Moscow, 18 February 2004. RAO "UES of Russia" states that the Head of FEC Mr. Kutovoy has misrepresented the parties' positions and the results of the meeting held in the Ministry of Energy of the Russian Federation regarding raising extra investments needed to complete the construction of Boguchanskaya HPP. Indeed, the Ministry of Energy and the FEC have voiced their support of the plan proposed by Evrosibenergo involving establishment of a generating company on the basis of Boguchanskaya HPP and Krasnoyarskaya HPP, and issuing additional shares of that company. In their turn, RAO "UES of Russia" and the Ministry of Economic Development and Trade agree in general that it is necessary to find a private investor to fund the completion of Boguchanskaya HPP. However they object to the proposed merger of Boguchanskaya HPP and Krasnoyarskaya HPP, as such scenario does not guarantee that the plant construction will be completed. RAO UES has set out its arguments in the official response submitted to the Ministry of Energy. RAO UES believes it is possible to have a direct investor take part in the completion of Boguchanskaya HPP by increasing his interest in the Company's authorized capital in proportion to its investments. Besides, the merger of Krasnoyarskaya HPP and Boguchanskaya HPP into a single generation company is contrary to the Instruction of the Government of the Russian Federation on the Wholesale Generation Companies (WGCs), whereunder Boguchanskaya HPP is become part of one of the four hydroWGCs.