OREANDA-NEWS. The Board of Directors of RAO "UES of Russia" noted the information on the measures to put in place a mechanism to control effective use of the proceeds from the WGC and TGC issues.

After the additional WGC and TGC share offerings, RAO "UES of Russia" and the investor will sign an agreement governing their relationships in managing the company with respect to its investment programme.

It is planned that one of the key provisions of the Agreement will be the undertakings by the parties to seek mutual approval of the issues relating to the implementation of the investment programme as a measure to protect all shareholders in the respective WGCs and TGCs.

The Agreement may provide that the WGC or TGC concerned will retain a Technical Agent whose responsibility will be to ensure that the deadlines, specifications, and the construction quality requirements are observed, and that the funds are used only for their designated purposes.