Moscow, 24 April. RAO "UES of Russia" has timely and fully paid the first coupon on its Series R2 certificated interest-bearing bonds.

Under the terms of the bond issue, the coupon rate is 15% per annum, i.e. coupon amount paid per bond of RUB 1,000 par value made RUB 74.79, with the total amount paid by RAO "UES of Russia" reaching RUB 224.4 million. The Paying Agent for the bond issue is OAO "Trust and Investment Bank".

The issuance of RUB 3 billion of bonds was approved by the Board of Directors of RAO "UES of Russia" at the Board Meeting held 21 June 2002. The bond issue was placed on 22 October 2002. The proceeds from the bond sales were used to fund the current operations of RAO "UES of Russia".