Moscow. 1 December 2004. OAO RAO "UES of Russia" has completed the payment of the annual dividends in respect of 2003 by the established deadline of 1 December 2004.

The amount of dividends paid totalled RUB2,398,611,616.59. The dividends paid on ordinary shares amounted to RUB1,924,855,632.83, or RUB0.0469 per share, whereas the dividends paid on preferred shares were RUB473,755,983.76, or RUB0.2283 per share.

The resolution to pay the dividends was approved by the AGM of the Company's shareholders held 30 June 2004. The dividends were paid to the shareholders of record on 12 May 2004.

The authorized capital of OAO "RAO "UES of Russia" is RUB21,558,451,684. The Company issued 41,041,753,984 ordinary shares and 2,075,149,384 preferred shares of RUB0.5 par value. The Government holds a 52.68% interest in the authorized capital of OAO RAO "UES of Russia".