Moscow. 5 November 2004. At its regular meeting held today, the Appraisal Committee of the Board of Directors of RAO "UES of Russia" considered a report on the market valuation of shares in OAO Berezovskaya TPP-1 to be contributed to the authorized capital of OAO "WGC-4".

According to the appraiser's report, the market value of ordinary shares of OAO "Berezovskaya TPP-1" as at 01 July 2004 totalled RUB8,190,330,775. The value of each ordinary share in the shareholding was RUB15.8797.

On 15 January 2004, the Committee approved the basic procedure for assets valuation in the process of formation of WGCs. In accordance with the procedure, RAO "UES of Russia" engaged, for the purpose of valuation of the property contributed to the authorized capital of OAO "WGC-4", The Cosmos Consortium of appraisers consisting of ZAO "Central Financial and Appraisal Company", OOO "DISTAN", OOO "Institute for Appraisal of Property and Financial Activities", and OOO "LAIR". The appraisal was performed in accordance with the Methodology for Valuation of the Business and Assets of OAO RAO "UES of Russia" and its SDCs developed by Deloitte & Touche.

The Appraisal Committee of the Board of Directors of RAO "UES of Russia" deemed it possible to use the report on the market value of shares in OAO "Berezovskaya TPP-1" prepared by Cosmos Consortium for the purpose of determining the money value of the property of OAO "Berezovskaya TPP-1" to be contributed to the authorized capital of OAO "WGC-4".

OAO "WGC-4" is to be established as a wholly-owned subsidiary of OAO RAO "UES of Russia". Based on the valuation report prepared by Cosmos Consortium and the recommendations of the Appraisal Committee, the amount of the authorized capital of OAO "WGC-4" submitted for approval by the Board of Directors of RAO "UES of Russia" is RUB8,210,830,760. The contribution to the capital of OAO "WGC-4" will be made in ordinary shares of OAO "Berezovskaya TPP-1" (100% minus one share) and in cash in the amount of RUB20.5 million.