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Unified Energy System

June 8, 2004

RAO UES Audit Committee holds its regular meeting

Moscow, 8 June 2004. At its regular meeting on 26 May, the Audit Committee considered the preparation of the audited financial statements of RAO "UES of Russia" for 2003 and the progress made in drafting the Company's Basic Principles of Common Accounting Policy under the IFRS. The Audit Committee commissioned the Company's management advisor, PricewaterhouseCoopers, to develop an improved approach to business segmentation of RAO UES financial statements taking into account the new managerial structure and the Company's restructuring process. This approach should be applicable to the preparation of audited consolidated financial statements of the Company under the IFRS with effect from 2004.

The Audit Committee also noted the information of the Tender Commission held on May 19 and 20, 2004, which selected KPMG as a recommended auditor of RAO "UES of Russia" for 2004.

The Audit Committee noted the report presented by Ernst & Young on the internal control and internal audit systems at RAO "UES of Russia", and submitted copies of the report to members of the Management Board of RAO "UES of Russia". Based on the preliminary report, the Audit Committee decided to recommend that the Management Board and Board of Directors take steps to improve the internal risk control and internal audit systems. A decision was also taken to incorporate the main points of this report in the Audit Committee's annual report to the Board of Directors of RAO "UES of Russia".

The Audit Committee of the Board of Directors of RAO "UES of Russia" also considered the results of work of the Commission for Audit ("Commission"). The Commission was established by RAO UES management to organize performance of audits in the Company's subsidiaries and dependent companies (SDCs). The Commission ceased to exist after the new organizational and managerial structure of RAO "UES of Russia" was approved. In this connection, the Audit Committee recommended that the Board of Directors of RAO "UES of Russia" form a Working Group which would organize, as part of the new organizational structure, a body similar to the Commission, which existed in the prior structure. This Working Group should comprise two representatives from the Audit Committee of the RAO UES Board of Directors. The Audit Committee declared that it had nothing to do with all resolutions of the Commission taken in 2004 in view of the violations of the Commission's procedure and the lack of access for the Audit Committee's representatives on the Commission to the materials and draft resolutions of the latter.




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