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Unified Energy System

March 31, 2004

Results of the March Meeting of RAO UES Audit Committee

At its regular meeting held on 31 March, the Audit Committee of the Board of Directors of RAO "UES of Russia" heard the report on analysis of the investment process in RAO "UES of Russia" using the Sochinskaya TPP construction project as an example and decided to consider the final report no later than mid-May.

The Audit Committee has also prepared recommendations to the Board of Directors with respect to organizing control over insider securities trading and discussed the issues relating to the financial statements of RAO UES Group for the first 9 months of 2003 according to the IAS.

The Recommendations on the organization of control over insider securities trading are based on the principle of mandatory declaration by insiders of all of their transactions in securities of RAO "UES of Russia". Such declarations containing information on the terms of the insider deals, must be submitted to the Audit Committee, which will analyse, on a quarterly basis, the submitted reports and ensure public disclosure of the information on trading activities declared by insiders in a format approved by the Board of Directors of RAO "UES of Russia". The Audit Committee will also be responsible for timely analysis of the information received from brokerage firms and investment banks regarding some major transactions in securities of RAO "UES of Russia" executed by the insiders of RAO "UES of Russia" through these firms.

The Committee also heard comments and explanations of the RAO UES management regarding its questions concerning the financial statements of RAO UES Group and decided to hold an additional meeting after the receipt of written answers to the Committee's questions. The questions of the Audit Committee are focused on the reasons for the significant increase (40%) in the "Other Costs" item, and the analysis of the character and reasons for the increase in the sale of electricity and heat by RAO "UES of Russia" (25% in the first 9 months of 2003 compared to the same period in 2002). In particular, the Committee would like to know to what extent that increase was satisfied with increased electricity production by RAO UES entities and to what extent it was covered by energy purchased from third parties.




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