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Unified Energy System

April 24, 2004

Tri-party Cooperation Agreement signed on project of heat supply in north-west part of St.-Petersburg

Moscow, 24 April 2004. St.-Petersburg Governor Valentina Matviyenko, Chairman of the Management Board of RAO \"UES of Russia\" Anatoly Chubais, and President and CEO of OAO \"Bank for Foreign Trade\" (Vneshtorgbank) Andrey Kostin have signed a tri-party Agreement on Cooperation to implement a heating supply project in the north-western part of St.-Petersburg.

The Agreement defines the main areas of cooperation among the city of St.-Petersburg, RAO \"UES of Russia\", and Vneshtorgbank in the construction of a heating main from the Severo-Zapadnaya CHPP (\"North-West CHPP\") to the Primorskaya Boiler Plant in St.-Petersburg. The heating main is to ensure reliable and uninterrupted heat supply to the north-western part of the city. Investments needed for the construction and operation of the main will be raised by a company specially set up for that purpose.

Under the Agreement, the Administration of St.-Petersburg will allocate plots of land for the construction of the heating main \"North-West CHPP Primorskaya Boiler Plant\" and facilitate the contracts to purchase the heat produced at the North-West CHPP. Also, St.-Petersburg Administration will carry out renovation of the heating facilities (boiler plants and heating mains) in St.-Petersburg\'s Primorsky District. RAO \"UES of Russia\" is to ensure that the 2nd generating unit of the North-West CHPP is put into operation by the deadline coordinated with the scheduled date of completion of the heating main (the 2006/2007 heating season). The heating main construction will be treated as an independent project implemented separately from the construction of the North-West CHPP. Vneshtorgbank will raise investments to fund the construction of the heating main.

The parties agreed to join their efforts in order to carry out a coordinated tariff policy, which will ensure payback of the heating main project and the timely repayment of the investments.

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