Moscow. 31 January. The Tender Commission of RAO "UES of Russia" for the selection of auditors held a meeting today to review applications from audit firms to perform the annual statutory audit of RAO "UES of Russia" financial statements in 2003.

Out of the 18 applications submitted, the Commission selected 9 applicants meeting the eligibility criteria stated in the RAO UES tender announcement published on 14 January 2003 in the Izvestia newspaper and on the RAO UES website. The Commission invited the eligible firms to submit their tenders.

The Commission also approved the tender documents and a number of additional conditions: RAO UES financial statements must be audited in accordance with both Russian and international accounting standards; besides, there will be a restriction on the provision of audit-related services by the auditor performing an audit of the Company's financials.

The tenders will be accepted in February 2003, and the tender evaluation and contract award will take place in March.