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  1. Contents I II III Information about the Company Activities Development prospects

  2. Information about the Company

  3. INTER RAO UES —transnational energy holding • Incorporates 29 companies in 15countries of Europe and Asia • Controls energy production and distribution assets in Russia and abroad • Total number of employees — 15,000 persons • HQ — Moscow, the Russian Federation • Taking dominant position in Russia in the area of power export-import • Active investment activity

  4. INTER RAO UES: reference 38.1 37.1 33.8 24.3 Operations w/o transit via RF RF home market Import Purchase of electric power, million MW 2004 2005 2006 2007 Source: calculations of INTER RAO

  5. INTER RAO UES: reference • Diversified operations and a wide portfolio of energy assets in Russia, Armenia, Georgia, Moldova, Kazakhstan, Ukraine, Northern and Eastern Europe • Presence in 15 countries with above-average indicators of economic growth • Team of skilled managers with proven work history • Value of current assets has increased since the merger with INTER RAO UES • Principal import-export trader (over 90%) of electricity in Russia • A leading company in electricity trading in Armenia, Belarus, Georgia, Moldova, Kazakhstan, Ukraine, Azerbaijan

  6. Board of Directors • Nikolai Anoshko   • Evgeny Dod     • Sergei Kiriyenko • Vyacheslav Kravchenko • Grigory Kurtser  • Alexander Lokshin   • Sergei Maslov      • Yuri Petrov     • Kirill Seleznyov    • Igor Sechin   • Sergei Shmatko     

  7. Chairman of the Management Board:Evgeny Dod • Evgeny Dod has been the head of JSC INTER RAO UES since 1999 and after the Company’s reorganization became Chairman of the Management Board of OJSC INTER RAO UES • Under the leadership of Evgeny Dod, the company has become a dynamic international enterprise,operating in all segments of the energy market. The Company is successfully developing and its activities are constantly expanding. • Before coming to the electric power industry, Evgeny Dod had a successful career as a manager in a number of investment companies. • In 1995 Evgeny Dod graduated from the Moscow Aviation Institute with a specialism in “economy and management of an enterprise”. He got the second higher education inAcademy of Management of the President of the Russian Federation. • Evgeny Dodhas Ph.D. in economics.

  8. INTER RAO UES —a successfully developing company • Uses the latest methods of corporate management and the most up to date technologies in the electricity industry • Directly or indirectly assists in expanding generation capacities and the development of a grid infrastructure within the RF • Participates in implementation of investment projects Making a significant contribution to the international economic activity of Russia

  9. Activity areas • Foreign trade activity: • Electricity export and import • Sales and purchases of electricity outside the RF • Sales-and-purchase activities on the wholesale electricity market of the RF: • Purchase of electricity for further export • Sale of imported electricity • Purchase of electricity and supply to the Kaliningrad Oblast • Sales and purchaseof electricityon the domestic wholesale market • Additional salesof electricity. • Production and investment activities • Management of electricity assets in the RF and abroad

  10. Key performance indicators of JSC INTER RAO UES Group and Company in 2004-2007

  11. Since 2004 the installed capacity of the INTER RAO UES Group’s power plants has increased more than 3 times MW 7 578 2007 7 365 2006 6 915 2005 2 495 2004

  12. And the length of the power transmission lines has increased more than 10 times km 2007 35 300 32700 2006 32700 2005 2004 3 100

  13. INTER RAO UES: stages of development 1997 • JSC INTER RAO UES was established as a 100% affiliate • of RAO UES of Russia

  14. INTER RAO UES: stages of development 2001 1997 • Commencement of projects for supply of non-Russian electricity on foreign markets • Supply of electricity produced by the Ignalinskaya AES (Lithuania) to Belarus and Russia • Three affiliates established for operation on foreign energy markets

  15. INTER RAO UES: stages of development 2001 2002 1997 • Commencement of independent electricity export from Russia to Scandinavia (Nord Pool) • Commencement of own production of electrical power at a leased facility of the Iriklinskaya GRES

  16. INTER RAO UES: stages of development 2001 2002 2003 1997 • Rosenergoatom became a shareholder of the Company, purchased 40% of the stock • Export-import contracts of OJSC RAO UES of Russia transferred to JSC INTER RAO UES • Generation and distribution assets in Georgia and Armenia purchased

  17. INTER RAO UES: stages of development 2001 2002 2003 2004 1997 • The Company started trading on the RF wholesale electricity market

  18. INTER RAO UES: stages of development 2001 2002 2003 2004 2005 1997 • Expansion to Central Asian markets; purchase of generation assets in Kazakhstan and Tajikistan • Purchase of distribution assets in Armenia and generation assets in Moldova • Expansion in own production of electricity in RF by means of additional leasing of the Kaliningradskaya TETs; and increase in the share held in the Severo-Zapadnaya TETs

