Moscow. 14 October 2004. The Appraisal Committee under the Board of Directors of RAO "UES of Russia" held its regular meeting on 12 October 2004.

The Committee considered the Report on the scenarios developed by Nera Company within the framework of the project to forecast prices and volumes on the electricity market, and the results of work of CO-INVEST Company on the development of a reference book of TPP replacement cost. The work performed by the consulting companies are necessary to standardize the appraisal of the Holding Company's assets and will serve as a supplement to the Methodology for Valuation of the Business and Assets of OAO RAO "UES of Russia" and its SDCs. The Committee broadly approved the submitted reports, which will be recommended for use by appraisal firms after they are revised taking into account the comments and suggestions of the Committee members.