7gld0786_template4 The Open Joint-Stock Second Generation Company of the wholesale electricity market OGK-2 _____________ UBS. NY. M2008

7gld0786_template3 1 OGK-2  Fuel: gas  Electricity production: 1,9 TWh PSKOVSKAYA GRES 430 MW/121 Gcal/h  Fuel: coal, gas  Electricity production: 3,2 TWh SEROVSKAYA GRES 526 MW/220 Gcal/h  Fuel: gas  Electricity production: 24,1 TWh SURGUTSKAYA GRES 3,280 MW/958 Gcal/h  Fuel: gas  Electricity production: 9,8 TWh STAVROPOLSKAYA GRES 2,400 MW/220 Gcal/h  Fuel: coal  Electricity production: 9,0 TWh TROITSKAYA GRES 2,059 MW/315 Gcal/h North-Western Grid Central Grid Southern Grid Middle Volga Grid Urals Grid Siberian Grid Far Eastern Grid Russian company OGK-2 founded at March, OGK-2 generates and trades energy at the wholesale electricity market. Overall installed capacity is 8,695 MW OGK-2 is one of the largest sellers on the free market. OGK2 was the first Russian wholesale genco whose shares were publicly offered on the London Stock Exchange. OGK-2’s share are listing also on the Russian Stock Exchanges (MICEX and RTS).

7gld0786_template3 2 OGK-2 and market positioning OGK-2 is the third largest company in Russia in terms of installed capacity OGK-2 has an ambitious investment program that is aimed at commissioning 2,780 MW by end 2012 at its current production sites and modernizing and reconstructing existing equipment. It is the country’s second most modern OGK …and second largest in electricity generation The company has high fuel efficiency standards Source: OGK’s data

7gld0786_template3 3 Competitive Advantage OGK2 is a predominantly gasfired genco. Gas constituted 73% of its total fuel balance structure. However, coal also plays an important role, accounting for 26%, nearly the entire remainder, and the share is set to increase as a result of the planned investment program. We expect coal prices to grow at a slower pace than gas prices. The company's key fuel suppliers are Surgutneftegaz (33%), Gazprom (26%) and Access Industries (27%). High growth rates for consumption of electricity at the regions Forecast Deficit in generation capacity in 2011 г, GW *without taking new generation capacity  Second place in the nomination “Best Social report”  “Program for Implementing the Environmental Policy” of OGK-2 took first place in the nomination “The Best Environmental Policy of the Holding RAO UES Russia”  «Best annual report»  «Best manager of corporate governance practice at electric generation companies»  «Best account of Russia» …have been proved to be true an external estimation  System of ecological management  Corporative governance practice  Automation of administration systems based on SAP R/3  Enterprise Content Management  Quality management system (ISO 9001:2000) High corporative standards Coal 26% Fuel mix *on-balace volume of equivalent fuel independent suppliers Gas 73% Black-oil 0,6% 2007 Gas 60% Black-oil 0,5% Coal 39,5% 2015 Source: OGK-2, RAO UES of Russia Average annual growth rates ( ) Some 76% of its total electricity output is generated at capacities located in the already energy-deficient Urals Integrated Energy System (IES).

7gld0786_template3 4 Investment projects OGK-2’s investments is aimed at commissioning new capacity at its current production sites in the energy- deficient and heavily industrialized regions. All new electricity volumes will be sold at free market prices. The free average electricity market price is above than electricity tariff. Commissioning 2780 MW (by end 2012) Stavropolskaya GRES MW Troitskaya GRES MW Serovskaya GRES MW OGK2 offers strong exposure to the liberalization of Russia’s electricity market and expected profit growth.

