London & New York, November 14, 2007

Deutsche Bank appointed as Depositary Bank for the Global Depositary Receipt Programs of JSC OGK-2 (OGK-2)


Deutsche Bank announces its appointment as depositary bank for the Regulation S London Stock Exchange-listed and Rule 144A Global Depositary Receipt (GDR) programs of OGK-2.

The company is one of the six thermal OGKs established during the course of the restructuring of the Russian state-controlled electricity holding company, RAO UESR. The company’s core business comprises the generation of electricity and the sale of electricity and capacity on the Russian wholesale electricity market, as well as the generation and sale of heat power. According to information published by RAO UESR, the company was the second largest company in terms of electricity output in 2006 and the third largest in terms of installed capacity, among the six thermal OGKs.*

Akbar Poonawala, Head of Global Equity Services (GES) at Deutsche Bank said, “We are pleased to be appointed OGK-2’s depositary for their GDR program. We look forward to working with the company and reinforcing our commitment to the Russian market as a leading provider of depositary receipts services.”


For further information, please call:

Deutsche Bank:

Oonagh Baerveldt   +44 20 7547 1605
Press Office

John Gallagher    +1 212 250 4516
Press Office



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Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 77,920 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.

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Deutsche Bank’s Trust & Securities Services business, part of Global Transaction Banking, is one of the leading providers of trustee, agent, depositary, registrar, SPV management and related services for a wide range of debt financings including bonds, medium term note and commercial paper programs, asset backed and mortgage backed securities, collateralized debt obligations, project financings, escrows and syndicated loans. It is also one of the leading depositaries for American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs), and, through a fully integrated network of specialist offices worldwide, provides domestic custody services in 28 securities markets.

This announcement appears as a matter of record only. This announcement has been approved and/or communicated by Deutsche Bank AG London.

*Source: JSC OGK-2 (October 2007)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA, JAPAN OR THE RUSSIAN FEDERATION.
The Depositary Receipts have not been and are not intended to be registered pursuant to the US Securities Act of 1933 (the "Act") and the securities laws of any states thereof and are being issued pursuant to an exemption from the registration requirements of the Act and such laws. Such Depositary Receipts or any interests or participations therein may not be offered, sold, transferred, pledged, encumbered or otherwise disposed of in the United States absent such registration or an available exemption therefrom. The investment or investment service which is the subject of this announcement is not available to private customers as defined by the UK Financial Services Authority. This announcement has been approved and/or communicated by Deutsche Bank AG London.The Depositary Receipts are treated as foreign securities under Russian law and their placement and circulation in the Russian Federation is not  currently permitted. Neither this Depositary Announcement nor any information contained in this Depositary Announcement constitutes an offer or advertisement of securities in the Russian Federation, and is not an offer to sell or an invitation to make offers to purchase any securities in the Russian Federation. The services described in this notice are provided by Deutsche Bank Trust Company Americas (Deutsche Bank) or by its subsidiaries and/or affiliates in accordance with appropriate local registration and regulation. Deutsche Bank is providing this notice strictly for information purposes and makes no claims or statement, nor does it warrant or in any way represent, as to the accuracy or completeness of the details contained herein or therein. Neither this announcement nor the information contained herein constitutes an offer or solicitation by Deutsche Bank or any other issuer or entity for the purchase or sale of any securities nor does it constitute an offer or solicitation to any person in the United States or in any other jurisdiction where an offer or solicitation would be unlawful. No part of this announcement may be copied or reproduced in any way without the prior written consent of Deutsche Bank. Past results are not an indication of future performance. This announcement is not an invitation nor is it intended to be an inducement to engage in investment activity for the purpose of Section 21 of the Financial Services and Markets Act 2000, as amended (the "FSMA"). This announcement is in any event directed only at (i) persons outside the United Kingdom; or (ii) persons who have professional experience in matters relating to investments and who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 of the United Kingdom (the "Financial Promotion Order"); or (iii) persons who fall within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order; or (iv) any other persons to whom this announcement for the purposes of Section 21 of FSMA can otherwise lawfully be made (all such persons together being referred to as "relevant persons"), and must not be acted on or relied upon by persons other than relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons. Anyone other than a relevant person must not rely on this announcement. In addition to the foregoing restriction, this announcement is made and directed only at, and the investment or investment service which is the subject of this announcement is available only to, persons falling within the meaning of "qualified investors" as defined in Section 86 of FSMA, namely:  (a) legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities; (b) national and regional governments, central banks, international and supranational institutions; (c) any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts; (d) persons registered on the Financial Services Authority qualified investor register; or (e) persons authorized by an European Economic Area state other than the United Kingdom as a qualified investor for the purposes of the Directive 2003/71/EC (the "Prospectus Directive"). In relation to each member state of the European Economic Area (other than the United Kingdom) which has implemented the Prospectus Directive (each a "Relevant Member State"), and with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State this announcement is only directed at, and the investment or investment service which is the subject of this announcement is available only to, (a) legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities; (b) any legal entity which has two or more of (i) an average of at least 250 employees during the last financial year, (ii) a total balance sheet of more than €43,000,000, and (iii) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts; or (c) any other persons in circumstances which do not require the publication of a prospectus pursuant to Article 3 of the Prospectus Directive (and any relevant implementing measure in each Relevant Member State).




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