Moscow, 20 May 2004. RAO "UES of Russia" has been named the Best Issuer of 2003 in the Annual Stock Market Elite Awards held by the National Association of Stock Market Participants (NAUFOR).

The jury praised the quality and transparency of corporate governance at RAO "UES of Russia", significant trading volumes in the Holding's securities, and the potential of the energy company as a stock market participant.

The Stock Market Elite Awards have been held for the fourth time. The Jury, which comprises representatives from Russia's major stock exchanges, the Russian Bankers Association, and State Duma Deputies, has named winners in 27 categories among over 500 nominees.