Unified Energy Systems unbundling

In early 2008 ENR Russia Invest SA ("ENR") made an investment in the Russian electricity company Unified Energy Systems (“UES”). The investment was made prior to the unbundling of its underlying subsidiaries, which took place over the summer 2008. Subsequently ENR received shares in more than 20 UES subsidiary companies covering a range of segments in the electricity market. Having considered the positioning of these businesses, ENR subsequently sold off some of these shares.

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