  19. INTER RAO UES: stages of development 2001 2002 2003 2004 2005 2006 1997 • INTER RAO UES JSC manages a group of companies, operating in 15 countries of the world • Issue of CLN valued at USD 150 mln is organized

  20. INTER RAO UES: stages of development 2001 2002 2003 2004 2005 2006 2007 1997 • On February 9, 2007, the Board of Directors of OJSC RAO UES of Russia approved the main provisions of JSC INTER RAO UES strategy • A decision on the incorporation of the generation assets below into JSC INTER RAO UES authorized capital is made: • JSC Severo-Zapadnaya TETs • JSC Ivanovskiну PGU • JSC Kaliningradskaya TETs-2 • JSC Sochinskaya TES • JSC SangtudinskayaGES

  21. INTER RAO UES: stages of development 2001 2002 2003 2004 2005 2006 2007 2008 1997 • Acc. to Decree of the RF President OJSC INTER RAO UES is incorporated into GK Rosatom • Vneshekonombank approves the funding plans of the OJSC INTER RAO UES investment program through credit arrangements and participation in the Company’s authorized capital • Shares of the Company are quoted on Russian stock exchanges

  22. Tasks of the Company • A steady increase in business value • Ensuring a stable and active presence on target markets • Expansion of areas of activity • Transformation of the Company into a vertically integrated holding with a wide range of activities in the electricity industry

  23. Activities

  24. InvestmentActivities AssetsManagement Export-Import

  25. Trading activities of OJSC INTER RAO UES Export from RF Import to RF w/o transit via RF 2008 Finland 1,460 Latvia 700 Kazakhstan (North) 1,000 Kazakhstan (West) 350 Lithuania 400 Belarus 900 Mongolia 180 Ukraine 250 Georgia 365 Kyrgyzstan Kazakhstan (South) China 50 Romania Azerbaijan 350 Moldova Tajikistan * Maximum capacity of crossflows is indicated in the main directions

  26. Trading activities of OJSC INTER RAO UES • INTER RAO UES participates in parallel in the work of the energy system of RF by providing emergency capacity reserves and ensures the reliability of the RF energy system through transmitting electrical power via neighboring countries (Kaliningrad, Northern Caucasus, etc.) • One of the main tasks of the company is use of trading activities to increase the presence and influence of RF on the target power markets of the company

  27. Electric power exports structure in 2007 0,2% 15% 12% 1% 19% 2% Finland 54% 6% Norway Latvia 8% Belarus Lithuania Kazakhstan Mongolia Ukraine Georgia Azerbaijan China

  28. Export of electricity by JSC INTER RAO UES in 2007 • Supplies: 18.14 billion kWh(2.38 billion kWhless than in 2006) • Main buyers: • Finland (over 54%) • Belarus (15%) • Kazakhstan (12%) • Latvia (8%) • Lithuania (6%) • Border trade: to Norway and northern regions of Finland from dedicated hydroelectric generators of Borisoglebskaya GES, Rayakoski GES, and Kaitakoski GES

  29. Dynamics of electricity supplies as per contracts of INTER RAO UES in 2002–2007

  30. Import of electricity by INTER RAO UES in 2007 4% • Total volume: 5.62 billion kWh(up 0.51 over 2006) • Insignificant change in imports from Kazakhstan to Lithuania in comparison with 2006 • Imports from Ukraine and Moldova increased 5% 6% 8% 59% 17% Kazakhstan Ukraine Lithuania Azerbaijan Georgia Moldova

  31. Electric power imports structure in 2007 0,25% 17% 1% 8% 6% 4% 59% 5% Latvia Ukraine Lithuania Kazakhstan Mongolia Moldova Georgia Azerbaijan

  32. Export and Import Turnover in 2004-2007, bln kWh Export Import 20,9 20,5 20,5 18,14 10,5 10,1 10 10,0 5,62 5,1 Finland Norway 2004 2005 2006 2007 Latvia Belarus Lithuania Ukraine Kazakhstan Mongolia Moldova Georgia Azerbaijan China

  33. Electricity sales During 2007, the Oryol affiliate company sold electricity on the retail market of the Oryol Oblast as a provider of last resort in acc. with Order of the Tariff Service for the Oryol Oblast No. 01-06-16. Covered by the service are: • 6 cities • 17 districts of the region • 196,000 consumers • 28% of the total consumption of the Oryol Oblast

  34. AssetsManagement InvestmentActivities Export-Import

  35. Principles of management of foreign assets • Improve financial and economic indicators of the activities of these foreign companies • Expand operating and sales activities, gaining a supplementary benefit on external markets • Increase the company’s capitalization • Increase the business value for shareholders via: • Improvement of the quality of operating activities • Stability of payment for electricity sold • Parallel work with UES of Russia in energy systems of neighboring countries • Expansion of the geographical spread of export-import operations • Organizational and technical preparations for access to new energy markets

