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Unified Energy System

October 27, 2003

RAO UES Audit Committee determines procedure for preparation and approval of company's audited financial statements

Moscow, 27 October. At its regular meeting held today, the Audit Committee of the Board of Directors of RAO "UES of Russia" took a series of decisions on the procedure for preparation and approval of the Company's audited financial statements in accordance with the International Accounting Standards (IAS). In order to ensure a transparent and efficient preparation of financial statements, the Audit Committee determined the procedure for day-to-day interaction among the Committee, RAO UES executives, and the Company Auditor, KPMG.

In 2003, 16 major regional energos (RAO UES subsidiaries) started preparing their financials according to the IAS. In this connection, the Audit Committee recommended that the Management Board of RAO "UES of Russia" work out common accounting principles compliant with the IAS to be followed by the Holding's energy companies.

The Committee also plans to take an active part in developing comments to draft IAS financials of RAO "UES of Russia". These comments to financial statements will be recommended for use by the auditors and management of RAO "UES of Russia" in the Comments to the Company's financials. Besides, the Audit Committee recommended the Management Board of RAO "UES of Russia" to accompany the published audited IAS financials with the Management's notes explaining the reasons for any significant changes in the reported figures.

"We are happy to have this opportunity to establish a professional working relationship with the Audit Committee at this initial stage of our work with RAO "UES of Russia", commented Johnny Guldborg Jensen, KPMG Partner and Project Manager for RAO UES audit, on the decision of the Audit Committee.

"Such relationship is in keeping with the best corporate governance principles and will ensure transparency of preparation of the audited financial statements of RAO "UES of Russia", said Chairman of the Audit Committee, member of the Board of Directors of RAO "UES of Russia" Seppo Remes.

Information note:

The Audit Committee of the Board of Directors of RAO "UES of Russia" was established on 29 August 2003 pursuant to the resolution of the Board of Directors of RAO "UES of Russia". The Committee consists of the following members: Seppo Remes (Committee Chairman; Executive President, Vostok Nafta Investment Ltd.), Sergey Kosarev (Deputy Minister of Property Relations of the Russian Federation), Alexander Kazakov (Member of the Federation Council of the Russian Federation), Alexander Kirsanov (Project Manager, Eurosibenergo; representative of the member of the Board of Directors of RAO "UES of Russia" D. Geovanis) and Sergey Skatershchikov (Managing Director, IndexAtlas Ltd.)





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