OGK-4 BOARD OF DIRECTORS APPROVES DECISION TO ISSUE SHARES AND PROSPECTUS

Not for release, publication or distribution in the United States, Australia, Canada or Japan

The Board of Directors of Generation Company Four of the Wholesale Power Market (OGK-4) has approved the decision to issue 49,130,625,974 registered ordinary shares in OGK-4, with a par value of 0.4 ruble each. The shares will be placed through conversion into shares of the same category (type) with a lower par value.

The Board of Directors has also approved the OGK-4 Prospectus.

Earlier, March 1, 2007, the OGK-4 Extraordinary General Meeting 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 a par value of 1 OGK-4 registered ordinary share to be decreased from 1 ruble to 0.4 ruble. 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.

These materials are not an offer for sale of any securities of OAO OGK-4 (the «Company») in the United States, the Russian Federation, Australia, Canada or Japan.  Any securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.  The Company does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States.

This communication is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the «Order») or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as «relevant persons»). Any person who is not a relevant person should not act or rely on this communication or any of its contents.

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the «Prospectus Directive») is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive.