OGK-4 SHAREHOLDERS APPROVE REDUCTION IN OGK-4 AUTHORIZED CAPITAL

The Extraordinary General Meeting of Generation Company Four of the Wholesale Market of Power and Energy (OGK-4) has decided to reduce the authorized capital of the Company by means of decreasing the par value of the placed shares. According to the shareholders' decision, the authorized capital of the Company will be reduced from 49,130,625,974 rubles to 19,652,250,389.6 rubles, with the par value of 1 OGK-4 registered ordinary share to be decreased from 1 ruble to 0.4 ruble.

The Extraordinary General Meeting had absentee voting; the deadline for receipt of completed ballots was 1 March 2007. The list of persons authorized General Meeting participants was made in accordance with the shareholder register as of January 24, 2007.

The decrease in the OGK-4 authorized capital is conducted in pursuance of the Federal Law "On Joint Stock Companies" to bring the net asset value in line with the Company's authorized capital. According to paragraph 4 of Article 35 of this Federal Law, if at the end of the second and each subsequent financial year the value of net assets of the company proves to be less than its authorized capital, the company shall declare a reduction of its authorized capital down to the amount not exceeding the value of its net assets.