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September 27, 2002

On September 26, Dmitry Vasiliev, first deputy general director for corporate policy and asset management has held a meeting with financial analysts

In addition to Vasiliev, the meeting was attended by Vladislav Nazin and Vitaly Kuzmin, deputy general director for sales. The participants in the meeting discussed the restructuring process at AO MOSENERGO and the distribution of ownership in the future.

Vasiliev said that AO MOSENERGO is currently in talks with RAO UES, the Ministry for Economic Development and Trade, the Federal Government, the Moscow and regional governments regarding the main directions of the restructuring. According to Vasiliev, one of the main tasks of the company in the future is to increase the company's assets which can be achieved through registering AO MOSENERGO's titles on 30,000 realty items and using them in a more efficient way.

Many of the analysts, present at the meeting were unanimous on AO MOSENERGO's restructuring. In their opinion, the transfer of AO MOSENERGO's controlling stake to the Moscow government will reduce the efficiency of the company. The analysts believe that the company's assets should be distrubuted in the course of the restructuring on the mirror basis. The representatives from investment banks also believe that only one generation company should be created on the basis of all AO Mosenergo's power stations. Finally, they stressed the need to transform AO Mosenergo's ADR programm based on preferences of ADR holders. Financial analysts also believe that solutions should not be forced by RAO UES.

Vasiliev pointed out to the important role to be played by Moscow region in the light of the forthcoming restructuring. The region is experiencing the explosive growth. The construction of new industrial facilities in the Moscow region leads to the fast growth of power consumption, Vasiliev said.

Vasiliev promised to take into account the interests of all shareholders, increase the transparency of the company by establishing the open dialog with shareholders and investors.




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