Moscow, 15 July 2004. The Annual General Meeting of shareholders of OAO RAO "UES of Russia" was held on 30 June 2004 in Zelenograd (administrative district of the city of Moscow). Please find below the official results of the Annual General Meeting of Shareholders of OAO RAO "UES of Russia" (AGM) as recorded in the Minutes of the AGM:

The persons who took part in the AGM of shareholders (taking into account the pre-registration conducted by OAO "Moscow Central Registrar") held 36,41,126,175 votes based on the number of ordinary shares owned by them, which makes 89.0342% of the number of ordinary shares of OAO RAO "UES of Russia".

The AGM approved the Annual Report 2003 of OAO RAO "UES of Russia", the annual financial statements, including the Income Statement, and the profit and loss allocation based on the financial year results.

The participants of the AGM resolved to pay the dividends:

- RUB0.0469 per ordinary share;
- RUB0.2283 per preferred share;

According to the AGM resolution, the dividends are to be paid in cash prior to 1 December 2004.

The AGM elected new members of the Board of Directors of RAO "UES of Russia":

- Alexander Abramov, President, OOO "EvrazHolding";
- Grigory Berezkin, Chairman of the Management Board, ESN Group of Companies;
- Andrey Bugrov, Executive Director, Interros Holding Company;
- Alexander Voloshin, Advisor to Head of the Administration of the President of the Russian Federation on a honorary basis;
- German Gref, Minister of Economic Development and Trade of the Russian Federation;
- Valentin Zavadnikov, Chairman of the Committee for Industrial Policy of the Federation Council of the Federal Assembly of the Russian Federation;
- Alexander Kazakov, Chairman of the Committee for the Federation Issues and Regional Policy of the Federation Council of the Federal Assembly of the Russian Federation;
- Mikhail Odintsov, member of the Board of Directors, RAO "UES of Russia";
- Vladimir Rashevsky, General Director, OAO "Siberian Coal Energy Company" (SIBENCO);
- Kirill Seleznev, General Director, OOO "Mezhregiongaz"; member of the Management Board, OAO "Gazprom";
- Yakov Urinson, Deputy Chairman of the Management Board, Head of Corporate Center, OAO RAO "UES of Russia";
- Victor Khristenko, Minister of Industry and Energy of the Russian Federation;
- Anatoly Chubais, Chairman of the Management Board, RAO "UES of Russia";
- Andrey Sharonov, First Deputy Minister of Economic Development and Trade of the Russian Federation;
- Ilya Yuzhanov, member of the Board of Directors, RAO "UES of Russia".

 The AGM elected the Auditing Commission of RAO "UES of Russia" consisting of the following members:

- Leonid Dushatin, Deputy Chairman of the Management Board, AKB "National Reserve Bank", Head of Fuel and Energy Complex Department;
- Victor Myasnikov, Deputy Head of Division, Ministry of Property Relations of the Russian Federation;
- Sergey Rumyantsev, Deputy Chairman of the Management Board, NP "ATS";
- Galina Samokhina, Deputy Head of Division of Department, Ministry of Property Relations of the Russian Federation;
- Anatoly Chabunin, Head of Department, Ministry of Energy of the Russian Federation.

 The AGM approved the appointment of ZAO "KPMG" as the Company Auditor.