7gld0786_template3 5 Electricity  Starting from 2008, all regulated tariffs will be indexed with the tariff formula: the electricity wholesale tariff formula will make it possible to pass inflation, fuel costs and other expenses through to the end-tariff as of 1 January  New consumption not written into electricity balance for 2007 going directly on to the free market; and new capacity introduced after 1 January 2008 being 100% free from tariffs. Liberalization scheme All energy is being traded according to predefined tariffs (two-sided agreements subject to regulations) Under the regulated agreement, the company has to sell the amount of electricity defined by the FST balance at the FST tariff Capacity market Transition model Gradual liberalization of capacity trading (total capacity distributed through regulated agreements is reduced). The process is synchronized with electricity trading liberalization. Available capacity is sold at the free market with no price regulations Targeted capacity trading All output is being sold at the free market either through non-regulated two-side agreements or through the automated distribution system (ATS) Source: RAO UES of Russia In 2007 OGK-2 sold ,3 mln KWh at the free market.

7gld0786_template3 6 Free-market orientation OGK-2 is one of the largest sellers on the free market. In % of all generated electricity was sold on the free market. The company actively trades the energy produced by other power generation firms Sale electricity in 2007 Electricity tariffs and prices (RUB/MW.) Purchase and selling electricity on the free-market in 2007 (mln. KWh) Source: OGK-2 Mln. KWh

7gld0786_template3 7 Operating results Heat output, th. Gcal Electricity output, mln. KWh Source: OGK-2

7gld0786_template3 8 Financial results Growth of revenue, (mln RUB) Electricity 75.5% Heat 1.8% Other 0.2% Capacity 22.5% Structure of proceeds in 2007 Source: russian financial report 2005 г.2006 г.2007 г.* Revenues Operation expenses: ( ) ( )( ) Reversal of impairment of property, plant and equipment, net Depreciation of property, plant and equipment ( ) ( )( ) Other operation income ( ) Operation profit Finance costs ( ) ( )( ) Profit before income tax Total income tax charge ( ) ( )( ) Profit for the year EBITDA EBITDA’ ** EBITDA’ / Revenues, % 515 Sales, (mln KWh)* Total expenses without Reversal of impairment of property, (mln RUB) Source: – IFRS; 2007 – non-audition russian financial report * Non-audition russian financial report; ** EBITDA before Reversal of impairment of property, plant and equipment, net and IPO costs

7gld0786_template3 9 Assets and liabilities $375 mln $904 mln * Fx average rates (rur / $): 2005 г. – 28,31; 2006 г. – 27,09; 2007 г. – 25,55 ** Source: MSFO

7gld0786_template3 10 IPO on LSE ОГК-2’s shares are traded on Russian MICEX and RTS stock exchanges and OGK-2 strives for best practice in corporate governance and investor relations. Are traded on RTS (T+0 market) since July 17, 2006, listed as b-shares Are traded on MICEX since July 19, 2006, listed as b-shares Are traded on RTS (classic market) since July 20, 2006, listed as b-shares OGK-2 GDR shares are traded on LSE since October 4, 2007 OGK-2 IPO results: 6.25 bln shares, bln RUB (>50% of the planned 42 bln roubles) – remarkable result considering tough market conditions. Placement price: $0.16 ($16 for GDR, multiplier = 1:100). Expectations: between $ and $0.18 Underwriters and bookrunners Со-manager

7gld0786_template3 11 OGK-2 Shareholder’s Equity structure Post-IPO (at present) Ordinary shares: Charter capital: mln RUB (rounded). Post-reorganization of RAO (from ) Ordinary shares: Charter capital: mln RUB (rounded).

7gld0786_template3 12 RAO UES of Russia reorganization Antitrust Regulators give green light to OGK-2 reorganization As a result of the second stage of the restructuring a number of independent companies (OGK, TGK, FSK etc.) will be created and the RAO UES will be liquidated Dec 2007 Additional OGK-2 stock issue and issue prospect are registered OGK-2 Holding is created as a part of former RAO UES Additional OGK-2 stock issue report is registered March Jul 2008 Aug 2008 OGK-2 shares to commence trading on the exchange Aug 2008 RAO UES liquidation Main and additional issue are merged Oct 2008 OGK-2 additional issue shares give the same rights as the main ones OGK-2 Holding shares converted to OGK-2 shares are treated as additional issue OGK-2 shares until they are merged with the main issue in October 2008 OGK-2 Holding becomes a part of OGK-2 OKG-2 Holding shares are converted into OGK-2 shares RAO UES shares are converted to OGK-2 shares