On April 9, 2002, AO MOSENERGO’s board of directors met to approve various matters concerning the agenda for the company’s AGM. The issues to be discussed include the 2001 performance, review of accounting and Review Committee reports as well as the auditor’s results and any other issues relating to the AGM’s preparation. AO MOSENERGO’s AGM will be held on May 30, 2002, in the town of Dzerzhiskii, at the exhibition hall of TEZ-22 at 10:00AM.

These are the following issues on the AGM’s agenda:

1. Approval of the annual report and the accounting reports including the profit/loss statement.
2. Distribution of profits (losses) of the company based on the results of the business year.
3. Payment of dividends based on the 2001 results.
4. Remuneration for board members.
5. Remuneration for Review Committee members.
6. Election of board members.
7. Election Review Committee members.
8. Approval of the auditor for the company.
9. Approval of the Regulation on Procedures for Preparing and Conducting the General Shareholder Meeting of the Company.
10. Approval of the Regulation on the Review Committee of the Company.
11. Approval of the Regulation on Procedures for Convening and Holding board meetings.
12. Approval of the Regulation on Management Board of the Company.
13. Approval of the Regulation on the Remuneration for Review Committee Members.

AO MOSENERGO’s board of directors recommended to the AGM that the company’s profit/loss for 2001 be distributed as follows: retained earnings for the reviewed period (2,067,573,000 rubles) should be allocated for the reserve fund (206,757,000 rubles), the accumulation fund (1,343,187,000 rubles) and dividends (517,629,000 rubles).

The board of directors recommended to the AGM that based on the 2001 results the company should pay dividends in cash amounting to 0.01831 rubles per common share before July 30, 2002.

The board also reviewed the proposal from the Moscow Government to compensate for costs and built energy facilities. The board of directors decided to set up a working group consisting of specialists from AO MOSENERGO and its board members to prepare well-supported proposals on ways to resolve the compensation issue.

The board also reviewed and approved the members of the working group for restructuring AO MOSENERGO at the Board of Directors of AO MOSENERGO. The working group will consist of representatives of AO MOSENERGO, Moscow Government, RAO UES and minority shareholders.