On June 6, 2001, Mr. Remezov, general director of AO MOSENERGO, Mr. Romanovskii, deputy general director for capital construction, and Mr. Goryunov, general director of the Scientific Center for Applied Research, presented the company's package of investment proposals.

Representatives of investment companies and banks and company heads attended the meeting. The package of investment proposals covers 18 power generation facilities. It consists of 29 investment projects worth of USD 3,951.98 million, with varying profitability rates.

According to several estimates, AO MOSENERGO needs USD 400-500 million per annum to maintain existing generating facilities, including USD 200-300 million in borrowed funds. AO MOSENERGO will also need additional funds, mainly its own capital, to finance upgrades of transmission capabilities.

More detailed information on specific issues will be provided at future meetings between AO MOSENERGO's management and potential investors.