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Press-release

RAO UES Holds Second Phase of Investment Session

Moscow, 28 April 2008. Today, RAO "UES of Russia" completed the Investment Session to assess the progress made in implementing the investment programmes of thermal generation companies. The Session was chaired by RAO UES CEO Anatoly Chubais.

During the second phase, the Investment Session heard reports by Directors General of TGC-4, TGC-5, TGC-9, WGC-1, and Sochinskaya TPP. As a result of the review, TGC-4 and Sochinskaya TPP received a "good" grade, while TGC-5 and WGC-1 received a "satisfactory" grade*.

Implementation of the Investment Programme by TGC-9 was viewed as negative. This is due to the fact that the projects to build five new power units at the Novo-Bogoslavskaya CHPP which are scheduled to be brought on line in 2010-2014 are behind the schedule. The projects were suspended until the final determination of the forecast electricity demand in the energy area. However, the delay in approval of electricity demand with the key region's consumers, including the Bogoslovsky Aluminum Plant and in approval of the launch of construction and parameters of the units to be constructed at the Bogoslovskaya CHPP jeopardizes the implementation of the project by the established deadline.

It was noted that the project to construct the Nizhneturinskaya TPP (scheduled to go on line in 2009) is also behind the schedule due to the delay in approval of the plant's technical concept by TGC-9's major shareholder and potential consumers.

Such special attention paid to these projects is due to the being part of the Serovsko-Boroslovsky energy node where electricity consumption has been rapidly growing over the past years.

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* The companies' performance was assessed using three grades, "good", "satisfactory", and "poor". The assessment was conducted based on the following parameters: status of feasibility studies, status of the companies' business plans, availability of contracts for the supply of equipment and fuel and delivery of capacity, selection of EPC- and EPCM contractors, and the preparedness of land plots. Another aspect assessed was adherence to the approved construction and installation schedules.

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Contact Information:

Stas Degtyarev
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+7 (495) 710-6239

Shareholder Relations
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