Moscow, 6 December 2004. The Chairman of the Management Board of RAO "UES of Russia" Anatoly Chubais considers the target date for completion of the energy companies' restructuring set by the Minister of Industry and Energy of the Russian Federation Victor Khristenko last Friday is absolutely feasible.

In his interview to Interfax, Anatoly Chubais said that, judging by the current rate of restructuring in the industry, the establishment of all entities in the energy sector—territorial generation companies (TGC), wholesale generation companies (WGC), grid companies, and the System Operator—will be completed in 2006. According to Chubais, this will mean that restructuring within the Holding Company will be completed, and consequently, the reorganization of RAO "UES of Russia" may take place in lat 2006.

"In my opinion, RAO "UES of Russia" may be separated through spin-off of companies, whose ownership structure "mirrors" that of RAO UES", said the Chairman of the Company's Management Board. - "This means that each holder of RAO UES shares will receive a stake in the new companies proportionate his stake in the parent company". Thus, RAO "UES of Russia" will accomplish all its goals and may cease to exist in two years.