Answer:

• In accordance with the law the date of shares placement is the date of state registration of each established company. That is, shares of each company established after AO-energo division will be distributed between AO-energo shareholders considering the date of newly established companies' registration date. Registration time is predictive, since registration decision is taken by taxation authorities with just a time-limit (not more than 5 days). Date of shares placement is determined by normative FCCB acts and resolutions of general shareholders meetings;

When each new companies is registered, part of share capital in the form of AO-energo companies, turns into this company shares (regarding assets transferred to a company in accordance with separation balance sheet)