Moscow, 13 December 2004. As a result of the meeting held in Tehran between the delegation of RAO "UES of Russia" consisting of the Chairman of the Company's Management Board Anatoly Chubais, the Deputy Chairman of the Management Board L. Drachevsky, and the Chairman of the Management Board of OAO "FGC" A. Rappoport, and the delegations of the Energy Ministry of the Islamic Republic of Iran and the Energy Ministry of the Republic of Tajikistan, the delegations signed a Protocol confirming the parties' intention to jointly implement the project to build and operate the Sangtudinskie HPPs in the Republic of Tajikistan.

The parties agreed to hold the next round of negotiations in January 2005 in Dushanbe, Tajikistan.

Commenting on the results of the talks, Anatoly Chubais stated that "Iran's participation in the project to build Sangtudinskie HPPs is sound and reasonable."

We remind that, under the agreement reached between the Governments of Russia and the Tajikistan, Russia undertook to build Sangtudinskaya HPP-1 over the four years beginning in 2005. Iran also expressed interest in the project, as the HPP is expected to supply energy to the neighbouring countries, including Iran which is currently experiencing shortage of electricity.

Note: 95% of the hydroelectric power plants in the Republic of Tajikistan were built using Russian technologies with involvement of Russian specialists.