Moscow, 27 March 2007. At its meeting held 23 March 2007, the Appraisal Committee under the Board of Directors of RAO "UES of Russia" considered the statement submitted by OOO "Ernst & Young Valuation Advisory Services" regarding the withdrawal of the latter's valuation report on the property of the Nizhnevartovskaya TPP and the proposal by the Ministry of Economic Development and Trade of the Russian Federation to cancel the accreditation of OOO "Ernst & Young Valuation Advisory Services" with RAO "UES of Russia".

Having considered the issue, the Committee reprimanded OOO "Ernst & Young Valuation Advisory Services" for the delay in the delivery of its valuation report on the Nizhnevartovskaya power plant property.

Also, the Appraisal Committee considered the results of the of review by the United Expert Council of the report prepared by ZAO "Tsentralnaya Finansovo-otsenochnaya Kompaniya" ("Central Finance and Appraisal Company") to determine the fair market value of the 42.78% stake in AO "OES GruzRosenergo". It was stated that the report was not in compliance with the Law On the Valuation Activities in the Russian Federation and the valuation standards required to be used by appraisal entities.

In view of the results of the review and the fact that the Committee had previously criticized the appraiser for the poor quality of its services, it was resolved to remove the company from the list of independent appraisal firms accredited by RAO "UES of Russia".

In addition, the Committee considered the proposals of the Ministry of Economic Development and Trade of the Russian Federation designed to optimize and improve the efficiency of the Appraisal Committee's activities and to raise the quality of the services provided by appraisers.