Moscow, 13 July 2005. The Annual General Meeting (AGM) of shareholders of RAO "UES of Russia" was held on 29 June 2005 in Zelenograd (administrative district of the city of Moscow). Please find below the official results of the Meeting as recorded in the Minutes of the AGM signed by Yakov Urinson, Deputy Chairman of Management Board of RAO "UES of Russia".

The persons who took part in the AGM of shareholders (taking into account the pre-registration conducted by ZAO "Status Registration Company") held 37 256 773 231 votes based on the number of ordinary shares owned by them, which makes 90,8% of the number of ordinary shares of RAO "UES of Russia".

The AGM approved the Annual Report 2004 of 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 Annual Report contains key figures of RAO UES’ financial and economic activities and its restructuring. The Company's revenues in 2004 totaled RUB34,460.7 million. Profit from sales totaled RUB24,245.8 million. Net profit totaled RUB24,068.5 million.

The participants of the AGM resolved to pay the dividends: RUB0,0559 per ordinary share (RUB2 294 230 816,18 in total) and RUB0,2233 per preferred share (RUB463 380 239,58 in total). According to the AGM resolution, the dividends are to be paid in cash prior to 1 December 2005.

The AMG introduced amendments and additions to the Charter of RAO "UES of Russia". The Charter now includes a provision that, during the period when the whole sale generation companies (WGCs) are wholly-owned subsidiaries of RAO "UES of Russia", the functions of WGCs’ shareholder meetings are to be performed by the Board of Directors of RAO "UES of Russia".

A provision is included in the Charter under which the Board of Directors will not be required to determine the Company's position regarding the items of business to be considered by general meetings of shareholders and Board meetings at subsidiaries and dependent companies (SDCs) of RAO "UES of Russia", if the functions of general meetings of shareholders at such SDCs are performed by the Board of Directors of the Company.

The AMG also introduced amendments and additions to RAO UES internal documents. In particular, changes were made to the criterion for payment of remuneration to Board members for "capitalization increase" of the Company. The criterion to be used is the weighted average price per ordinary share throughout the period of work of the Board members compared to weighted average price per ordinary share during the previous term of office of the Board members. (The criterion currently used is the weighted average price per ordinary share as of the date of the General Meeting of shareholders at which the Board members are elected as compared to the weighted average price per ordinary share as at the date of the General Meeting of shareholders at which their powers are terminated).

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

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

• Grigory Berezkin, Managing Director, ‘ESN Energo’;
• Andrey Bugrov, Deputy Chairman of the Management Board, ‘InterRos’;
• Alexander Voloshin, Chairman of the Board of Directors of RAO UES of Russia;
• German Gref, Minister of Economic Development and Trade of the Russian Federation;
• Yury Medvedev, Deputy Director, Federal Property Management Agency;
• Sergey Oganesyan, Head of Federal Energy Agency (Rosenergo);
• Olga Pushkareva, Director of Department, Government of the Russian Federation;
• Vladimir Rashevsky, Director General, OAO "SIBENCO";
• Seppo Remes, Chairman of Audit Committee under Board of Directors, RAO "UES of Russia"; Senior Advisor to Chairman, Finnish Institute under the Parliament of Finland;
• Kirill Seleznyov, member of Board of Directors, RAO "UES of Russia"; member of Management Board, OAO "Gazprom"; Head of Natural Gas and Liquid Hydrocarbons Marketing and Processing, OAO "Gazprom"; Director General, OOO "Mezhregiongaz";
• Yakov Urinson, Deputy Chairman of Management Board, RAO "UES of Russia";
• Victor Khristenko, Minister of Industry and Energy of the Russian Federation;
• Anatoly Chubais, Chairman of Management Board, RAO "UES of Russia";
• Andrey Sharonov, Deputy Minister of Economic Development and Trade of the Russian Federation;
• Ilya Yuzhanov, Chairman of Supervisory Board, ZAO "NOMOS-Bank".

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

• Maxim Bystrov, Deputy director of the RF Ministry of Economic Development department, Ministry of Economic Development and Trade;
• Viktor Myasnikov, Head of the RF Ministry of Industry and Energy department, Ministry of Economic Development and Trade;
• 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;
• Andrey Tkachenko, Deputy Head of the Russian Property department, Ministry of Economic Development and Trade.