  36. The Group’s assets are located in a number of countries of the world Severo-Zapadnaya TETs Kaliningradskaya TETs-2 Sochinskaya TES Ivanovskiye PGU, Stend Orel Region Branch Finland Moldova Kazakhstan Ukraine Armenia Georgia Tadzhikistan

  37. Assets of OJSC INTER RAO UES Generation Distribution Trading Affiliate companies KazakhstanEkibastuzskaya GRES-2 1000 MW, coal,50% in ownership ? Ivanovskiye PGU and bench 435 MW, gas Severo-Zapadnaya TETs 900 MW, gas , , . Kaliningradskaya TETs-2450 MW, gas Moldavskaya GRES2520 MW, gas/coal/fuel oil51% ownership Sochinskaya TES78 MW, gas

  38. Russia: Severo-Zapadnaya TETs • Installed electrical capacity: 900 MW • Installed heating capacity: 700 Gcal • Heat and power station with a binary combined-cycle plant, the first heat and power station of the new generation of Russian energy sector • December, 2000— Start-up of the first power unit of PGU-450T • November, 2006 — Start-up of the second power unit • from October, 2007 — heat delivery from unit No. 2

  39. Russia: Severo-Zapadnaya TETs Northwestern region is the second-highest in Russia in terms of the rate of energy consumption growth Priority tasks in 2008: • Completion of technical re-equipment and revamp of the process water supply for power units 1 and 2 • Construction of the second evaporativecooling tower, reflux area of 3,200 sq.m. Commissioning date : Q3 2008

  40. Russia: Kaliningradskaya TETs-2 • November, 2005: The first power unit of450 MWwas put into pilot operation • 2008–2010: construction of power unit PGU-450 MW No.2 • 2008— engineering and survey work for construction of a heat pipeline from from Kaliningradskaya TETs-2 to the southern part of Kaliningrad • Heat delivery (preliminary timeframe) — 2010

  41. Russia: Ivanovskiye PGU • The base of the production complex: combined cycle gas plant of 325 MW • One of the first Russian electricity stations in the country within the scope of the investment program of the RAO UES of Russia Holding • PGU’s objectives: • New effective technologies development • Creation of spare capacity in the region • Energy and power shortage coverage in the region

  42. Russia: Ivanovskiye PGU • The first combined-cycle electric generating plant in Russia constructed using domestic equipment only • 2007 — the first unit of PGU-325 MW is commissioned via two start-up complexes • May, 2008 — the first unit of the Ivanovo Combined-Cycle Plant commissioned • Q2 2008 —commissioning of the third start-up complex

  43. Russia: Sochinskaya TES Equipped with combined-cycle gas units PGU-39: Russia-best technical, economic and environmental indicators Up-to-date process control systems Installed capacity: 78 MW Annual average production :565 million kWh Commissioning:December, 2004

  44. Russia: Sochinskaya TES Program for technical re-equipment and development for 2008/2012: • Expansion of the Sochinskaya TES (2nd train) double unit No.3, 80 MW,including autotransformer AT 220/110 • Construction start: 2006 • Commissioning: Q2 2009 • Construction of a heat pipeline to Sochi. Commissioning: 2008,funding sources: own funds

  45. Russia:Affiliate in the Oryol Oblast • Covering25%of energy consumption in the region • One of the largest electric energy providers of the Oryol Oblast to industrial plants and state-owned organizations. • Furthers the Company’s business diversification • Serving: • 4 000legal entities • 194 000individuals • 6cities • 17 districts of the region • July, 2005 — established • October, 2005 — started operating • 2006 — gained the status of a provider of last resort

  46. KazakhstanStantsia Ekibastuzskaya GRES-2 • Installed capacity: 1,000 MW(2 units, 500 MW each) • Equity interest:50% • GRES interest amounts to 10-12%of the overall e/e capacity generatedin the republic • Prospect: • increase in suppliesto Russia • e/e generation build-up, consolidation on the local market

  47. Tajikistan.JSC Sangtudinskaya GES-1 Russia-Tajikistan joint venture, established for completion and operation. Set up on 16.02.2005 under preliminary agreements between the Presidents of Tajikistan and Russia and an execution agreement Is being built on the Vakhsh River 200km away from Dushanbe: • the end of the 80s – the beginning of the 90s —the beginning of construction and its suspension • since 2005 — massive project financing(after negotiations between Russia and Tadzhikistan)

  48. Tajikistan.JSC Sangtudinskaya GES-1 Design capacity:670 MW 4 units 20.01.08 — commissioning of the first unit 02.07.08 — commissioning of the second unit • Units 1 and 2 produce 72 million kWh/month each. Design capacity • of the thermal plant after start-up of all four units is 670 MW • Construction of the thermal plant is planned to be completed • by end-2008

  49. ArmeniaCJSC «Electric Networks of Armenia» • Number of consumers: about 950,000 • Among the largest enterprises of Armenia • The Company owns: • 8,111transforming substations • 24,300km of overhead transmission lines • 5,300km of cable transmissionlines

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