THE BOARD OF DIRECTORS OF OGK-4 APPROVED THE AGENDA OF THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

The Board of Directors of Generation Company Four of the Wholesale Power Market (OGK-4) approved the agenda of the extraordinary general meeting of shareholders of the company. The shareholders will consider the following issues:

- approval of the Company's Articles of Association as amended;

- approval of related party transactions;

- approval of the contract by and between the Company and the Consortium of General Electric International Inc. and Gama Guc Sistemleri Muhendislik ve Taahhut A.S., which is a major transaction;

- approval of the underwriting agreement to be entered into by and between OGK-4 and the underwriting banks Troika Dialog Investment Company, UBS Limited and/or their affiliated persons, and other persons, who may be stated in the appendix to the underwriting agreement as organizers, which is a major transaction.

The resolution on holding the extraordinary general meeting of shareholders of OGK-4 was approved by the Board of Directors of the Company on May 22. The meeting will be held by absentee voting; the deadline for acceptance of completed ballots is July 2, 2007. The list of persons entitled to take part in the meeting was made as of May 22, 2007.

Besides, the Board of Directors pursuant to Clause 3 of Article 75 of the Federal Law on Joint-Stock Companies determined the repurchase price for the shares in OGK-4 held by shareholders, who voted against the approval of the resolution on the major transaction – the underwriting agreement or did not take part in the voting on this issue. Subject to the conclusion of an independent appraiser – Lair – the price of one registered ordinary share in OGK-4 for the repurchase purpose is equal to 2.20 rubles.