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Unified Energy System

June 15, 2004

Statement of RAO UES Media Relations Department

15 June 2004. In the recent days, some mass media published opinions of some politicians and journalists who claim that Anatoly Chubais is performing his duties as Chairman of the Management Board of RAO "UES of Russia" "illegally" and "illegitimately".

RAO "UES of Russia" believe that such opinions and judgements do not have any legal grounds and only reflect the political and other biases (which have nothing to do with the Russian laws) of the persons who express them.

According to RAO "UES of Russia", the service contract with Anatoly Chubais to hold the position of the Chairman of the Management Board of RAO "UES of Russia" was extended in early April 2003 by the Chairman of the Company's Board of Directors in full accordance with the Russian laws and the Charter of RAO "UES of Russia". The ex-Deputy Minister of Energy of Russia, ex-member of the Board of Directors of RAO "UES of Russia" Victor Kudryavy took legal action to challenge this resolution. However, in May 2003, the Arbitration Court of the city of Moscow dismissed the claim of Victor Kudryavy who demanded that Anatoly Chubais be forbidden to perform the duties of the Chairman of the Company's Management Board. In July of the same year, the Arbitration Court of Moscow dismissed Victor Kudryavy's claim to recognize illegality of the failure by the Board of Directors of RAO "UES of Russia" to include the item of election of the Chairman of the Company's Management Board on the AGM agenda of 30 May.

In this connection, RAO "UES of Russia" representatives noted that these court rulings were widely covered in the Russian mass media, and said that neither in 2003, nor in 2004 did the shareholders of the Company entitled to do so propose to include the item of election of the Management Board Chairman on the Meeting agenda.




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